A01032 Summary:
| BILL NO | A01032 |
| SAME AS | SAME AS S04203 |
| SPONSOR | Mamdani (MS) |
| COSPNSR | Seawright, De Los Santos, Cunningham, Reyes, Shrestha |
| MLTSPNSR | Carroll R, Forrest, Gallagher, Mitaynes, Raga, Septimo, Simone |
| Amd §119-r, Gen Muni L; amd Part PP §3, Chap 54 of 2016 | |
| Updates value capture mechanisms for NYC and the MTA, including transparency requirements; makes such provisions permanent. | |
A01032 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 1032 2025-2026 Regular Sessions IN ASSEMBLY January 8, 2025 ___________ Introduced by M. of A. MAMDANI, SEAWRIGHT, DE LOS SANTOS, CUNNINGHAM, REYES, SHRESTHA -- Multi-Sponsored by -- M. of A. R. CARROLL, FORREST, GALLAGHER, MITAYNES, RAGA, SEPTIMO, SIMONE -- read once and referred to the Committee on Corporations, Authorities and Commissions AN ACT to amend the general municipal law, in relation to adjusting value capture mechanisms for New York city and the metropolitan trans- portation authority, including transparency requirements; and to amend part PP of chapter 54 of the laws of 2016, amending the general munic- ipal law relating to the New York transit authority and the metropol- itan transportation authority, in relation to making such value capture mechanisms and transparency requirements permanent The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph f of subdivision 1 of section 119-r of the gener- 2 al municipal law, as added by section 2 of part PP of chapter 54 of the 3 laws of 2016, is amended to read as follows: 4 f. The making of a contract with the metropolitan transportation 5 authority, by itself or with one or more other municipal corporations to 6 assist the authority in meeting its capital or operating expenses in 7 providing mass transportation services of benefit to all or part of such 8 municipal corporation, including undertaking a mass transportation capi- 9 tal project in or near the municipal corporation. Such a municipal 10 corporation may, according to the terms of the contract with the author- 11 ity, establish, levy and collect taxes, assessments, and/or charges and 12 may conditionally or unconditionally grant or pledge a portion of its 13 revenues allocated according to subdivision e of this section. Such 14 municipal corporation may designate mass transportation capital project 15 districts that a municipal corporation finds, after conducting a public 16 hearing, will benefit from an identified mass transportation capital 17 project. 18 (i) (1) At least two weeks prior to conducting such public hearing 19 under this subdivision, the municipal corporation shall produce and 20 publish on its website two separate analyses that include: (A) revenue 21 projections for the district based on historic property tax data and EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00218-01-5A. 1032 2 1 analysis that the fair market value of properties within the subdistrict 2 is expected to increase as a result of the improvement, by more than 3 would have occurred in the absence of such improvement; and (B) trans- 4 portation engineering analysis showing how the public would be served by 5 the mass transportation capital project in such district or area. 6 (2) Such analyses under clause one of this subparagraph shall include 7 accompanying data in a machine-readable, tabular format, and an explana- 8 tion of the methodology and specific assumptions used in each analysis. 9 The public shall have the opportunity to submit written comments on such 10 analyses provided, and the municipal corporation and/or the metropolitan 11 transportation authority shall respond to public comment received in 12 writing and at such public hearing in a report that is posted in the 13 municipal corporation's website no later than one month after such hear- 14 ing. 15 (ii) Upon designating [such] a mass transportation capital project 16 district, the municipal corporation may allocate a portion of its reven- 17 ues from the district according to terms it designs or has agreed to by 18 contract. The municipal corporation may, in allocating and collecting 19 revenues from the district, make use of one or more methods to capture 20 the value created by a mass transportation capital project, including, 21 but not limited to: 22 [(i) tax increment financing, meaning the allocation of an increment23of property tax revenues in excess of the amount levied at the time24prior to planning of a mass transportation capital project;25(ii)] (1) a special transportation assessment imposed upon benefited 26 real property in proportion to the benefit received by such property 27 from a mass transportation capital project, which shall not constitute a 28 tax; 29 [(iii)] (2) land value taxation, meaning the allocation of an incre- 30 ment of tax revenues gained from levying taxes on the assessed value of 31 taxable land at a higher rate than the improvements, as defined in 32 subdivision twelve of section one hundred two of the real property tax 33 law; and 34 [(iv)] (3) some combination of the above or other methods of gaining 35 revenues that the municipal corporation is empowered to use, provided 36 that the total amount of all taxes, assessments, fees, charges, or rates 37 levied on each parcel or lot under this section shall be limited to a 38 proportionate amount as near as possible to the actual benefit which 39 each lot or parcel will derive from the mass transportation capital 40 project; and 41 [(v)] (4) for purposes of this paragraph the term municipal corpo- 42 ration shall include only those cities, towns, villages and counties 43 described in section twelve hundred sixty-two of the public authorities 44 law. 45 § 2. Section 3 of part PP of chapter 54 of the laws of 2016, amending 46 the general municipal law relating to the New York transit authority and 47 the metropolitan transportation authority, as amended by section 1 of 48 part A of chapter 58 of the laws of 2024, is amended to read as follows: 49 § 3. This act shall take effect immediately[; provided that the amend-50ments to subdivision 1 of section 119-r of the general municipal law51made by section two of this act shall expire and be deemed repealed52April 1, 2025, and provided further that such repeal shall not affect53the validity or duration of any contract entered into before that date54pursuant to paragraph f of such subdivision]. 55 § 3. This act shall take effect immediately.