STATE OF NEW YORK
________________________________________________________________________
8881
2017-2018 Regular Sessions
IN ASSEMBLY
December 22, 2017
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Introduced by M. of A. MAGNARELLI -- read once and referred to the
Committee on Local Governments
AN ACT to amend the not-for-profit corporation law, in relation to the
effective date for the tax exempt status of the real property of a
land bank
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (a) of section 1608 of the not-for-profit corpo-
2 ration law, as amended by chapter 349 of the laws of 2017, is amended to
3 read as follows:
4 (a) The real property of a land bank and its income and operations are
5 exempt from all taxation by the state of New York and by any of its
6 political subdivisions. The real property of a land bank shall be exempt
7 from: (i) all special ad valorem levies and special assessments as
8 defined in section one hundred two of the real property tax law; (ii)
9 sewer rent imposed under article fourteen-F of the general municipal
10 law; and (iii) any and all user charges imposed by any municipal corpo-
11 ration, special district or other political subdivisions of the state,
12 provided, however, that real property of a land bank for which such land
13 bank receives rent, fees, or other charges for the use of such real
14 property shall not be exempt from subparagraphs (ii) and (iii) of this
15 paragraph. Such exempt status shall be effective upon the date of trans-
16 fer of title to a land bank, notwithstanding the applicable taxable
17 status date. Notwithstanding any other general, special or local law
18 relating to fees of clerks, no clerk shall charge or collect a fee for
19 filing, recording or indexing any paper, document, map or proceeding
20 filed, recorded or indexed for a land bank, or an officer thereof acting
21 in an official capacity, nor for furnishing a transcript, certification
22 or copy of any paper, document, map or proceeding to be used for land
23 bank purposes.
24 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13716-01-7
