A09819 Summary:

BILL NO    A09819 

SAME AS    Same as S 6755

SPONSOR    Thiele

COSPNSR    

MLTSPNSR   

Add S470, RPT L

Authorizes a municipal corporation to provide a real property tax exemption for
improvements to real property meeting LEED certification standards for green
buildings.

A09819 Actions:

BILL NO    A09819 

01/29/2010 referred to real property taxation

A09819 Votes:

A09819 Memo:

BILL NUMBER:A9819

TITLE OF BILL:
An act
to amend the real property tax law, in relation to authorizing a
municipal corporation to provide a real property tax exemption for
improvements to real property meeting LEED certification standards for
green buildings

PURPOSE: Authorizes a municipal corporation to
provide a real property
tax exemption for improvements to real property meeting LEED
certification standards for green buildings.

SUMMARY OF PROVISIONS: Section 1 of the bill amends
the real
property tax law by adding a new section 470 which provides a
property tax exemption for LEED certified buildings at local
option.

Section 2 of the legislation sets forth the percentage of the
exemption based on the LEED certification classification
(certified/silver, gold or platinum). The percentages of
exemptions are listed by year.

Section 3 lists eligibility criteria for the exemption:
(a) construction of improvements must commence after
January 1, 2011 or later as may be specified by local law;
(b) project exceeds $10,000; and(c) proper documentation
required. Further provides that "ordinary maintenance and
repairs" do not qualify for this exemption.

Section 4 provides for the commencement of the exemption upon the
approval of the assessor. The exemption will be effective after the
taxable status date.

JUSTIFICATION: New York has become proactive in
bolstering efforts to
reduce greenhouse gas emissions by promoting energy efficiency in
homes and businesses throughout the State. Significant measures have
been enacted in an effort to accomplish this goal. This legislation
would allow municipal corporations to adopt local laws granting a real
property tax exemption for property improvements meeting LEED
certification standards for energy efficient buildings. This
incentive would further build upon New York's efforts by encouraging
more homeowners and businesses to go "green".

LEGISLATIVE HISTORY: New Legislation, 2010.

FISCAL IMPACT ON THE STATE: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.