Bill Text: NY S04857 | 2011-2012 | General Assembly | Amended

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

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Bill Title: Establishes assessments for the value of lands that may be used for prospective natural gas or oil development activities.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2012-01-04 - REFERRED TO LOCAL GOVERNMENT [S04857 Detail]

Download: New_York-2011-S04857-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        4857--A
           Cal. No. 874
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    April 27, 2011
                                      ___________
       Introduced  by  Sens.  O'MARA, LIBOUS -- read twice and ordered printed,
         and when printed to be committed to the Committee on Local  Government
         -- reported favorably from said committee, ordered to first and second
         report,  ordered  to  a  third reading, amended and ordered reprinted,
         retaining its place in the order of third reading
       AN ACT to amend the real property tax law, in relation  to  establishing
         assessments  for  the  value of lands that may be used for prospective
         natural gas or oil development activities
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  real  property  tax  law  is amended by adding a new
    2  section 582-b to read as follows:
    3    S 582-B. VALUATION OF  PROSPECTIVE  NATURAL  GAS  OR  OIL  DEVELOPMENT
    4  ACTIVITIES.  WHERE  OIL  AND  GAS  RIGHTS  IN  LAND  HAVE BEEN LEASED OR
    5  CONVEYED, SUCH LAND SHALL NOT BE SUBJECT TO AN  INCREASE  IN  ASSESSMENT
    6  SOLELY  BECAUSE  OF  SUCH  LEASE  OR CONVEYANCE. NOTHING IN THIS SECTION
    7  SHALL PROHIBIT AN ASSESSMENT INCREASE DUE  TO  OIL  AND  GAS  EXTRACTION
    8  PURSUANT TO TITLE FIVE OF THIS ARTICLE.
    9    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11005-03-1