Grants tax exempt status to Block Associations which have been in operation five years or more in order to exempt such associations from payment of all state taxes and reporting requirements.
STATE OF NEW YORK
________________________________________________________________________
1234
2009-2010 Regular Sessions
IN ASSEMBLY(Prefiled)
January 7, 2009
___________
Introduced by M. of A. SEMINERIO, PHEFFER, SPANO, ZEBROWSKI -- Multi-
Sponsored by -- M. of A. COLTON, HOOPER, JOHN, LANCMAN -- read once
and referred to the Committee on Real Property Taxation
AN ACT in relation to granting tax exempt status to certain associations
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other provision of law to the contrary,
2 Block Associations which have been functioning for a period of five
3 years or more shall, upon application to the commissioner of taxation
4 and finance be granted tax exempt status, and be exempt from payment of
5 all state taxes and reporting requirements.
6 § 2. This act shall take effect on the first of September next
7 succeeding the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01876-01-9
