Bill Text: NY A01524 | 2025-2026 | General Assembly | Introduced

New York Assembly Bill 1524

Introduced

Bill Title: Relates to financial statements for assessments of condos, cooperative buildings and cooperative communities; requires financial statements to be prepared using GAAP; requires auditing for certain buildings by CPAs.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-01-10 - referred to real property taxation [A01524 Detail]

Download: New_York-2025-A01524-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          1524

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 10, 2025
                                       ___________

        Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
          Committee on Real Property Taxation

        AN ACT to amend the real property tax  law,  in  relation  to  financial
          statements  for assessments of condominiums, cooperative buildings and
          cooperative communities

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

     1    Section  1.  Subdivision 2 of section 581 of the real property tax law
     2  is amended by adding a new paragraph (f) to read as follows:
     3    (f) (i) Notwithstanding any other  provision  of  law,  all  financial
     4  statements  prepared in the course of assessing the value of a condomin-
     5  ium building, cooperative building or  cooperative  community  shall  be
     6  prepared using generally accepted accounting principles.
     7    (ii)  All financial statements provided annually to shareholders or to
     8  prospective purchasers of units or shares must  be  prepared  using  the
     9  accrual basis of accounting.
    10    (iii) For purposes of this subdivision, "generally accepted accounting
    11  principles"  shall mean the principles of either governmental accounting
    12  standards (GAS) or GAAP as specified  by  authoritative  national  stan-
    13  dard-setting bodies.
    14    (iv)  Should  International  Financial  Reporting Standards accounting
    15  standards (IFRS) be adopted for use in the United States of  America  by
    16  the  U.S. Securities and Exchange Commission, these same standards shall
    17  constitute  using  generally  accepted  accounting  principles  for  the
    18  purpose of this subdivision.
    19    (v)  For  the  purpose of this section, condominium buildings, cooper-
    20  ative buildings or cooperative communities with over ten units must have
    21  their financial statements annually audited by a fully licensed New York
    22  state certified public accountant.
    23    (vi) The attorney general's office shall have the appropriate authori-
    24  ty to enforce the provisions of this paragraph.
    25    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04440-01-5