Bill Text: NY A05900 | 2013-2014 | General Assembly | Amended

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Bill Title: Makes a technical correction to the additional real property tax exemption for certain redevelopment company projects.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2013-11-13 - signed chap.478 [A05900 Detail]

Download: New_York-2013-A05900-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        5900--A
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     March 8, 2013
                                      ___________
       Introduced  by  M.  of  A.  WRIGHT  --  Multi-Sponsored  by  -- M. of A.
         BROOK-KRASNY -- read once and referred to the Committee on Housing  --
         reported  and  referred to the Committee on Ways and Means -- reported
         and referred to the Committee on Rules -- Rules Committee  discharged,
         bill  amended,  ordered  reprinted  as  amended and recommitted to the
         Committee on Rules
       AN ACT to amend the private housing finance law, in relation  to  making
         technical  corrections  to  the additional real property tax exemption
         for certain redevelopment company projects
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Paragraph  (a-3)  of  subdivision 1 of section 125 of the
    2  private housing finance law, as added by chapter  415  of  the  laws  of
    3  2012, is amended to read as follows:
    4    (a-3)  Any  inconsistent  provision  of law notwithstanding, the local
    5  legislative body  of  any  municipality  may  grant  an  additional  tax
    6  exemption period for any project, other than a project by a mutual rede-
    7  velopment  company, that received a tax exemption under paragraph (a) of
    8  this subdivision, upon the expiration of the tax exemption period.   The
    9  additional  tax  exemption  period  may  be  for a term of [fifty] FORTY
   10  years, or until such time as the project is no longer operated under the
   11  restrictions and for the purposes set forth in this  article,  whichever
   12  is  sooner. Unless otherwise approved by the local legislative body, the
   13  amount of taxes paid by the redevelopment company during such additional
   14  tax exemption period shall not be less than  [an  amount  equal  to  the
   15  greater of (i) ten percent of the annual rent or carrying charges of the
   16  project,  minus utilities for the residential portion of the project, or
   17  (ii) the taxes payable by such company for the  residential  portion  of
   18  the  project]   (I) THE TAXES PAYABLE BY SUCH COMPANY IN ACCORDANCE WITH
   19  THE RESOLUTION FOR SUCH REDEVELOPMENT COMPANY THAT WAS APPROVED  BY  THE
   20  LOCAL  LEGISLATIVE  BODY AND THAT WAS IN EFFECT IMMEDIATELY PRIOR TO THE
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07329-04-3
       A. 5900--A                          2
    1  EXPIRATION OF THE INITIAL TAX EXEMPTION PERIOD, OR (II) IF THERE  IS  NO
    2  SUCH  RESOLUTION,  THE  TAXES PAYABLE BY SUCH COMPANY IN ACCORDANCE WITH
    3  THE EXEMPTION AUTHORIZED PURSUANT TO THIS ARTICLE immediately  prior  to
    4  the expiration of the initial tax exemption period.
    5    S 2. This act shall take effect immediately.