Bill Text: NY S03913 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to limited-profit housing companies and tax exemptions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-08 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S03913 Detail]
Download: New_York-2019-S03913-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3913 2019-2020 Regular Sessions IN SENATE February 21, 2019 ___________ Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the private housing finance law, the real property tax law and the administrative code of the city of New York, in relation to limited-profit housing companies and tax exemptions The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 33 of the private housing finance law is amended by 2 adding a new subdivision 7 to read as follows: 3 7. Nothing contained in this section shall be construed to limit or 4 otherwise impair the benefits available to any company or resident 5 eligible for exemption from taxation pursuant to sections four hundred 6 twenty-five, four hundred fifty-eight, four hundred fifty-nine and four 7 hundred sixty-seven of the real property tax law. 8 § 2. Paragraph (c) of subdivision 6 of section 458-a of the real prop- 9 erty tax law, as added by chapter 171 of the laws of 1997, is amended to 10 read as follows: 11 (c) [Notwithstanding paragraph (b) of this subdivision, a] A tenant- 12 stockholder who resides in a dwelling that is subject to the provisions 13 of either article two, four, five or eleven of the private housing 14 finance law shall [not] be eligible for an exemption pursuant to this 15 section. 16 § 3. Paragraph (c) of subdivision 3-a of section 467 of the real prop- 17 erty tax law, as amended by chapter 49 of the laws of 1996, is amended 18 to read as follows: 19 (c) Real property may be exempt from taxation pursuant to this subdi- 20 vision by a municipality in which such property is located only if the 21 governing board of such municipality, after public hearing, adopts a 22 local law, ordinance or resolution providing therefor. [Notwithstanding23any provision of law to the contrary, any] Any local law, ordinance or EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01021-01-9S. 3913 2 1 resolution adopted pursuant to this paragraph may provide, or be amended 2 to provide, that a tenant-stockholder who resides in a dwelling which is 3 subject to the provisions of either article two, four, five or eleven of 4 the private housing finance law and who is eligible for a rent increase 5 exemption pursuant to section four hundred sixty-seven-c of this title 6 shall [not] be eligible for an exemption pursuant to this subdivision 7 and that a tenant-stockholder who resides in a dwelling which is subject 8 to the provisions of either article two, four, five or eleven of the 9 private housing finance law and who is not eligible for a rent increase 10 exemption pursuant to section four hundred sixty-seven-c of this title 11 but who meets the requirements for eligibility for an exemption pursuant 12 to this section shall be eligible for such exemption provided that such 13 exemption shall be in an amount determined by multiplying the exemption 14 otherwise allowable pursuant to this section by a fraction having a 15 numerator equal to the amount of real property taxes or payments in lieu 16 of taxes that were paid with respect to such dwelling and a denominator 17 equal to the full amount of real property taxes that would have been 18 owed with respect to such dwelling had it not been granted an exemption 19 or abatement of real property taxes pursuant to any provision of law, 20 provided, however, that any reduction in real property taxes received 21 with respect to such dwelling pursuant to this section or section four 22 hundred sixty-seven-c of this title shall not be considered in calculat- 23 ing such numerator. Any such local law, ordinance or resolution that so 24 provides, or is amended to so provide, shall also provide that a 25 tenant-stockholder who resides in a dwelling which was or continues to 26 be subject to a mortgage insured or initially insured by the federal 27 government pursuant to section two hundred thirteen of the National 28 Housing Act, as amended, and who is eligible for both a rent increase 29 exemption pursuant to section four hundred sixty-seven-c of this title 30 and an exemption pursuant to this subdivision, may apply for and receive 31 either a rent increase exemption pursuant to section four hundred 32 sixty-seven-c of this title or an exemption pursuant to this subdivi- 33 sion, but not both. 34 § 4. Paragraph (b) of subdivision 8 of section 11-245.4 of the admin- 35 istrative code of the city of New York, as added by local law number 13 36 of the city of New York for the year 1998, is amended to read as 37 follows: 38 (b) [Notwithstanding any other provision of law, a] A tenant-stock- 39 holder who resides in a dwelling which is subject to the provisions of 40 either article II, IV, V or XI of the private housing finance law shall 41 [not] be eligible for an exemption pursuant to this subdivision. 42 § 5. This act shall take effect immediately.