STATE OF NEW YORK
________________________________________________________________________
7072
2021-2022 Regular Sessions
IN ASSEMBLY
April 21, 2021
___________
Introduced by M. of A. CAHILL -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the general municipal law and the education law, in
relation to the formula for the real property tax cap
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. This act shall be known and may be cited as the "two
2 percent is two percent property tax cap act".
3 § 2. Paragraph (a) of subdivision 2 of section 3-c of the general
4 municipal law, as added by section 1 of part A of chapter 97 of the laws
5 of 2011, is amended to read as follows:
6 (a) "Allowable levy growth factor" shall be [the lesser of: (i)] one
7 and two one-hundredths[; or (ii) the sum of one plus the inflation
8 factor; provided, however, that in no case shall the levy growth factor
9 be less than one].
10 § 3. Paragraph a of subdivision 2 of section 2023-a of the education
11 law, as added by section 2 of part A of chapter 97 of the laws of 2011,
12 is amended to read as follows:
13 a. "Allowable levy growth factor" shall be [the lesser of: (i)] one
14 and two one-hundredths[; or (ii) the sum of one plus the inflation
15 factor; provided, however, that in no case shall the levy growth factor
16 be less than one].
17 § 4. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10739-01-1
