Extends from June 15, 2015 until June 15, 2018, the date by which construction or rehabilitation must commence for eligibility for the tax exemption for new or substantially rehabilitated multiple dwellings.
STATE OF NEW YORK
________________________________________________________________________
2314
2015-2016 Regular Sessions
IN SENATE
January 22, 2015
___________
Introduced by Sen. YOUNG -- read twice and ordered printed, and when
printed to be committed to the Committee on Housing, Construction and
Community Development
AN ACT to amend the real property tax law, in relation to extending
eligibility, for an additional three years, for the exemption of
certain new or substantially rehabilitated multiple dwellings from
local taxation
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (b) of subdivision 3 of section 421-m of the real
2 property tax law, as added by section 43 of part B of chapter 97 of the
3 laws of 2011, is amended to read as follows:
4 (b) Such construction or substantial rehabilitation was commenced on
5 or after the effective date of the local law, ordinance or resolution
6 described in subdivision one of this section, but no later than June
7 fifteenth, two thousand [fifteen] eighteen.
8 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07445-01-5
