A02097 Summary:
| BILL NO | A02097 |
| SAME AS | No Same As |
| SPONSOR | Cahill |
| COSPNSR | |
| MLTSPNSR | |
| Add S431, RPT L | |
| Establishes a green development home tax exemption authorizing a 35% exemption from local real property taxation for homes that are part of green developments as LEED certified or certified by the national association of home builders. | |
A02097 Actions:
| BILL NO | A02097 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/15/2015 | referred to real property taxation | |||||||||||||||||||||||||||||||||||||||||||||||||
| 01/06/2016 | referred to real property taxation | |||||||||||||||||||||||||||||||||||||||||||||||||
A02097 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
TITLE OF BILL: An act to amend the real property tax law, in relation to establishing a green development home tax exemption PURPOSE: This legislation would allow a tax exemption for real prop- erty tax exemption of thirty five percent for a period of no longer than twenty years if authorized by the local municipality. SUMMARY OF SPECIFIC PROVISIONS: Section 1 creates the Green development home tax exemption which would be a thirty five percent exemption for a period of no longer than twenty years. This section provides that such an incentive shall be at local option. This section further provides that such homes shall be 1,2,3 story homes are designated a green development or are LEED-ND certified. Further this section specifies what national standards must be meet in order to be eligible to qualify for the benefit. Section 2 is the effective date. JUSTIFICATION: In order to facilitate growth in the green home market an incentive is needed as these homes typically cost more than the aver- age new home. In order to qualify for this incentive a new home will have to meet specific National Association of Home Builders (NAHB) or Leadership in Energy and Environmental Design (LEER). Specific of these standards that these homes will have to meet include but are not limit- ed: protection of high value vegetation, improved soil, low or no VOC finishes, rain barrels at downspouts, recycled content building materi- als must be used as 2 major components, built in recycling collection space, renewable energy sources per house, energy star rating of 3.0 or, higher, low flow showers and toilets, green certified products must be used. These are a few examples. PRIOR LEGISLATIVE HISTORY: 2013-2014 A.7297 - Referred to Real Prop- erty Taxation FISCAL IMPLICATIONS: None. EFFECTIVE DATE: This act shall take effect on the one hundred twenti- eth day after becoming law.