Provides an additional twenty-seven months to complete construction for certain building projects due to the COVID-19 pandemic; provides for the calculation of abatement.
STATE OF NEW YORK
________________________________________________________________________
9129
IN ASSEMBLY
January 31, 2022
___________
Introduced by M. of A. BRAUNSTEIN -- read once and referred to the
Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to providing an
extension of time to complete construction for certain building
projects due to the COVID-19 pandemic
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 2 of section 489-cccccc of the real property
2 tax law, as added by chapter 119 of the laws of 2008, is amended to read
3 as follows:
4 2. Time limit for completion of construction. (a) Construction of
5 buildings or structures for which benefits have been approved shall be
6 completed no later than five years from the date of issuance of the
7 first building permit, or if no permit was required, the commencement of
8 construction. Failure to meet this requirement shall result in termi-
9 nation of any inflation protection provided under subdivision three of
10 section four hundred eighty-nine-bbbbbb of this title for any tax year
11 that begins following the date by which completion of construction is
12 required under this paragraph.
13 (b) (i) Notwithstanding the provisions of paragraph (a) of this subdi-
14 vision, an additional twenty-seven month extension shall be provided for
15 all projects where such five year period would have terminated between
16 March seventh, two thousand twenty and June twenty-fifth, two thousand
17 twenty-one, to provide relief for (A) the fifteen-month period during
18 which a state disaster emergency was declared by the governor pursuant
19 to executive order two hundred two of two thousand twenty in response to
20 the COVID-19 pandemic and the issuance by the governor of executive
21 order two hundred ten of two thousand twenty-one which rescinded all
22 previous pandemic related executive orders and lifted such state of
23 emergency, plus (B) an additional twelve months for projects to complete
24 construction after the expiration of such executive orders.
25 (ii) For such projects, the amount of abatement shall be calculated as
26 provided herein. The first year of the abatement shall be the tax year
27 with the first taxable status date that follows the sooner of (A) the
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13065-01-1
A. 9129 2
1 completion of construction, or (B) four years from the date the first
2 building permit was issued, or if no permit was required, the commence-
3 ment of construction. In the event that the first year of the abatement
4 occurred prior to the current tax year, the property owner shall be
5 entitled to a refund of the amount of the abatement for any year occur-
6 ring after the abatement commenced.
7 § 2. This act shall take effect immediately.
