STATE OF NEW YORK
________________________________________________________________________
7793
IN SENATE
June 18, 2012
___________
Introduced by COMMITTEE ON RULES -- read twice and ordered printed, and
when printed to be committed to the Committee on Rules
AN ACT to amend the real property tax law and the administrative code of
the city of New York, in relation to a partial abatement of real prop-
erty taxes for condominiums and cooperatives in a city having a popu-
lation of one million or more, and a credit against the New York city
personal income tax for S corporations in such city; and to amend the
real property tax law in relation to exemption from taxation on alter-
ations and improvements to multiple dwellings
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a) of subdivision 1 of section 467-a of the real
2 property tax law, as added by chapter 273 of the laws of 1996, is
3 amended to read as follows:
4 (a) "Applicant" means the board of managers of a condominium or the
5 board of directors of a cooperative apartment corporation, provided
6 that, in addition, the commissioner of finance may by rule designate the
7 owner of a dwelling unit as an applicant.
8 § 2. Paragraphs (a) and (b) of subdivision 2 of section 467-a of the
9 real property tax law, as added by chapter 273 of the laws of 1996, are
10 amended to read as follows:
11 (a) In a city having a population of one million or more, dwelling
12 units owned by unit owners who, as of the applicable taxable status
13 date, own no more than three dwelling units in any one property held in
14 the condominium form of ownership, shall be eligible to receive a
15 partial abatement of real property taxes, as set forth in paragraphs (c)
16 [and], (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi-
17 sion; provided, however, that a property held in the condominium form of
18 ownership that is receiving complete or partial real property tax
19 exemption or tax abatement pursuant to any other provision of this chap-
20 ter or any other state or local law, except as provided in paragraph (f)
21 of this subdivision, shall not be eligible to receive a partial abate-
22 ment pursuant to this section; and provided, further, that sponsors
23 shall not be eligible to receive a partial abatement pursuant to this
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16341-02-2
S. 7793 2
1 section; and provided, further, that in the fiscal years commencing in
2 calendar years two thousand thirteen, two thousand fourteen and two
3 thousand fifteen, no more than a maximum of three dwelling units owned
4 by any unit owner, one of which must be the primary residence of such
5 unit owner and all of which must be in the same property in which the
6 primary residence is located, shall be eligible to receive a partial
7 abatement pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4) of this
8 subdivision.
9 (b) In a city having a population of one million or more, dwelling
10 units owned by tenant-stockholders who, as of the applicable taxable
11 status date, own no more than three dwelling units in any one property
12 held in the cooperative form of ownership, shall be eligible to receive
13 a partial abatement of real property taxes, as set forth in paragraphs
14 (c) [and], (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this
15 subdivision; provided, however, that a property held in the cooperative
16 form of ownership that is receiving complete or partial real property
17 tax exemption or tax abatement pursuant to any other provision of this
18 chapter or any other state or local law, except as provided in paragraph
19 (f) of this subdivision, shall not be eligible to receive a partial
20 abatement pursuant to this section; and provided, further, that sponsors
21 shall not be eligible to receive a partial abatement pursuant to this
22 section; and provided, further, that in the fiscal years commencing in
23 calendar years two thousand thirteen, two thousand fourteen and two
24 thousand fifteen, no more than a maximum of three dwelling units owned
25 by any tenant-stockholder, one of which must be the primary residence of
26 such tenant-stockholder and all of which must be in the same property in
27 which the primary residence is located, shall be eligible to receive a
28 partial abatement pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4)
29 of this subdivision. For purposes of this section, a tenant-stockholder
30 of a cooperative apartment corporation shall be deemed to own the dwell-
31 ing unit which is represented by his or her shares of stock in such
32 corporation. Any abatement so granted shall be credited by the appropri-
33 ate taxing authority against the tax due on the property as a whole. The
34 reduction in real property taxes received thereby shall be credited by
35 the cooperative apartment corporation against the amount of such taxes
36 attributable to eligible dwelling units at the time of receipt.
37 § 3. Subparagraph (xvi) of paragraph (c) of subdivision 2 of section
38 467-a of the real property tax law, as added by chapter 109 of the laws
39 of 2008, is amended and a new subparagraph (xvii) is added to read as
40 follows:
41 (xvi) twenty-five percent in the fiscal year commencing in calendar
42 year two thousand eleven[.];
43 (xvii) twenty-five percent in the fiscal year commencing in calendar
44 year two thousand twelve.
45 § 4. Subparagraph (xvi) of paragraph (d) of subdivision 2 of section
46 467-a of the real property tax law, as added by chapter 109 of the laws
47 of 2008, is amended and a new subparagraph (xvii) is added to read as
48 follows:
49 (xvi) seventeen and one-half percent in the fiscal year commencing in
50 calendar year two thousand eleven[.];
51 (xvii) seventeen and one-half percent in the fiscal year commencing in
52 calendar year two thousand twelve.
53 § 5. Subdivision 2 of section 467-a of the real property tax law is
54 amended by adding six new paragraphs (d-1), (d-2), (d-3), (d-4), (d-5)
55 and (d-6) to read as follows:
S. 7793 3
1 (d-1) In any fiscal year commencing in calendar year two thousand
2 thirteen, two thousand fourteen and two thousand fifteen, eligible
3 dwelling units in property whose average unit assessed value is less
4 than or equal to fifty thousand dollars shall receive a partial abate-
5 ment of the real property taxes attributable to or due on such dwelling
6 units of twenty-five percent.
7 (d-2) In any fiscal year commencing in calendar year two thousand
8 thirteen, two thousand fourteen and two thousand fifteen, eligible
9 dwelling units in property whose average unit assessed value is more
10 than fifty thousand dollars, but less than or equal to thirty-five thou-
11 sand dollars, shall receive a partial abatement of the real property
12 taxes attributable to or due on such dwelling units of twenty-two and
13 one-half percent.
14 (d-3) In any fiscal year commencing in calendar year two thousand
15 thirteen, two thousand fourteen and two thousand fifteen, eligible
16 dwelling units in property whose average unit assessed value is more
17 than fifty-five thousand dollars, but less than or equal to sixty thou-
18 sand dollars, shall receive a partial abatement of the real property
19 taxes attributable to or due on such dwelling units of twenty percent.
20 (d-4) In any fiscal year commencing in calendar year two thousand
21 thirteen, two thousand fourteen and two thousand fifteen, eligible
22 dwelling units in property whose average unit assessed value is more
23 than sixty thousand dollars shall receive a partial abatement of the
24 real property taxes attributable to or due on such dwelling units of
25 seventeen and one-half percent.
26 (d-5) In the fiscal years commencing in calendar years two thousand
27 thirteen and two thousand fourteen, dwelling units that received an
28 abatement pursuant to this section in the fiscal year commencing in
29 calendar year two thousand twelve and that are not eligible dwelling
30 units under paragraph (d-1), (d-2), (d-3) or (d-4) of this subdivision
31 and that have an average unit assessed value that is less than or equal
32 to fifteen thousand dollars shall receive a partial abatement of the
33 real property taxes attributable to or due on such dwelling units of
34 twelve and one half percent, and six and twenty-five hundredths percent,
35 respectively.
36 (d-6) In the fiscal years commencing in calendar years two thousand
37 thirteen and two thousand fourteen, dwelling units that received an
38 abatement pursuant to this section in the fiscal year commencing in
39 calendar year two thousand twelve and that are not eligible dwelling
40 units under paragraph (d-1), (d-2), (d-3) or (d-4) of this subdivision
41 and that have an average unit assessed value that is greater than
42 fifteen thousand dollars shall receive a partial abatement of the real
43 property taxes attributable to or due on such dwelling units of eight
44 and seventy-five hundredths percent, and four and three hundred seven-
45 ty-five thousandths percent, respectively.
46 § 6. Paragraphs (a), (b) and (c) of subdivision 3 of section 467-a of
47 the real property tax law, paragraphs (a) and (c) as amended by chapter
48 109 of the laws of 2008, and paragraph (b) as amended by section 6 of
49 part LL of chapter 407 of the laws of 1999, are amended to read as
50 follows:
51 (a) An application for an abatement pursuant to this section for the
52 fiscal year commencing in calendar year nineteen hundred ninety-six
53 shall be made no later than the fifteenth day of September, nineteen
54 hundred ninety-six. An application for an abatement pursuant to this
55 section for the fiscal year commencing in calendar year nineteen hundred
56 ninety-seven shall be made no later than the first day of April, nine-
S. 7793 4
1 teen hundred ninety-seven. An application for an abatement pursuant to
2 this section for the fiscal year commencing in calendar year nineteen
3 hundred ninety-eight shall be made no later than the first day of April,
4 nineteen hundred ninety-eight. An application for an abatement pursuant
5 to this section for the fiscal year commencing in calendar year nineteen
6 hundred ninety-nine shall be made in accordance with this subdivision
7 and subdivision three-a of this section. An application for an abatement
8 pursuant to this section for the fiscal year commencing in calendar year
9 two thousand shall be made no later than the fifteenth day of February,
10 two thousand. An application for an abatement pursuant to this section
11 for the fiscal year commencing in calendar year two thousand one shall
12 be made in accordance with this subdivision and subdivision three-b of
13 this section. An application for an abatement pursuant to this section
14 for the fiscal year commencing in calendar year two thousand two shall
15 be made no later than the fifteenth day of February, two thousand two.
16 An application for an abatement pursuant to this section for the fiscal
17 year commencing in calendar year two thousand three shall be made no
18 later than the fifteenth day of February, two thousand three. An appli-
19 cation for an abatement pursuant to this section for the fiscal year
20 commencing in calendar year two thousand four shall be made in accord-
21 ance with this subdivision and subdivision three-c of this section. An
22 application for an abatement pursuant to this section for the fiscal
23 year commencing in calendar year two thousand five shall be made no
24 later than the fifteenth day of February, two thousand five. An applica-
25 tion for an abatement pursuant to this section for the fiscal year
26 commencing in calendar year two thousand six shall be made no later than
27 the fifteenth day of February, two thousand six. An application for an
28 abatement pursuant to this section for the fiscal year commencing in
29 calendar year two thousand seven shall be made no later than the
30 fifteenth day of February, two thousand seven. An application for an
31 abatement pursuant to this section for the fiscal year commencing in
32 calendar year two thousand eight shall be made in accordance with this
33 subdivision and subdivision three-d of this section. An application for
34 an abatement pursuant to this section for the fiscal year commencing in
35 calendar year two thousand nine shall be made no later than the
36 fifteenth day of February, two thousand nine. An application for an
37 abatement pursuant to this section for the fiscal year commencing in
38 calendar year two thousand ten shall be made no later than the fifteenth
39 day of February, two thousand ten. An application for an abatement
40 pursuant to this section for the fiscal year commencing in calendar year
41 two thousand eleven shall be made no later than the fifteenth day of
42 February, two thousand eleven. An application for an abatement pursuant
43 to this section for the fiscal year commencing in calendar year two
44 thousand twelve shall be made in accordance with this subdivision and
45 subdivision three-e of this section. The date or dates by which appli-
46 cations for an abatement pursuant to this section shall be made for the
47 fiscal years commencing in calendar years two thousand thirteen, two
48 thousand fourteen and two thousand fifteen shall be established by the
49 commissioner of finance by rule, provided that such date or dates shall
50 not be later than the fifteenth day of February for each such calendar
51 year. The commissioner of finance may determine by rule the nature of
52 the information to be included on such applications and may deny an
53 abatement pursuant to this section for failure to comply with such
54 rules.
55 (b) An application for an abatement pursuant to this section shall be
56 submitted to the commissioner of finance by the board of managers of a
S. 7793 5
1 condominium or the board of directors of a cooperative apartment corpo-
2 ration, provided that the commissioner of finance may by rule require
3 the owner of a dwelling unit to submit an application to supplement
4 information contained in the application submitted by the board of
5 managers of a condominium or the board of directors of a cooperative
6 apartment corporation and may by rule apply and adjust, as appropriate,
7 any provisions of this section that relate to applications submitted by
8 such boards to applications submitted by such owners.
9 (c) No abatement pursuant to this section shall be granted unless the
10 applicant files an application for an abatement within the time periods
11 prescribed in paragraph (a) of this subdivision or subdivision three-a,
12 three-b, three-c [or], three-d or three-e of this section, provided,
13 however, that the commissioner of finance may, for good cause shown,
14 extend the time for filing an application.
15 § 7. Section 467-a of the real property tax law is amended by adding a
16 new subdivision 3-e to read as follows:
17 3-e. (a) An applicant whose property did not receive an abatement
18 pursuant to this section for the fiscal year commencing in calendar year
19 two thousand eleven shall submit an application for an abatement pursu-
20 ant to this section for the fiscal year commencing in calendar year two
21 thousand twelve no later than sixty days following the effective date of
22 this subdivision.
23 (b) The abatement for the fiscal year commencing in calendar year two
24 thousand twelve of a cooperative apartment corporation that received an
25 abatement pursuant to this section for the fiscal year commencing in
26 calendar year two thousand eleven and that submitted an information
27 return on or before February fifteenth, two thousand twelve, that
28 included an election by the board of directors of such cooperative
29 apartment corporation that such information return be deemed an applica-
30 tion for an abatement pursuant to this section for such fiscal year,
31 shall be based on the information contained in such information return.
32 (c) The abatement for the fiscal year commencing in calendar year two
33 thousand twelve of a cooperative apartment corporation that received an
34 abatement pursuant to this section for the fiscal year commencing in
35 calendar year two thousand eleven and that submitted an information
36 return on or before February fifteenth, two thousand twelve, that did
37 not include an election by the board of directors of such cooperative
38 apartment corporation that such information return be deemed an applica-
39 tion for an abatement pursuant to this section for such fiscal year,
40 shall be based on the information contained in the application submitted
41 in two thousand eleven or on the information contained in such informa-
42 tion return, or both, provided that nothing in this paragraph shall
43 authorize or require the commissioner of finance to grant an abatement
44 with respect to a property or a dwelling unit that is not eligible as of
45 the applicable taxable status date for the fiscal year commencing in
46 calendar year two thousand twelve.
47 (d) The board of managers of a condominium that received an abatement
48 pursuant to this section for the fiscal year commencing in calendar year
49 two thousand eleven shall submit an application for an abatement pursu-
50 ant to this section for the fiscal year commencing in calendar year two
51 thousand twelve no later than sixty days following the effective date of
52 this subdivision. If such board of managers does not submit such appli-
53 cation within sixty days following the effective date of this subdivi-
54 sion, then the abatement for the fiscal year commencing in calendar year
55 two thousand twelve for such condominium shall be based on the informa-
56 tion contained in the application submitted in two thousand eleven,
S. 7793 6
1 provided that nothing in this paragraph shall authorize or require the
2 commissioner of finance to grant an abatement with respect to a property
3 or a dwelling unit that is not eligible as of the applicable taxable
4 status date for the fiscal year commencing in calendar year two thousand
5 twelve.
6 § 8. Subdivision 7 of section 467-a of the real property tax law, as
7 added by chapter 273 of the laws of 1996, is amended to read as follows:
8 7. The commissioner of finance shall be authorized to promulgate rules
9 necessary to effectuate the purposes of this section. Notwithstanding
10 any other provision of law to the contrary, such rules may include, but
11 need not be limited to, denial, termination or revocation of any abate-
12 ment pursuant to this section if any dwelling unit in a property held in
13 the condominium form of ownership or a property held in the cooperative
14 form of ownership has real property taxes, water and sewer charges,
15 payments in lieu of taxes or other municipal charges due and owing,
16 unless such real property taxes, water and sewer charges, payments in
17 lieu of taxes or other municipal charges are currently being paid in
18 timely installments pursuant to a written agreement with the department
19 of finance or other appropriate agency.
20 § 9. Subdivision 8 of section 467-a of the real property tax law, as
21 amended by chapter 453 of the laws of 2011, is amended to read as
22 follows:
23 8. Except to the extent that the owner of a dwelling unit of a proper-
24 ty situated in a city having a population of one million or more may
25 request a redacted copy of any application or statements pertaining to
26 such dwelling unit, as provided in subdivision four of this section, the
27 information contained in applications or statements in connection there-
28 with filed with the commissioner of finance pursuant to subdivision
29 three, three-a, three-b [or], three-c, three-d or three-e of this
30 section shall not be subject to disclosure under article six of the
31 public officers law.
32 § 10. Section 467-a of the real property tax law is amended by adding
33 a new subdivision 9 to read as follows:
34 9. The commissioner of finance shall be authorized to prepare and
35 submit amended tax bills to taxpayers to reflect any adjustments neces-
36 sary to apply the partial abatement received pursuant to this section.
37 If a condominium or cooperative has paid an amount that is different
38 than the amount due on any amended tax bill, the commissioner of finance
39 may waive any interest otherwise due on such amount.
40 § 11. Section 11-1706 of the administrative code of the city of New
41 York is amended by adding a new subdivision (f) to read as follows:
42 (f) Credit for general corporation tax paid. (1) A city resident
43 individual, estate or trust whose city adjusted gross income includes a
44 pro rata share of income, loss and deductions described in paragraph one
45 of subsection (a) of section thirteen hundred sixty-six of the internal
46 revenue code, from one or more New York S corporations as defined in
47 subdivision one-A of section two hundred eight of the tax law, or from
48 one or more QSSSs as defined in subdivision one-B of section two hundred
49 eight of the tax law, that are exempt QSSSs by reason of clause (A) of
50 subparagraph one of paragraph (k) of subdivision nine of section two
51 hundred eight of the tax law, on which a tax is imposed by subchapter
52 two of chapter six of this title, shall be allowed a credit as provided
53 in paragraph two of this subdivision against the tax otherwise due under
54 sections 11-1701, 11-1703, 11-1704 and 11-1704.1 of this chapter.
S. 7793 7
1 (2)(A) Subject to the limitations set forth in subparagraphs (B) and
2 (C) of this paragraph, the credit allowed to a taxpayer for a taxable
3 year under this subdivision shall be determined as follows:
4 (i) For taxable years beginning on or after January first, two thou-
5 sand fifteen:
6 (I) If the city taxable income is forty-two thousand dollars or less,
7 the amount of the credit shall be one hundred percent of the amount
8 determined in paragraph three of this subdivision.
9 (II) If the city taxable income is greater than forty-two thousand
10 dollars but less than two hundred fifty thousand dollars, the amount of
11 the credit shall be a percentage of the amount determined in paragraph
12 three of this subdivision, such percentage to be determined by subtract-
13 ing from one hundred percent, a percentage determined by subtracting
14 forty-two thousand dollars from city taxable income, dividing the result
15 by two hundred eight thousand dollars and multiplying by one hundred
16 percent.
17 (III) If the city taxable income is two hundred fifty thousand dollars
18 or greater, no credit shall be allowed.
19 (B) Notwithstanding anything to the contrary in subparagraph (A) of
20 this paragraph, the credit allowed to a taxpayer for a taxable year
21 under this subdivision shall not exceed the sum of the taxes that would
22 otherwise be imposed by sections 11-1701, 11-1703, 11-1704 and 11-1704.1
23 of this chapter on such taxpayer for such taxable year after the allow-
24 ance of any other credits allowed by subdivisions (a) and (b) of this
25 section, and subdivision (c) of this section, as added by chapter four
26 hundred eighty-one of the laws of nineteen hundred ninety-seven and
27 subsequently amended, and section 11-1721 of this chapter.
28 (C) Notwithstanding anything to the contrary in subparagraph (A) of
29 this paragraph, no credit shall be allowed for any amount of tax
30 imposed, or credit allowed, by subchapter two of chapter six of this
31 title on, or to, a combined group of corporations including a New York S
32 corporation or an exempt QSSS, except where the combined group consists
33 exclusively of one or more New York S corporations and one or more
34 exempt QSSSs of such corporations as described in paragraph one of this
35 subdivision, provided that each of the New York S corporations included
36 in the group is wholly owned by the same interests and in the same
37 proportions as each other New York S corporation included in the group.
38 (3) Subject to the provisions of subparagraph (B) of this paragraph
39 and subparagraph (C) of paragraph two of this subdivision, the amount
40 determined in this paragraph is the sum of the taxpayer's pro rata share
41 of the amounts determined in subparagraph (A) of this paragraph for each
42 New York S corporation, or exempt QSSS, described in paragraph one of
43 this subsection, a pro rata share of whose income, loss and deductions
44 described in paragraph one of subsection (a) of section thirteen hundred
45 sixty-six of the internal revenue code, is included in the taxpayer's
46 city adjusted gross income.
47 (A) The amount determined in this subparagraph is the sum of:
48 (i) the taxes imposed by subchapter two of chapter six of this title
49 on such corporation, or a combined group including such corporation, for
50 its taxable year ending within or with the taxable year of the taxpayer
51 and paid by such corporation, or combined group; and
52 (ii) the amount of any credit or credits taken by such corporation, or
53 a combined group including such corporation, under subdivision eighteen
54 of section 11-604 of this title for its taxable year ending within or
55 with the taxable year of the taxpayer.
S. 7793 8
1 (B) For purposes of this subdivision, the taxpayer's pro rata share of
2 the amount in subparagraph (A) of this paragraph for the taxable year
3 shall be the amount determined with respect to the taxpayer:
4 (i) by assigning an equal portion of the amount in subparagraph (A) of
5 this paragraph to each day of the corporation's taxable year on which
6 the corporation has shares outstanding,
7 (ii) then by dividing that portion pro rata among the shares outstand-
8 ing on that day; provided, however,
9 (iii) if the taxable year of such corporation for purposes of chapter
10 six of this title is different from its New York S year or S short year
11 as defined in subdivision one-A of section two hundred eight of the tax
12 law, or subsection (f) of section fourteen hundred fifty of the tax law,
13 only those portions that are assigned to days of the taxable year that
14 are also days of the New York S year or S short year shall be taken into
15 account in determining the shareholder's pro rata share of the amount
16 determined in subparagraph (A) of this paragraph.
17 § 12. If any provision of section eleven of this act is adjudged by
18 any court of competent jurisdiction to be invalid or unconstitutional,
19 the credit provided for in such sections shall not be allowed for any
20 tax period or periods with respect to which such judgment is in effect.
21 § 13. The opening paragraph of paragraph (a) of subdivision 1 of
22 section 489 of the real property tax law, as amended by chapter 244 of
23 the laws of 2006, is amended to read as follows:
24 Any city to which the multiple dwelling law is applicable, acting
25 through its local legislative body or other governing agency, is hereby
26 authorized and empowered, to and including June first, two thousand
27 [eleven] fourteen, to adopt and amend local laws or ordinances providing
28 that any increase in assessed valuation of real property shall be exempt
29 from taxation for local purposes, as provided herein, to the extent such
30 increase results from:
31 § 14. The closing paragraph of subparagraph 6 of paragraph (a) of
32 subdivision 1 of section 489 of the real property tax law, as amended by
33 chapter 244 of the laws of 2006, is amended to read as follows:
34 Such conversion, alterations or improvements shall be completed within
35 thirty-six months after the date on which same shall be started except
36 that such thirty-six month limitation shall not apply to conversions of
37 residential units which are registered with the loft board in accordance
38 with article seven-C of the multiple dwelling law pursuant to subpara-
39 graph one of this paragraph. Notwithstanding the foregoing, a sixty
40 month period for completion shall be available for alterations or
41 improvements undertaken by a housing development fund company organized
42 pursuant to article eleven of the private housing finance law, which are
43 carried out with the substantial assistance of grants, loans or subsi-
44 dies from any federal, state or local governmental agency or instrumen-
45 tality or which are carried out in a property transferred from such city
46 if alterations and improvements are completed within seven years after
47 the date of transfer. In addition, the local housing agency is hereby
48 empowered to grant an extension of the period of completion for any
49 project carried out with the substantial assistance of grants, loans or
50 subsidies from any federal, state or local governmental agency or
51 instrumentality, if such alterations or improvements are completed with-
52 in sixty months from commencement of construction. Provided, further,
53 that such conversion, alterations or improvements shall in any event be
54 completed prior to December thirty-first, two thousand [eleven]
55 fourteen. Exemption for conversions, alterations or improvements pursu-
56 ant to subparagraph one, two, three or four of this paragraph shall
S. 7793 9
1 continue for a period not to exceed fourteen years and begin no sooner
2 than the first quarterly tax bill immediately following the completion
3 of such conversion, alterations or improvements. Exemption for alter-
4 ations or improvements pursuant to this subparagraph or subparagraph
5 five of this paragraph shall continue for a period not to exceed thir-
6 ty-four years and shall begin no sooner than the first quarterly tax
7 bill immediately following the completion of such alterations or
8 improvements. Such exemption shall be equal to the increase in the valu-
9 ation which is subject to exemption in full or proportionally under this
10 subdivision for ten or thirty years, whichever is applicable. After such
11 period of time, the amount of such exempted assessed valuation of such
12 improvements shall be reduced by twenty percent in each succeeding year
13 until the assessed value of the improvements are fully taxable.
14 Provided, however, exemption for any conversion, alterations or improve-
15 ments which are aided by a loan or grant under article eight, eight-A,
16 eleven, twelve, fifteen or twenty-two of the private housing finance
17 law, section six hundred ninety-six-a or section ninety-nine-h of the
18 general municipal law, or section three hundred twelve of the housing
19 act of nineteen hundred sixty-four (42 U.S.C.A. 1452b), or the Cran-
20 ston-Gonzalez national affordable housing act (42 U.S.C.A. 12701 et.
21 seq.), or started after July first, nineteen hundred eighty-three by a
22 housing development fund company organized pursuant to article eleven of
23 the private housing finance law which are carried out with the substan-
24 tial assistance of grants, loans or subsidies from any federal, state or
25 local governmental agency or instrumentality or which are carried out in
26 a property transferred from any city and where alterations and improve-
27 ments are completed within seven years after the date of transfer may
28 commence at the beginning of any tax quarter subsequent to the start of
29 such conversion, alterations or improvements and prior to the completion
30 of such conversion, alterations or improvements.
31 § 15. This act shall take effect immediately and shall be deemed to
32 have been in full force and effect on and after June 1, 2011.
