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A10410 Summary:

BILL NOA10410
 
SAME ASSAME AS S09753
 
SPONSORRules (Palmesano)
 
COSPNSRByrnes, Giglio JM
 
MLTSPNSR
 
Amd §2, Chap 545 of 2011
 
Extends provisions relating to the residential-commercial exemption program to September 23, 2027.
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A10410 Actions:

BILL NOA10410
 
05/23/2024referred to real property taxation
05/29/2024reported referred to ways and means
06/06/2024reported referred to rules
06/07/2024reported
06/07/2024rules report cal.656
06/07/2024substituted by s9753
 S09753 AMEND= O'MARA
 05/28/2024REFERRED TO LOCAL GOVERNMENT
 05/30/2024COMMITTEE DISCHARGED AND COMMITTED TO RULES
 05/30/2024ORDERED TO THIRD READING CAL.1620
 06/05/2024PASSED SENATE
 06/05/2024DELIVERED TO ASSEMBLY
 06/05/2024referred to ways and means
 06/07/2024substituted for a10410
 06/07/2024ordered to third reading rules cal.656
 06/07/2024passed assembly
 06/07/2024returned to senate
 08/20/2024DELIVERED TO GOVERNOR
 08/28/2024SIGNED CHAP.288
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A10410 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A10410
 
SPONSOR: Rules (Palmesano)
  TITLE OF BILL: An act to amend chapter 545 of the laws of 2011, amending the real prop- erty tax law, relating to establishing a residential-commercial exemption program in certain counties, in relation to the effectiveness thereof   PURPOSE: This bill extends the residential-commercial exemption program in Livingston and Steuben County, New York.   SUMMARY OF PROVISIONS: Section 1. The real property tax law is amended by extending the sunset date in Steuben County on when the 485-n abatement program shall apply. Section 485-n allows any municipality within such county to opt in, through adoption of a local law, to a real property tax abatement program. Section 2. Establishes the effective date. Section 3. Establishes the repeal date.   JUSTIFICATION: The County of Steuben has requested to have legislation enacted that will benefit the County of Steuben and all Towns, Villages and School Districts within the county, by allowing them to grant real property tax abatements in defined redevelopment areas. This initiative was created in Chapter 545 of the Laws of 2011 (A.4643-A/Burling) which establishes a real property tax abatement scheme for Livingston County. Section 485-n allows any municipality within such county to opt in, through adoption of a local law, to a real property tax abatement program. This abatement program would now be offered in Steuben County as well as Livingston County. The properties would be exempt from increase in real property taxes and special ad valorem levies for twelve years. The tax exemption on the change to assessed value of buildings that have commercial or residential construction work done shall be computed with respect to the exemption base and according to the following schedule: YEAR OF EXEMPTION PERCENTAGE OF EXEMPTION 1 through 8 100% of exemption base 9 80% of exemption base 10 60% of exemption base 11 40% of exemption base 12 20% of exemption base The original legislation arose from a meeting of all local taxing enti- ties in Livingston county in 2009. They all agreed to support legis- lation that authorized the adoption of this tax abatement program by each taxing body at local option in recognizance of the need to effect real investment in revitalization. The municipalities in Steuben County recognize the need for targeted revitalization and would like to partake in a similar abatement program. Cities such as Corning and Hornell are sure to benefit from partic- ipation in this program, much the way localities in Livingston County have. Tax abatements are a proven technique for local governments to attract investors for revitalization. A tax abatement, which this bill estab- lishes, is different than a strict tax exemption. A tax exemption takes away existing revenue generated by a property, while a tax abatement does not change existing tax payments. With tax abatements, governments agree to take less than 100% of new revenue generated through property investment, repair and renovation. This legislation will provide a tool for local governments to use to improve their communities. The proposed tax abatement program will not impose a cost upon the state, and therefore should be considered by the Legislature as a no-cost, mandate-free way to allow local governments in Steuben County to invest in and attract outside investment to their communities.   LEGISLATIVE HISTORY: New bill.   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: Effective immediately, and shall expire and be deemed repealed twelve years after such date.
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A10410 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10410
 
                   IN ASSEMBLY
 
                                      May 23, 2024
                                       ___________
 
        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Palmesano,
          Byrnes, J. M. Giglio) -- read once and referred to  the  Committee  on
          Real Property Taxation
 
        AN ACT to amend chapter 545 of the laws of 2011, amending the real prop-
          erty  tax  law,  relating  to  establishing  a  residential-commercial
          exemption program in certain counties, in relation to  the  effective-
          ness thereof

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1.  Section 2 of chapter 545 of the laws of 2011, amending the
     2  real property tax law, relating to establishing a residential-commercial
     3  exemption program in certain counties, as amended by chapter 394 of  the
     4  laws of 2012, is amended to read as follows:
     5    §  2.  This act shall take effect immediately, and shall expire and be
     6  deemed repealed [thirteen years after such date] September 23, 2027.
     7    § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15741-01-4
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