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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5900
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     March 8, 2013
                                      ___________
       Introduced by M. of A. WRIGHT -- read once and referred to the Committee
         on Housing
       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  years,  or
   10  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]  LESSER  of  (i)  ten  percent  of the annual rent or carrying
   16  charges of the project, minus utilities for the residential  portion  of
   17  the  project, or (ii) the taxes payable by such company for the residen-
   18  tial portion of the project immediately prior to the expiration  of  the
   19  initial tax exemption period.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07329-01-3