Bill Text: NY A02130 | 2025-2026 | General Assembly | Introduced

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Bill Title: Repeals the tax exempt status of private universities that received real property tax exemptions of one hundred million dollars or more during the prior fiscal year.

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Introduced) 2025-01-15 - referred to real property taxation [A02130 Detail]

Download: New_York-2025-A02130-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2130

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 15, 2025
                                       ___________

        Introduced  by M. of A. MAMDANI, GALLAGHER, MITAYNES, SHRESTHA, FORREST,
          LEE, KIM, EPSTEIN, BICHOTTE HERMELYN, GONZALEZ-ROJAS, SIMONE, REYES --
          read once and referred to the Committee on Real Property Taxation

        AN ACT to amend the real property tax law, in relation to repealing  the
          tax  exempt  status  of  educational  institutions costing one hundred
          million dollars or more a year in real property tax exemptions

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

     1    Section 1. Subdivision 1 of section 420-a of the real property tax law
     2  is amended by adding a new paragraph (c) to read as follows:
     3    (c)  (i) Real property owned by a corporation or association organized
     4  or conducted exclusively for educational purposes, and  which  has  been
     5  used  exclusively  for  educational  purposes,  shall not be exempt from
     6  taxation pursuant to paragraph (a) of this subdivision if the amount  of
     7  real  property  taxes exempted for such property during the prior fiscal
     8  year costs one hundred million dollars or more.
     9    (ii) Moneys from property taxes imposed on  private  higher  education
    10  facilities  pursuant to subparagraph (i) of this paragraph shall be used
    11  for the city university of New  York,  as  established  by  article  one
    12  hundred twenty-five of the education law.
    13    (iii)  Moneys  received pursuant to subparagraph (i) of this paragraph
    14  shall supplement annual state funding to the city university of New York
    15  and the governor shall not reduce other state funding  accounts  to  the
    16  city  university  of New York in response to moneys received pursuant to
    17  subparagraph (i) of this paragraph.
    18    § 2. This act shall take effect on  the  same  date  as  a  concurrent
    19  resolution amending the constitution, entitled "CONCURRENT RESOLUTION OF
    20  THE  SENATE  AND ASSEMBLY proposing an amendment to section 1 of article
    21  16 of the constitution, in relation to real property tax exemptions  for
    22  educational institutions", takes effect.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00354-02-5