STATE OF NEW YORK
        ________________________________________________________________________

                                          8479

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    December 29, 2023
                                       ___________

        Introduced  by M. of A. MAMDANI, GALLAGHER, MITAYNES, SHRESTHA, FORREST,
          TAYLOR, LEE, KIM, EPSTEIN, BICHOTTE HERMELYN -- read once and referred
          to the Committee on Real Property Taxation

        AN ACT to amend the real property tax law, in relation to repealing  the
          tax  exempt  status  of  educational  institutions costing one hundred
          million dollars or more a year in real property tax exemptions

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 1 of section 420-a of the real property tax law
     2  is amended by adding a new paragraph (c) to read as follows:
     3    (c)  (i) Real property owned by a corporation or association organized
     4  or conducted exclusively for educational purposes, and  which  has  been
     5  used  exclusively  for  educational  purposes,  shall not be exempt from
     6  taxation pursuant to paragraph (a) of this subdivision if the amount  of
     7  real  property  taxes exempted for such property during the prior fiscal
     8  year costs one hundred million dollars or more.
     9    (ii) Moneys from property taxes imposed on  private  higher  education
    10  facilities  pursuant to subparagraph (i) of this paragraph shall be used
    11  for the city university of New  York,  as  established  by  article  one
    12  hundred twenty-five of the education law.
    13    §  2.  This  act  shall  take  effect on the same date as a concurrent
    14  resolution amending the constitution, entitled "CONCURRENT RESOLUTION OF
    15  THE SENATE AND ASSEMBLY proposing an amendment to section 1  of  article
    16  16  of the constitution, in relation to real property tax exemptions for
    17  educational institutions", takes effect.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13497-04-3