Amd §§467-a, 458, 458-a, 458-b, 459-c & 467, RPT L
Coordinates the treatment of tax transparent entities eligible for real property tax abatements; provides that a trust shall be deemed to include a legal life estate; makes related provisions.
STATE OF NEW YORK
________________________________________________________________________
223
2019-2020 Regular Sessions
IN ASSEMBLY(Prefiled)
January 9, 2019
___________
Introduced by M. of A. BRAUNSTEIN -- read once and referred to the
Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to coordinating
the treatment of tax transparent entities eligible for real property
tax abatements
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (b-1) of subdivision 2 of section 467-a of the
2 real property tax law, as added by chapter 97 of the laws of 2013, is
3 amended to read as follows:
4 (b-1) Notwithstanding any other provision of law to the contrary, the
5 provisions of this section shall apply to any dwelling unit held in
6 trust [solely] or by a single member limited liability company or by a
7 limited liability company in which ownership is held exclusively by
8 spouses for the current benefit of a person or persons who would other-
9 wise be eligible for an abatement, pursuant to this section, were such
10 person or persons the owner or owners of such dwelling unit. For
11 purposes of this paragraph, a trust shall be deemed to include a legal
12 life estate.
13 § 2. Subdivision 7 of section 458 of the real property tax law, as
14 added by chapter 377 of the laws of 1995, is amended to read as follows:
15 7. Notwithstanding any other provision of law to the contrary, the
16 provisions of this section shall apply to any real property held in
17 trust [solely] or by a single member limited liability company or by a
18 limited liability company in which ownership is held exclusively by
19 spouses for the current benefit of a person or persons who would other-
20 wise be eligible for a real property tax exemption, pursuant to subdivi-
21 sion one, two or three of this section, were such person or persons the
22 owner or owners of such real property. For purposes of this subdivi-
23 sion, a trust shall be deemed to include a legal life estate.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02651-01-9
A. 223 2
1 § 3. Subdivision 5 of section 458-a of the real property tax law, as
2 added by chapter 377 of the laws of 1995, is amended to read as follows:
3 5. Notwithstanding any other provision of law to the contrary, the
4 provisions of this section shall apply to any real property held in
5 trust [solely] or by a single member limited liability company or by a
6 limited liability company in which ownership is held exclusively by
7 spouses for the current benefit of a person or persons who would other-
8 wise be eligible for a real property tax exemption, pursuant to this
9 section, were such person or persons the owner or owners of such real
10 property. For the purposes of this subdivision, a trust shall be deemed
11 to include a legal life estate.
12 § 4. Subdivision 6 of section 458-b of the real property tax law, as
13 added by chapter 235 of the laws of 2009, is amended to read as follows:
14 6. Notwithstanding any other provision of law to the contrary, the
15 provisions of this section shall apply to any real property held in
16 trust [solely] or by a single member limited liability company or by a
17 limited liability company in which ownership is held exclusively by
18 spouses for the current benefit of a person or persons who would other-
19 wise be eligible for a real property tax exemption, pursuant to this
20 section, were such person or persons the owner or owners of such real
21 property. For purposes of this subdivision, a trust shall be deemed to
22 include a legal life estate.
23 § 5. Subdivision 9 of section 459-c of the real property tax law, as
24 added by chapter 315 of the laws of 1997, is amended to read as follows:
25 9. Notwithstanding any other provision of law to the contrary, the
26 provisions of this section shall apply to real property held in trust
27 [solely] or by a single member limited liability company or by a limited
28 liability company in which ownership is held exclusively by spouses for
29 the current benefit of a person or persons who would otherwise be eligi-
30 ble for a real property tax exemption, pursuant to subdivision one of
31 this section, were such person or persons the owner or owners of such
32 real property. For purposes of this subdivision, a trust shall be
33 deemed to include a legal life estate.
34 § 6. Subdivision 10 of section 467 of the real property tax law, as
35 amended by chapter 270 of the laws of 1999, is amended to read as
36 follows:
37 10. Notwithstanding any other provision of law to the contrary, the
38 provisions of this section shall apply to real property [in which a
39 person or persons hold a legal life estate or which is] held in trust
40 [solely] or by a single member limited liability company or by a limited
41 liability company in which ownership is held exclusively by spouses for
42 the current benefit of a person or persons if such person or persons
43 would otherwise be eligible for a real property tax exemption, pursuant
44 to subdivision one of this section, were such person or persons the
45 owner or owners of such real property. For purposes of this subdivi-
46 sion, a trust shall be deemed to include a legal life estate.
47 § 7. This act shall take effect on the first of January next succeed-
48 ing the date on which it shall have become a law and shall apply to
49 assessment rolls prepared on the basis of taxable status dates occurring
50 on or after such effective date.
