Bill Text: NY S01125 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Engrossed - Dead) 2016-05-23 - referred to real property taxation [S01125 Detail]
Download: New_York-2015-S01125-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1125--B 2015-2016 Regular Sessions IN SENATE January 8, 2015 ___________ Introduced by Sens. AVELLA, KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- recommitted to the Committee on Local Government in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to the eligibil- ity for J-51 tax abatements to reflect cost of living adjustments The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 17 of section 489 of the real property tax law, 2 as added by chapter 4 of the laws of 2013, is amended to read as 3 follows: 4 17. (a) For purposes of this subdivision, "substantial governmental 5 assistance" shall mean: 6 (i) grants, loans or subsidies from any federal, state or local agency 7 or instrumentality in furtherance of a program for the development of 8 affordable housing approved by the local housing agency, including, 9 without limitation, financing or insurance provided by the state of New 10 York mortgage agency of the New York city residential mortgage insurance 11 corporation; or 12 (ii) a written agreement between a housing development fund corpo- 13 ration and the local housing agency limiting the incomes of persons 14 entitled to purchase shares or rent housing accommodations therein. 15 (b) Any local law or ordinance providing for benefits pursuant to this 16 section must also provide the following with respect to conversions, 17 alterations or improvements completed on or after December thirty-first, 18 two thousand eleven: 19 (i) except as otherwise provided in this section with respect to 20 multiple dwellings, buildings and structures owned and operated either EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02117-04-6
