Bill Text: NY S05431 | 2021-2022 | General Assembly | Introduced

---

Bill Title: Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO LOCAL GOVERNMENT [S05431 Detail]

Download: New_York-2021-S05431-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          5431

                               2021-2022 Regular Sessions

                    IN SENATE

                                      March 4, 2021
                                       ___________

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to establish a  demonstration  program  extending  the  J-51  tax
          exemption to the conversion and rehabilitation of commercial and manu-
          facturing  space  to  co-located  work  space and residential units in
          certain high density areas in Kings  county;  and  providing  for  the
          repeal of such provisions upon expiration thereof

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

     1    Section 1. There is hereby  established  a  demonstration  program  to
     2  extend  the  provisions  of the J-51 tax exemption to the conversion and
     3  rehabilitation of commercial and manufacturing space to co-located  work
     4  space  and  residential units in certain high density, underutilized M-1
     5  zoned properties in Kings county. For purposes of this section, J-51  is
     6  a  property  tax  exemption  and  abatement for renovating a residential
     7  apartment building in certain counties of the city  of  New  York.  Such
     8  credit  varies  depending  on  the  building's  location and the type of
     9  improvements and shall be extended to the county of Kings.
    10    § 2. This act shall take effect immediately and shall  expire  and  be
    11  deemed repealed five years after such effective date.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09363-01-1