STATE OF NEW YORK
________________________________________________________________________
7780--B
2025-2026 Regular Sessions
IN SENATE
May 6, 2025
___________
Introduced by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
when printed to be committed to the Committee on Housing, Construction
and Community Development -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee --
reported favorably from said committee and committed to the Committee
on Finance -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the private housing finance law, in relation to the
amount of taxes paid by a cooperative
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a-4) of subdivision 1 of section 125 of the
2 private housing finance law, as added by chapter 531 of the laws of
3 2014, is amended to read as follows:
4 (a-4) Any inconsistent provision of law notwithstanding, in a city
5 having a population of one million or more, where a local legislative
6 body has acted to extend the tax exemption of a mutual redevelopment
7 company for the maximum period provided for in paragraph (a-2) of this
8 subdivision, the local legislative body may grant an additional tax
9 exemption for a period of up to fifty years, provided that the amount of
10 taxes to be paid during any such period of tax exemption shall be not
11 less than an amount equal to the [greater] lesser of (i) [ten] five per
12 centum of the annual rent or carrying charges of the project minus util-
13 ities for the residential portion of the project, or (ii) the taxes
14 payable by such company for the residential portion of the project
15 during the tax year commencing July first, two thousand and ending on
16 June thirtieth, two thousand one. Such grant of an additional tax
17 exemption period shall take effect upon the expiration of the maximum
18 period provided for in paragraph (a-2) of this subdivision.
19 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11932-06-5
