Bill Text: NY S02875 | 2021-2022 | General Assembly | Introduced
Bill Title: Relates to extending certain provisions relating to exemption from taxation of alterations and improvements to multiple dwellings.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-03-22 - RECOMMIT, ENACTING CLAUSE STRICKEN [S02875 Detail]
Download: New_York-2021-S02875-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2875 2021-2022 Regular Sessions IN SENATE January 26, 2021 ___________ Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the real property tax law, in relation to extending certain provisions relating to exemption from taxation of alterations and improvements to multiple dwellings The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The opening paragraph of paragraph (a) of subdivision 1 of 2 section 489 of the real property tax law, as amended by section 1 of 3 item RRR of subpart B of part XXX of chapter 58 of the laws of 2020, is 4 amended to read as follows: 5 Any city to which the multiple dwelling law is applicable, acting 6 through its local legislative body or other governing agency, is hereby 7 authorized and empowered, to and including January first, two thousand 8 [twenty-one] twenty-two, to adopt and amend local laws or ordinances 9 providing that any increase in assessed valuation of real property shall 10 be exempt from taxation for local purposes, as provided herein, to the 11 extent such increase results from: 12 § 2. The closing paragraph of subparagraph 6 of paragraph (a) of 13 subdivision 1 of section 489 of the real property tax law, as amended by 14 section 2 of item RRR of subpart B of part XXX of chapter 58 of the laws 15 of 2020, is amended to read as follows: 16 Such conversion, alterations or improvements shall be completed within 17 thirty months after the date on which same shall be started except that 18 such thirty month limitation shall not apply to conversions of residen- 19 tial units which are registered with the loft board in accordance with 20 article seven-C of the multiple dwelling law pursuant to subparagraph 21 one of this paragraph. Notwithstanding the foregoing, a sixty month 22 period for completion shall be available for alterations or improvements 23 undertaken by a housing development fund company organized pursuant to 24 article eleven of the private housing finance law, which are carried out EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06386-01-1S. 2875 2 1 with the substantial assistance of grants, loans or subsidies from any 2 federal, state or local governmental agency or instrumentality or which 3 are carried out in a property transferred from such city if alterations 4 and improvements are completed within seven years after the date of 5 transfer. In addition, the local housing agency is hereby empowered to 6 grant an extension of the period of completion for any project carried 7 out with the substantial assistance of grants, loans or subsidies from 8 any federal, state or local governmental agency or instrumentality, if 9 such alterations or improvements are completed within sixty months from 10 commencement of construction. Provided, further, that such conversion, 11 alterations or improvements shall in any event be completed prior to 12 June thirtieth, two thousand [twenty-one] twenty-two. Exemption for 13 conversions, alterations or improvements pursuant to subparagraph one, 14 two, three or four of this paragraph shall continue for a period not to 15 exceed fourteen years and begin no sooner than the first quarterly tax 16 bill immediately following the completion of such conversion, alter- 17 ations or improvements. Exemption for alterations or improvements pursu- 18 ant to this subparagraph or subparagraph five of this paragraph shall 19 continue for a period not to exceed thirty-four years and shall begin no 20 sooner than the first quarterly tax bill immediately following the 21 completion of such alterations or improvements. Such exemption shall be 22 equal to the increase in the valuation which is subject to exemption in 23 full or proportionally under this subdivision for ten or thirty years, 24 whichever is applicable. After such period of time, the amount of such 25 exempted assessed valuation of such improvements shall be reduced by 26 twenty percent in each succeeding year until the assessed value of the 27 improvements are fully taxable. Provided, however, exemption for any 28 conversion, alterations or improvements which are aided by a loan or 29 grant under article eight, eight-A, eleven, twelve, fifteen or twenty- 30 two of the private housing finance law, section six hundred ninety-six-a 31 or section ninety-nine-h of the general municipal law, or section three 32 hundred twelve of the housing act of nineteen hundred sixty-four (42 33 U.S.C.A. 1452b), or the Cranston-Gonzalez national affordable housing 34 act (42 U.S.C.A. 12701 et. seq.), or started after July first, nineteen 35 hundred eighty-three by a housing development fund company organized 36 pursuant to article eleven of the private housing finance law which are 37 carried out with the substantial assistance of grants, loans or subsi- 38 dies from any federal, state or local governmental agency or instrumen- 39 tality or which are carried out in a property transferred from any city 40 and where alterations and improvements are completed within seven years 41 after the date of transfer may commence at the beginning of any tax 42 quarter subsequent to the start of such conversion, alterations or 43 improvements and prior to the completion of such conversion, alterations 44 or improvements. 45 § 3. This act shall take effect immediately.
