Bill Text: NY S07676 | 2011-2012 | General Assembly | Amended

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Bill Title: Authorizes a tax exemption for a not-for-profit corporation used exclusively to provide housing for aged persons of low, moderate or middle income in cities with a certain population and repeals such provisions upon expiration thereof.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-06-18 - PRINT NUMBER 7676A [S07676 Detail]

Download: New_York-2011-S07676-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7676--A
                                   I N  S E N A T E
                                     June 13, 2012
                                      ___________
       Introduced  by  Sen.  LARKIN -- read twice and ordered printed, and when
         printed to be  committed  to  the  Committee  on  Rules  --  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 authorizing a
         tax exemption for a not-for-profit  corporation  used  exclusively  to
         provide  housing for aged persons of low, moderate or middle income in
         cities with a certain population; and providing for the repeal of such
         provisions upon expiration thereof
         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 488-b to read as follows:
    3    S 488-B. EXEMPTION FOR PROVISION OF HOUSING FOR AGED PERSONS;  CERTAIN
    4  CITIES.  1.    IN A CITY WITH A POPULATION BETWEEN TWENTY-THREE THOUSAND
    5  EIGHT HUNDRED AND TWENTY-FOUR THOUSAND ACCORDING TO THE TWO THOUSAND TEN
    6  CENSUS, A LOCALITY SUCH AS A CITY COUNCIL OR COUNTY LEGISLATURE  MAY  BE
    7  AUTHORIZED  THROUGH AN AFFIRMATIVE VOTE OF A MAJORITY OF SUCH COUNCIL OR
    8  LEGISLATURE TO EXEMPT FROM REAL PROPERTY TAX FOR THE ASSESSMENT ROLL FOR
    9  EACH  INDIVIDUAL  ASSESSMENT  YEAR  ANY  REAL  PROPERTY   OWNED   BY   A
   10  NOT-FOR-PROFIT  CORPORATION  ORGANIZED  PURSUANT  TO  THE NOT-FOR-PROFIT
   11  CORPORATION LAW AND THE PROVISIONS OF ARTICLE TWO OF THE PRIVATE HOUSING
   12  FINANCE LAW, USED EXCLUSIVELY TO PROVIDE HOUSING  FOR  AGED  PERSONS  OF
   13  LOW,  MODERATE,  OR  MIDDLE  INCOME WHO, AS DEFINED BY THE STATE HOUSING
   14  FINANCE AGENCY, REQUIRE ASSISTANCE WITH AT LEAST ONE INSTRUMENTAL ACTIV-
   15  ITY OF DAILY LIVING, INCLUDING BUT NOT  LIMITED  TO,  CONGREGATE  MEALS;
   16  ACCESS  TO  MEDICAL  ASSISTANCE;  SECURITY; HOUSEKEEPING AND OTHER INCI-
   17  DENTALS.
   18    2. AN AFFIRMATIVE VOTE BY A LOCALITY TO EXEMPT A NOT-FOR-PROFIT CORPO-
   19  RATION FROM REAL PROPERTY TAX FOR ANY ASSESSMENT YEAR SHALL BE  ACCEPTED
   20  BY  THE  COUNTY  OR  CITY  ASSESSOR OF SUCH LOCALITY AND ANY APPROPRIATE
   21  CORRECTIONS SHALL BE MADE BY THE ASSESSOR TO THE SUBJECT ROLL OR  ROLLS.
   22  IF SUCH EXEMPTION IS AUTHORIZED BY THE LOCALITY AND IF SUCH NOT-FOR-PRO-
   23  FIT  CORPORATION  SHALL  HAVE  PAID ANY TAX WITH RESPECT TO SUCH SUBJECT
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15940-07-2
       S. 7676--A                          2
    1  ROLL OR ROLLS, THE GOVERNING BODY OR TAX DEPARTMENT  SHALL  PROVIDE  FOR
    2  THE  REFUND  OF  THOSE  TAXES PAID AND CANCEL TAXES, FINES, PENALTIES OR
    3  INTEREST REMAINING UNPAID.
    4    S  2.  This act shall take effect immediately; provided, however, that
    5  this act shall expire January 1, 2023 when upon such date the provisions
    6  of this act shall be deemed repealed.