Bill Text: NY S08718 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to establishing an interest suspension and installment plan for rental properties during a declared emergency.

Sponsorship: Partisan Bill (Republican 3)

Status: (Introduced - Dead) 2020-07-10 - REFERRED TO RULES [S08718 Detail]

Download: New_York-2019-S08718-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8718

                    IN SENATE

                                      July 10, 2020
                                       ___________

        Introduced  by  Sens. ORTT, LANZA -- 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 and the administrative code of
          the city of New York, in relation to establishing an interest  suspen-
          sion  and  installment  plan  for  rental properties during a declared
          emergency

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

     1    Section  1.  The  real  property  tax  law  is amended by adding a new
     2  section 925-f to read as follows:
     3    § 925-f. Interest suspension and installment plan for  rental  proper-
     4  ties  during  a  declared emergency. 1. Notwithstanding any provision of
     5  law to the contrary, a municipal corporation shall provide  to  property
     6  owners  the  ability  to  pay  their  property taxes without interest or
     7  penalty in twelve monthly installments from the  tax  lien  day  of  the
     8  covered  period  if  they have been financially harmed due to a declared
     9  emergency.
    10    2. If  a  municipal  corporation  has  received  unrestricted  federal
    11  assistance  in  response  to  revenue  shortfalls caused by the economic
    12  impacts of the COVID-19 pandemic after July first, two thousand  twenty,
    13  that  municipal corporation shall provide to property owners the ability
    14  to have their property tax obligation be calculated by  multiplying  the
    15  tax  lien  by a percentage equal to the amount of rent actually received
    16  during the previous twelve months from occupied  rental  units  in  such
    17  property  relative  to  the total rent that should have been received in
    18  rent during that time from occupied rental units in such property.
    19    3. A municipal corporation shall provide a temporary status  with  the
    20  full  provisions  of  this  section  to a property owner who applies for
    21  relief until it can be determined  that  they  are  eligible  under  the
    22  parameters  provided under this section. If a property owner is found to
    23  not be eligible, full payment of the tax obligation  shall  be  provided
    24  within  seven business days or otherwise be subjected to any interest or
    25  penalty fees.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD16879-01-0
        S. 8718                             2

     1    4. For purposes of  this  section,  the  following  definitions  shall
     2  apply:
     3    a. "property" shall include residential premises in which at least one
     4  unit  within  the dwelling is either rented, leased, let or hired out to
     5  be occupied or is occupied as the residence or home.
     6    b. "property owner" shall mean the owner of  property  as  defined  in
     7  paragraph a of this subdivision.
     8    c.  "covered  period" shall include tax lien days between April first,
     9  two thousand twenty and March thirty-first, two thousand twenty-one.
    10    d. "financially  harmed"  shall  mean  such  property  owner  has  not
    11  received  the  full  rent  owed  to him or her during the covered period
    12  because a tenant of that property has had his or her  income  negatively
    13  affected  due  to (i) government restrictions on their employment issued
    14  in executive order number two hundred two of two thousand twenty or (ii)
    15  tangible economic effects of COVID-19.
    16    e. "declared emergency" shall refer  to  executive  order  number  two
    17  hundred  two  of two thousand twenty and all subsequent executive orders
    18  in response to COVID-19.
    19    § 2. The administrative code of the city of New  York  is  amended  by
    20  adding a new section 11-240.2 to read as follows:
    21    §  11-240.2  Relief  for rent regulated apartments due to the COVID-19
    22  pandemic.  1. Notwithstanding any provision of law to the contrary,  any
    23  real  property  shall  have its property tax obligation for tax year two
    24  thousand twenty -- two thousand twenty-one be consistent and in the same
    25  manner as its obligation for tax year two thousand eighteen -- two thou-
    26  sand nineteen, and further provided that the property tax lien date  for
    27  tax  year  two  thousand  twenty -- two thousand twenty-one shall not be
    28  before October first, two thousand twenty.
    29    2. For purposes of this section, "real property" shall refer  to  real
    30  property  subject  to  rent  regulation under the emergency housing rent
    31  control law or the emergency tenant protection act that is also eligible
    32  for relief provided in section nine hundred twenty-five-f  of  the  real
    33  property tax law.
    34    § 3. This act take effect immediately.