Bill Text: NY A10508 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to authorizing tax abatements for certain properties containing dwelling units; provides that in a city having a population of one million or more, a local law, ordinance, or resolution that may provide that the effective date of a rent increase exemption order and tax abatement certificate shall be May thirty-first, two thousand twenty-two for certain applicants.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-06-03 - substituted by s9471 [A10508 Detail]

Download: New_York-2021-A10508-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10508

                   IN ASSEMBLY

                                      May 31, 2022
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Glick) --
          read once and referred to the Committee on Real Property Taxation

        AN ACT to amend the real property tax law, in  relation  to  authorizing
          tax abatements for certain properties containing dwelling units

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

     1    Section 1. Subdivision 13 of section 467-c of  the  real property  tax
     2  law, as added by a chapter of the laws of 2022 amending the real proper-
     3  ty tax law relating to authorizing  tax abatements for  certain  proper-
     4  ties containing dwelling units, as proposed in legislative bills numbers
     5  S. 6903 and A. 7986, is amended to read as follows:
     6    13. In a city with a population of one million or more, any such local
     7  law,  ordinance  or resolution may provide for a rent increase exemption
     8  order and the abatement of taxes of such city imposed on  real  property
     9  formerly  subject to the provisions of Article II of the private housing
    10  finance law prior to the effective date of the chapter of  the  laws  of
    11  two  thousand twenty-two that added this subdivision containing dwelling
    12  units that are subject to a regulatory agreement [with a federal, state,
    13  or local governmental entity or instrumentality] in which the qualifying
    14  head of household or their qualifying successor in interest: (a)  has  a
    15  signed  agreement  with  the landlord to limit increases in maximum rent
    16  for the lifetime of the tenancy to an amount  established  by  the  rent
    17  guidelines board in its annual guidelines for rent adjustments for hous-
    18  ing  accommodations  subject  to  the emergency tenant protection act of
    19  nineteen seventy-four or the administrative code of the city of New York
    20  or to another amount provided for in such regulatory agreement; and  (b)
    21  is otherwise eligible for such tax abatement.  Any such local law, ordi-
    22  nance,  or  resolution  may  provide  that  the effective date of a rent
    23  increase exemption order/tax abatement certificate shall be May  thirty-
    24  first,  two  thousand twenty-two for any applicant found eligible within
    25  one hundred eighty days of the date the provisions of  this  subdivision
    26  take effect.
    27    §  2.  This  act  shall  take  effect on the same date and in the same
    28  manner as a chapter  of  the  laws  of  2022  amending the real property

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11609-03-2
        A. 10508                            2

     1  tax law relating  to  authorizing  tax abatements for certain properties
     2  containing dwelling units, as proposed in legislative bills  numbers  S.
     3  6903 and A. 7986,  takes effect.