Bill Text: NY S06496 | 2019-2020 | General Assembly | Amended
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) 2020-03-16 - PRINT NUMBER 6496A [S06496 Detail]
Download: New_York-2019-S06496-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6496--A 2019-2020 Regular Sessions IN SENATE June 14, 2019 ___________ Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- recommitted to the Committee on Local Government in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 chapter 72 of 3 the laws of 2019, is amended to read as follows: 4 Any city to which the multiple dwelling law is applicable, acting 5 through its local legislative body or other governing agency, is hereby 6 authorized and empowered, to and including January first, two thousand 7 [twenty] twenty-one, to adopt and amend local laws or ordinances provid- 8 ing that any increase in assessed valuation of real property shall be 9 exempt from taxation for local purposes, as provided herein, to the 10 extent such increase results from: 11 § 2. The closing paragraph of subparagraph 6 of paragraph (a) of 12 subdivision 1 of section 489 of the real property tax law, as amended by 13 chapter 72 of the laws of 2019, is amended to read as follows: 14 Such conversion, alterations or improvements shall be completed within 15 thirty months after the date on which same shall be started except that 16 such thirty month limitation shall not apply to conversions of residen- 17 tial units which are registered with the loft board in accordance with 18 article seven-C of the multiple dwelling law pursuant to subparagraph 19 one of this paragraph. Notwithstanding the foregoing, a sixty month 20 period for completion shall be available for alterations or improvements 21 undertaken by a housing development fund company organized pursuant to EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13375-02-0S. 6496--A 2 1 article eleven of the private housing finance law, which are carried out 2 with the substantial assistance of grants, loans or subsidies from any 3 federal, state or local governmental agency or instrumentality or which 4 are carried out in a property transferred from such city if alterations 5 and improvements are completed within seven years after the date of 6 transfer. In addition, the local housing agency is hereby empowered to 7 grant an extension of the period of completion for any project carried 8 out with the substantial assistance of grants, loans or subsidies from 9 any federal, state or local governmental agency or instrumentality, if 10 such alterations or improvements are completed within sixty months from 11 commencement of construction. Provided, further, that such conversion, 12 alterations or improvements shall in any event be completed prior to 13 June thirtieth, two thousand [twenty] twenty-one. Exemption for conver- 14 sions, alterations or improvements pursuant to subparagraph one, two, 15 three or four of this paragraph shall continue for a period not to 16 exceed fourteen years and begin no sooner than the first quarterly tax 17 bill immediately following the completion of such conversion, alter- 18 ations or improvements. Exemption for alterations or improvements pursu- 19 ant to this subparagraph or subparagraph five of this paragraph shall 20 continue for a period not to exceed thirty-four years and shall begin no 21 sooner than the first quarterly tax bill immediately following the 22 completion of such alterations or improvements. Such exemption shall be 23 equal to the increase in the valuation which is subject to exemption in 24 full or proportionally under this subdivision for ten or thirty years, 25 whichever is applicable. After such period of time, the amount of such 26 exempted assessed valuation of such improvements shall be reduced by 27 twenty percent in each succeeding year until the assessed value of the 28 improvements are fully taxable. Provided, however, exemption for any 29 conversion, alterations or improvements which are aided by a loan or 30 grant under article eight, eight-A, eleven, twelve, fifteen or twenty- 31 two of the private housing finance law, section six hundred ninety-six-a 32 or section ninety-nine-h of the general municipal law, or section three 33 hundred twelve of the housing act of nineteen hundred sixty-four (42 34 U.S.C.A. 1452b), or the Cranston-Gonzalez national affordable housing 35 act (42 U.S.C.A. 12701 et. seq.), or started after July first, nineteen 36 hundred eighty-three by a housing development fund company organized 37 pursuant to article eleven of the private housing finance law which are 38 carried out with the substantial assistance of grants, loans or subsi- 39 dies from any federal, state or local governmental agency or instrumen- 40 tality or which are carried out in a property transferred from any city 41 and where alterations and improvements are completed within seven years 42 after the date of transfer may commence at the beginning of any tax 43 quarter subsequent to the start of such conversion, alterations or 44 improvements and prior to the completion of such conversion, alterations 45 or improvements. 46 § 3. This act shall take effect immediately.
