Bill Text: NY S04668 | 2019-2020 | General Assembly | Amended
Bill Title: Prevents the use of funds, financial incentives, subsidies or tax exemptions for projects already in development.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2020-01-24 - PRINT NUMBER 4668A [S04668 Detail]
Download: New_York-2019-S04668-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4668--A 2019-2020 Regular Sessions IN SENATE March 20, 2019 ___________ Introduced by Sens. SKOUFIS, MAYER, BIAGGI, KRUEGER -- 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 commit- tee AN ACT to amend the general municipal law, in relation to preventing the use of funds, financial incentives, subsidies or tax exemptions for projects already in development The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 854 of the general municipal law is amended by 2 adding a new subdivision 21 to read as follows: 3 (21) "In development" - shall mean a project for which active 4 construction, including but not limited to erection of building founda- 5 tions or structure, has already commenced. 6 § 2. Section 862 of the general municipal law is amended by adding a 7 new subdivision 3 to read as follows: 8 (3) Except where environmental contamination requiring a significant 9 increase in project costs is discovered during the development of the 10 project or where a municipality has reassessed all or part of the 11 project site resulting in an increase in property taxes of more than 12 fifty percent, no funds, financial incentives or subsidies of the agency 13 shall be used in respect of any project which is already in development 14 at the time such project applies for such funds, financial assistance, 15 incentives or subsidies. 16 § 3. Section 874 of the general municipal law is amended by adding a 17 new subdivision 13 to read as follows: 18 (13) Except where environmental contamination requiring a significant 19 increase in project costs is discovered during the development of the 20 project or where a municipality has reassessed all or part of the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10239-06-0S. 4668--A 2 1 project site resulting in an increase in property taxes of more than 2 fifty percent, no tax exemptions shall be granted to any project if the 3 project is already in development at the time such project applies for 4 the issuance of the tax exemption. 5 § 4. This act shall take effect immediately.
