STATE OF NEW YORK
________________________________________________________________________
S. 7709 A. 9937
SENATE - ASSEMBLY
June 2, 2014
___________
IN SENATE -- Introduced by Sen. HOYLMAN -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Housing,
Construction and Community Development
IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M. of
A. Gottfried) -- read once and referred to the Committee on Housing
AN ACT to amend the private housing finance law, in relation to author-
izing the granting of an additional real property tax exemption for
certain redevelopment company projects
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 125 of the private housing finance
2 law is amended by adding a new paragraph (a-4) to read as follows:
3 (a-4) Any inconsistent provision of law notwithstanding, in a city
4 having a population of one million or more, where a local legislative
5 body has acted to extend the tax exemption of a mutual redevelopment
6 company for the maximum period provided for in paragraph (a-2) of this
7 subdivision, the local legislative body may grant an additional tax
8 exemption for a period of up to fifty years, provided that the amount of
9 taxes to be paid during any such period of tax exemption shall be not
10 less than an amount equal to the greater of (i) ten per centum of the
11 annual rent or carrying charges of the project minus utilities for the
12 residential portion of the project, or (ii) the taxes payable by such
13 company for the residential portion of the project during the tax year
14 commencing July first, two thousand and ending on June thirtieth, two
15 thousand one. Such grant of an additional tax exemption period shall
16 take effect upon the expiration of the maximum period provided for in
17 paragraph (a-2) of this subdivision.
18 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15433-01-4
