Bill Text: NY S06496 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
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-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6496 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 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 19 of 3 part A of chapter 20 of the laws of 2015, 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 [nineteen] twenty, to adopt and amend local laws or ordinances providing 8 that any increase in assessed valuation of real property shall be exempt 9 from taxation for local purposes, as provided herein, to the extent such 10 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 section 20 of part A of chapter 20 of the laws of 2015, is amended to 14 read as follows: 15 Such conversion, alterations or improvements shall be completed within 16 thirty months after the date on which same shall be started except that 17 such thirty month limitation shall not apply to conversions of residen- 18 tial units which are registered with the loft board in accordance with 19 article seven-C of the multiple dwelling law pursuant to subparagraph 20 one of this paragraph. Notwithstanding the foregoing, a sixty month 21 period for completion shall be available for alterations or improvements 22 undertaken by a housing development fund company organized pursuant to 23 article eleven of the private housing finance law, which are carried out 24 with the substantial assistance of grants, loans or subsidies from any EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13375-01-9S. 6496 2 1 federal, state or local governmental agency or instrumentality or which 2 are carried out in a property transferred from such city if alterations 3 and improvements are completed within seven years after the date of 4 transfer. In addition, the local housing agency is hereby empowered to 5 grant an extension of the period of completion for any project carried 6 out with the substantial assistance of grants, loans or subsidies from 7 any federal, state or local governmental agency or instrumentality, if 8 such alterations or improvements are completed within sixty months from 9 commencement of construction. Provided, further, that such conversion, 10 alterations or improvements shall in any event be completed prior to 11 June thirtieth, two thousand [nineteen] twenty. Exemption for conver- 12 sions, alterations or improvements pursuant to subparagraph one, two, 13 three or four of this paragraph shall continue for a period not to 14 exceed fourteen years and begin no sooner than the first quarterly tax 15 bill immediately following the completion of such conversion, alter- 16 ations or improvements. Exemption for alterations or improvements pursu- 17 ant to this subparagraph or subparagraph five of this paragraph shall 18 continue for a period not to exceed thirty-four years and shall begin no 19 sooner than the first quarterly tax bill immediately following the 20 completion of such alterations or improvements. Such exemption shall be 21 equal to the increase in the valuation which is subject to exemption in 22 full or proportionally under this subdivision for ten or thirty years, 23 whichever is applicable. After such period of time, the amount of such 24 exempted assessed valuation of such improvements shall be reduced by 25 twenty percent in each succeeding year until the assessed value of the 26 improvements are fully taxable. Provided, however, exemption for any 27 conversion, alterations or improvements which are aided by a loan or 28 grant under article eight, eight-A, eleven, twelve, fifteen or twenty- 29 two of the private housing finance law, section six hundred ninety-six-a 30 or section ninety-nine-h of the general municipal law, or section three 31 hundred twelve of the housing act of nineteen hundred sixty-four (42 32 U.S.C.A. 1452b), or the Cranston-Gonzalez national affordable housing 33 act (42 U.S.C.A. 12701 et. seq.), or started after July first, nineteen 34 hundred eighty-three by a housing development fund company organized 35 pursuant to article eleven of the private housing finance law which are 36 carried out with the substantial assistance of grants, loans or subsi- 37 dies from any federal, state or local governmental agency or instrumen- 38 tality or which are carried out in a property transferred from any city 39 and where alterations and improvements are completed within seven years 40 after the date of transfer may commence at the beginning of any tax 41 quarter subsequent to the start of such conversion, alterations or 42 improvements and prior to the completion of such conversion, alterations 43 or improvements. 44 § 3. This act shall take effect immediately.
