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S06487 Summary:

BILL NOS06487
 
SAME ASSAME AS A07125
 
SPONSORSTAVISKY
 
COSPNSR
 
MLTSPNSR
 
Amd §489, RPT L
 
Extends certain time periods relating to exemption from taxation of alterations and improvements to multiple dwellings to eliminate fire and health hazards.
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S06487 Actions:

BILL NOS06487
 
05/03/2021REFERRED TO LOCAL GOVERNMENT
05/24/2021COMMITTEE DISCHARGED AND COMMITTED TO RULES
05/24/2021ORDERED TO THIRD READING CAL.1296
06/01/2021PASSED SENATE
06/01/2021DELIVERED TO ASSEMBLY
06/01/2021referred to ways and means
06/03/2021substituted for a7125
06/03/2021ordered to third reading rules cal.361
06/03/2021passed assembly
06/03/2021returned to senate
06/17/2021DELIVERED TO GOVERNOR
06/29/2021SIGNED CHAP.176
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S06487 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6487
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                       May 3, 2021
                                       ___________
 
        Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT to amend the real property tax  law,  in  relation  to  extending
          certain  time  periods  relating  to exemption from taxation of alter-
          ations and improvements to multiple dwellings to  eliminate  fire  and
          health hazards
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The opening paragraph of paragraph (a) of subdivision 1  of
     2  section  489  of  the  real property tax law, as amended by section 1 of
     3  item RRR of subpart B of part XXX of chapter 58 of the laws of 2020,  is
     4  amended to read as follows:
     5    Any  city  to  which  the  multiple dwelling law is applicable, acting
     6  through its local legislative body or other governing agency, is  hereby
     7  authorized  and  empowered, to and including January first, two thousand
     8  [twenty-one] twenty-two, to adopt and amend  local  laws  or  ordinances
     9  providing that any increase in assessed valuation of real property shall
    10  be  exempt  from taxation for local purposes, as provided herein, to the
    11  extent such increase results from:
    12    § 2. The closing paragraph of  subparagraph  6  of  paragraph  (a)  of
    13  subdivision 1 of section 489 of the real property tax law, as amended by
    14  section 2 of item RRR of subpart B of part XXX of chapter 58 of the laws
    15  of 2020, is amended to read as follows:
    16    Such conversion, alterations or improvements shall be completed within
    17  thirty  months after the date on which same shall be started except that
    18  such thirty month limitation shall not apply to conversions of  residen-
    19  tial  units  which are registered with the loft board in accordance with
    20  article seven-C of the multiple dwelling law  pursuant  to  subparagraph
    21  one  of  this  paragraph.  Notwithstanding  the foregoing, a sixty month
    22  period for completion shall be available for alterations or improvements
    23  undertaken by a housing development fund company organized  pursuant  to

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10959-01-1

        S. 6487                             2
 
     1  article eleven of the private housing finance law, which are carried out
     2  with  the  substantial assistance of grants, loans or subsidies from any
     3  federal, state or local governmental agency or instrumentality or  which
     4  are  carried out in a property transferred from such city if alterations
     5  and improvements are completed within seven  years  after  the  date  of
     6  transfer.  In  addition, the local housing agency is hereby empowered to
     7  grant an extension of the period of completion for any  project  carried
     8  out  with  the substantial assistance of grants, loans or subsidies from
     9  any federal, state or local governmental agency or  instrumentality,  if
    10  such  alterations or improvements are completed within sixty months from
    11  commencement of construction. Provided, further, that  such  conversion,
    12  alterations  or  improvements  shall  in any event be completed prior to
    13  June thirtieth, two thousand [twenty-one]  twenty-two.    Exemption  for
    14  conversions,  alterations  or improvements pursuant to subparagraph one,
    15  two, three or four of this paragraph shall continue for a period not  to
    16  exceed  fourteen  years and begin no sooner than the first quarterly tax
    17  bill immediately following the completion  of  such  conversion,  alter-
    18  ations or improvements. Exemption for alterations or improvements pursu-
    19  ant  to  this  subparagraph or subparagraph five of this paragraph shall
    20  continue for a period not to exceed thirty-four years and shall begin no
    21  sooner than the first  quarterly  tax  bill  immediately  following  the
    22  completion  of such alterations or improvements. Such exemption shall be
    23  equal to the increase in the valuation which is subject to exemption  in
    24  full  or  proportionally under this subdivision for ten or thirty years,
    25  whichever is applicable. After such period of time, the amount  of  such
    26  exempted  assessed  valuation  of  such improvements shall be reduced by
    27  twenty percent in each succeeding year until the assessed value  of  the
    28  improvements  are  fully taxable.   Provided, however, exemption for any
    29  conversion, alterations or improvements which are aided  by  a  loan  or
    30  grant  under  article eight, eight-A, eleven, twelve, fifteen or twenty-
    31  two of the private housing finance law, section six hundred ninety-six-a
    32  or section ninety-nine-h of the general municipal law, or section  three
    33  hundred  twelve  of  the  housing act of nineteen hundred sixty-four (42
    34  U.S.C.A. 1452b), or the Cranston-Gonzalez  national  affordable  housing
    35  act (42 U.S.C.A. 12701 et.  seq.), or started after July first, nineteen
    36  hundred  eighty-three  by  a  housing development fund company organized
    37  pursuant to article eleven of the private housing finance law which  are
    38  carried  out  with the substantial assistance of grants, loans or subsi-
    39  dies from any federal, state or local governmental agency or  instrumen-
    40  tality  or which are carried out in a property transferred from any city
    41  and where alterations and improvements are completed within seven  years
    42  after  the  date  of  transfer  may commence at the beginning of any tax
    43  quarter subsequent to the  start  of  such  conversion,  alterations  or
    44  improvements and prior to the completion of such conversion, alterations
    45  or improvements.
    46    § 3. This act shall take effect immediately.
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