New York State Assembly

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A00578 Summary:

BILL NO	A00578
SAME AS	SAME AS S05702
SPONSOR	Braunstein
COSPNSR
MLTSPNSR
Add §11-242.1, NYC Ad Cd
Relates to establishing a property tax credit for class 2 cooperative and condominium buildings that are designated safe after a facade safety program inspection.

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A00578 Actions:

BILL NO	A00578
01/09/2019	referred to real property taxation
01/08/2020	referred to real property taxation

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A00578 Committee Votes:

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A00578 Floor Votes:

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A00578 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           578
 
                               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 administrative code of the  city  of  New  York,  in
          relation to establishing a property tax credit for class 2 cooperative
          and  condominium  buildings  that  are  designated safe after a facade
          safety program inspection
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. The administrative code of the city of New York is amended
     2  by adding a new section 11-242.1 to read as follows:
     3    §  11-242.1  Exemption  for  buildings  designated  safe   by   facade
     4  inspection safety program. a. As used in this section, "eligible proper-
     5  ty"  shall mean any class two cooperative and/or condominium building as
     6  defined by section eighteen hundred two of the real  property  tax  law,
     7  that  has  been designated safe after a facade safety program inspection
     8  pursuant to article three hundred two of chapter three of title  twenty-
     9  eight of this code.
    10    b.  The  taxes upon any eligible property, shall be abated and reduced
    11  by an amount equal to all costs of such inspection pursuant  to  article
    12  three hundred two of chapter three of title twenty-eight of this code.
    13    c. Such abatement as described in subdivision b of this section, shall
    14  be  reevaluated  every  five  years  after  such inspection is performed
    15  pursuant to article three hundred two of chapter three of title  twenty-
    16  eight of this code.
    17    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02667-01-9

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