Bill Text: NY S05876 | 2017-2018 | General Assembly | Introduced

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Bill Title: Coordinates the treatment of tax transparent entities eligible for real property tax abatements; provides that a trust shall be deemed to include a legal life estate; makes related provisions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO LOCAL GOVERNMENT [S05876 Detail]

Download: New_York-2017-S05876-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5876
                               2017-2018 Regular Sessions
                    IN SENATE
                                       May 4, 2017
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
        AN ACT to amend the real property tax law, in relation  to  coordinating
          the  treatment  of tax transparent entities eligible for real property
          tax abatements
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph  (b-1) of subdivision 2 of section 467-a of the
     2  real property tax law, as added by chapter 97 of the laws  of  2013,  is
     3  amended to read as follows:
     4    (b-1)  Notwithstanding any other provision of law to the contrary, the
     5  provisions of this section shall apply to  any  dwelling  unit  held  in
     6  trust  [solely]  or by a single member limited liability company or by a
     7  limited liability company in which  ownership  is  held  exclusively  by
     8  spouses  for the current benefit of a person or persons who would other-
     9  wise be eligible for an abatement, pursuant to this section,  were  such
    10  person  or  persons  the  owner  or  owners  of  such dwelling unit. For
    11  purposes of this paragraph, a trust shall be deemed to include  a  legal
    12  life estate.
    13    §  2.  Subdivision  7  of section 458 of the real property tax law, as
    14  added by chapter 377 of the laws of 1995, is amended to read as follows:
    15    7. Notwithstanding any other provision of law  to  the  contrary,  the
    16  provisions  of  this  section  shall  apply to any real property held in
    17  trust [solely] or by a single member limited liability company or  by  a
    18  limited  liability  company  in  which  ownership is held exclusively by
    19  spouses for the current benefit of a person or persons who would  other-
    20  wise be eligible for a real property tax exemption, pursuant to subdivi-
    21  sion  one, two or three of this section, were such person or persons the
    22  owner or owners of such real property.   For purposes of  this  subdivi-
    23  sion, a trust shall be deemed to include a legal life estate.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03054-01-7
        S. 5876                             2
     1    §  3.  Subdivision 5 of section 458-a of the real property tax law, as
     2  added by chapter 377 of the laws of 1995, is amended to read as follows:
     3    5.  Notwithstanding  any  other  provision of law to the contrary, the
     4  provisions of this section shall apply to  any  real  property  held  in
     5  trust  [solely]  or by a single member limited liability company or by a
     6  limited liability company in which  ownership  is  held  exclusively  by
     7  spouses  for the current benefit of a person or persons who would other-
     8  wise be eligible for a real property tax  exemption,  pursuant  to  this
     9  section,  were  such  person or persons the owner or owners of such real
    10  property.  For the purposes of this subdivision, a trust shall be deemed
    11  to include a legal life estate.
    12    § 4. Subdivision 6 of section 458-b of the real property tax  law,  as
    13  added by chapter 235 of the laws of 2009, is amended to read as follows:
    14    6.  Notwithstanding  any  other  provision of law to the contrary, the
    15  provisions of this section shall apply to  any  real  property  held  in
    16  trust  [solely]  or by a single member limited liability company or by a
    17  limited liability company in which  ownership  is  held  exclusively  by
    18  spouses  for the current benefit of a person or persons who would other-
    19  wise be eligible for a real property tax  exemption,  pursuant  to  this
    20  section,  were  such  person or persons the owner or owners of such real
    21  property.  For purposes of this subdivision, a trust shall be deemed  to
    22  include a legal life estate.
    23    §  5.  Subdivision 9 of section 459-c of the real property tax law, as
    24  added by chapter 315 of the laws of 1997, is amended to read as follows:
    25    9. Notwithstanding any other provision of law  to  the  contrary,  the
    26  provisions  of  this  section shall apply to real property held in trust
    27  [solely] or by a single member limited liability company or by a limited
    28  liability company in which ownership is held exclusively by spouses  for
    29  the current benefit of a person or persons who would otherwise be eligi-
    30  ble  for  a  real property tax exemption, pursuant to subdivision one of
    31  this section, were such person or persons the owner or  owners  of  such
    32  real  property.    For  purposes  of  this subdivision, a trust shall be
    33  deemed to include a legal life estate.
    34    § 6. Subdivision 10 of section 467 of the real property  tax  law,  as
    35  amended  by  chapter  270  of  the  laws  of 1999, is amended to read as
    36  follows:
    37    10. Notwithstanding any other provision of law to  the  contrary,  the
    38  provisions  of  this  section  shall  apply to real property [in which a
    39  person or persons hold a legal life estate or which is]  held  in  trust
    40  [solely] or by a single member limited liability company or by a limited
    41  liability  company in which ownership is held exclusively by spouses for
    42  the current benefit of a person or persons if  such  person  or  persons
    43  would  otherwise be eligible for a real property tax exemption, pursuant
    44  to subdivision one of this section, were  such  person  or  persons  the
    45  owner  or  owners  of such real property.  For purposes of this subdivi-
    46  sion, a trust shall be deemed to include a legal life estate.
    47    § 7. This act shall take effect on the first of January next  succeed-
    48  ing  the  date  on  which  it shall have become a law and shall apply to
    49  assessment rolls prepared on the basis of taxable status dates occurring
    50  on or after such effective date.