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S07709 Summary:

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S07709 Text:

 
                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