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A05424 Summary:

BILL NOA05424
 
SAME ASNo Same As
 
SPONSORDiPietro
 
COSPNSRGraf
 
MLTSPNSR
 
Amd 485-n, RPT L
 
Expands the residential-commercial exemption program to include any municipality regardless of the population of the county in which it is located.
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A05424 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A5424
 
SPONSOR: DiPietro
  TITLE OF BILL: An act to amend the real property tax law, in relation to the residential-commercial exemption program   PURPOSE OR GENERAL IDEA OF BILL: Expands the Residential-Commercial Exemption program statewide.   SUMMARY OF SPECIFIC PROVISIONS: Section 1. The real property tax law is amended to remove the restriction that limits the residential-commercial exemption program's applicability to Livingston County.   JUSTIFICATION: New York's older communities are faced with thousands of properties in need of significant remediation and rehabilitation. The cost of such remediation and rehabilitation frequently exceeds the value of the Prop- erty creating a situation where private sector financing will not loan money to undertake the remediation or rehabilitation. As a result, these properties will not be rehabilitated or redeveloped without addressing this gap in the private sector financing. This legislation will facili- tate the redevelopment of New York's communities by allowing counties, towns, villages and school districts, to grant real property tax abate- ment in defined redevelopment areas. Tax abatements are a proven technique for local governments to attract investors for revitalization. A tax abatement, which this bill would provide, is different than a strict tax exemption. A tax exemption takes away existing revenue generated by a property, while tax abatement does not change existing tax payments. With tax abatements, governments agree to take less than 100% of new revenue generated through property invest- ment, repair and renovation. This legislation will provide a tool for local governments to improve their communities. The proposed tax abatement program will not impose a cost upon the state, and therefore should be considered by the Legisla- ture as a no cost, mandate-free way to allow local governments across New York to invest in and attract outside investment to their communi- ties.   LEGISLATIVE HISTORY: 2015-16 A3940 2013-14 A7931 2011-12 A10193   FISCAL IMPLICATIONS: Unknown   EFFECTIVE DATE: This act shall take effect immediately.
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