Bill Text: NY A07494 | 2011-2012 | General Assembly | Amended

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Bill Title: Establishes assessments for the value of lands that may be used for prospective natural gas or oil development activities.

Spectrum: Slight Partisan Bill (Democrat 6-2)

Status: (Engrossed - Dead) 2012-02-14 - REFERRED TO LOCAL GOVERNMENT [A07494 Detail]

Download: New_York-2011-A07494-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7494--C
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      May 6, 2011
                                      ___________
       Introduced  by M. of A. LUPARDO, REILLY, CROUCH -- Multi-Sponsored by --
         M. of A.  AMEDORE, GOTTFRIED -- read once and referred to the  Commit-
         tee  on  Real Property Taxation -- committee discharged, bill amended,
         ordered reprinted as amended and  recommitted  to  said  committee  --
         again  reported from said committee with amendments, ordered reprinted
         as amended and recommitted to said committee -- reported and  referred
         to  the  Committee  on  Ways  and  Means -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee
       AN  ACT  to amend the real property tax law, in relation to establishing
         assessments for the value of lands that may be  used  for  prospective
         natural gas or oil development activities
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The real property tax  law  is  amended  by  adding  a  new
    2  section 582-b to read as follows:
    3    S  582-B.  VALUATION  OF  PROSPECTIVE  NATURAL  GAS OR OIL DEVELOPMENT
    4  ACTIVITIES. WHERE OIL AND GAS RIGHTS IN LAND HAVE  NOT  BEEN  LEASED  OR
    5  CONVEYED,  SUCH  LAND  SHALL NOT BE SUBJECT TO AN INCREASE IN ASSESSMENT
    6  SOLELY BECAUSE OF SUCH LEASES OR CONVEYANCES ON OTHER  LIKE  PROPERTIES.
    7  NOTHING IN THIS SECTION SHALL PROHIBIT AN ASSESSMENT INCREASE DUE TO OIL
    8  AND GAS EXTRACTION PURSUANT TO TITLE FIVE OF THIS ARTICLE.
    9    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10960-05-1