STATE OF NEW YORK
________________________________________________________________________
7532
IN SENATE
May 9, 2016
___________
Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Cities
AN ACT to amend the real property tax law, in relation to exempting from
taxation certain real property owned by the General Society of Mechan-
ics & Tradesmen of the City of New York and to make certain technical
changes
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 420-a of the real property tax law is amended by
2 adding a new subdivision 16 to read as follows:
3 16. Notwithstanding any provision of this chapter or any other law to
4 the contrary, real property located at 20 West 44th Street, New York, NY
5 10036, the fee title to which was acquired in eighteen hundred ninety-
6 nine by the General Society of Mechanics & Tradesmen of the City of New
7 York, a tax-exempt organization pursuant to section 501(c)(3) of the
8 Internal Revenue Code, and which has been used exclusively by the socie-
9 ty for carrying out thereupon educational and cultural purposes since
10 the date on which the fee title was acquired by the society, and for
11 renting out space to other not-for-profit associations and organiza-
12 tions, and is currently being used for such purposes, shall be exempt
13 from taxation as provided in this section and the city of New York shall
14 cancel and annul any unpaid real property taxes that have accrued on
15 such real property, together with any interest accruing thereon,
16 provided that: (i) such property shall continue to be used exclusively
17 for such educational and cultural purposes and rental to not-for-profit
18 associations and organizations; (ii) title to such property shall not be
19 conveyed to another owner; and (iii) the rental income received by the
20 society does not exceed the society's total reasonable operating costs.
21 § 2. Subdivision 13 of section 420-a of the real property law, as
22 added by chapter 630 of the laws of 1997, is renumbered subdivision 15.
23 § 3. This act shall take effect immediately and shall be deemed to
24 have been in full force and effect on and after July 1, 2012.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14896-04-6
