Bill Text: NY S06518 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to extending the benefits of the STAR program to small businesses; defines small business as a business which employs one hundred persons or less.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-01-22 - REFERRED TO LOCAL GOVERNMENT [S06518 Detail]

Download: New_York-2015-S06518-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6518
                    IN SENATE
                                    January 22, 2016
                                       ___________
        Introduced  by  Sen.  AKSHAR -- 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  the
          benefits of the STAR program to small businesses
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subdivision 3 of section 425 of the real property tax  law,
     2  as  added  by  section  1  of part B of chapter 389 of the laws of 1997,
     3  paragraph (a) as amended by chapter 264 of the laws of  2000,  paragraph
     4  (b-1)  as  added  by  section  1 of part FF of chapter 57 of the laws of
     5  2010, paragraph (d) as amended by chapter 564 of the laws of 2015, para-
     6  graph (e) as added by section 2 of part W of chapter 57 of the  laws  of
     7  2008, and paragraph (f) as added by section 1 of part B of chapter 59 of
     8  the laws of 2012, is amended to read as follows:
     9    3.   Eligibility  requirements.  (a)  Property  use.  To  qualify  for
    10  exemption pursuant to this section, the property must be a one,  two  or
    11  three  family  residence, a farm dwelling, small business or residential
    12  property held in condominium or cooperative form of  ownership.  If  the
    13  property is not an eligible type of property, but a portion of the prop-
    14  erty is partially used by the owner as a primary residence, that portion
    15  which  is  so  used  shall be entitled to the exemption provided by this
    16  section; provided that in  no  event  shall  the  exemption  exceed  the
    17  assessed value attributable to that portion.
    18    (b)  Primary  residence.  The property must serve as the primary resi-
    19  dence of one or more of the owners  thereof,  unless  such  property  is
    20  owned  by  a small business as defined in paragraph (g) of this subdivi-
    21  sion.
    22    (b-1) Income. For final assessment rolls to be used for  the  levy  of
    23  taxes  for  the  two thousand eleven-two thousand twelve school year and
    24  thereafter, the parcel's affiliated income may be no greater  than  five
    25  hundred  thousand dollars, as determined by the commissioner of taxation
    26  and finance pursuant to section one hundred  seventy-one-u  of  the  tax
    27  law,  in order to be eligible for the basic exemption authorized by this
    28  section. As used herein, the term "affiliated  income"  shall  mean  the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13682-01-6