New York State Assembly

Bill No.:  

 
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S05431 Summary:

BILL NO	S05431
SAME AS	No Same As
SPONSOR	PARKER
COSPNSR
MLTSPNSR
Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county.

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S05431 Actions:

BILL NO	S05431
03/04/2021	REFERRED TO LOCAL GOVERNMENT
01/05/2022	REFERRED TO LOCAL GOVERNMENT

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S05431 Committee Votes:

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S05431 Floor Votes:

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S05431 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5431
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                      March 4, 2021
                                       ___________
 
        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT to establish a  demonstration  program  extending  the  J-51  tax
          exemption to the conversion and rehabilitation of commercial and manu-
          facturing  space  to  co-located  work  space and residential units in
          certain high density areas in Kings  county;  and  providing  for  the
          repeal of such provisions upon expiration thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. There is hereby  established  a  demonstration  program  to
     2  extend  the  provisions  of the J-51 tax exemption to the conversion and
     3  rehabilitation of commercial and manufacturing space to co-located  work
     4  space  and  residential units in certain high density, underutilized M-1
     5  zoned properties in Kings county. For purposes of this section, J-51  is
     6  a  property  tax  exemption  and  abatement for renovating a residential
     7  apartment building in certain counties of the city  of  New  York.  Such
     8  credit  varies  depending  on  the  building's  location and the type of
     9  improvements and shall be extended to the county of Kings.
    10    § 2. This act shall take effect immediately and shall  expire  and  be
    11  deemed repealed five years after such effective date.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09363-01-1

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