Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to housing, construction and community development |
Jan 07, 2009 |
referred to housing, construction and community development |
Senate Bill S171
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S171 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Amd ยง33, Priv Hous Fin L
- Versions Introduced in 2011-2012 Legislative Session:
-
S2320
2009-S171 (ACTIVE) - Sponsor Memo
BILL NUMBER: S171 TITLE OF BILL : An act to amend the private housing finance law, in relation to tax exemption for limited-profit housing companies PURPOSE/SUMMARY OF PROVISIONS : This bill would amend subdivision 1 of section 33 of the Private Housing Finance Law to change the definition of shelter rent to exclude payment of shelter rent taxes. JUSTIFICATION : This bill would alleviate an inequitable system of taxation now imposed on the Mitchell-Lama cooperators. The present practice of including shelter rent tax in the base on which further increases in shelter rent are calculated represents an administrative excess on the part of the City of New York. This results in a tax being imposed on a tax, in violation of sound fiscal policy. EXISTING LAW : None. EFFECTIVE DATE : This act shall take effect immediately.
2009-S171 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 171 2009-2010 Regular Sessions I N S E N A T E (PREFILED) January 7, 2009 ___________ Introduced by Sen. KRUGER -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the private housing finance law, in relation to tax exemption for limited-profit housing companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 1 of section 33 of the private housing finance law, as amended by chapter 229 of the laws of 1989, is amended to read as follows: (a) Upon the consent of the local legislative body of any munici- pality in which a project is or is to be located, the real property in a project shall be exempt from local and municipal taxes, other than assessments for local improvements, to the extent of all or part of the value of the property included in such project which represents an increase over the assessed valuation of the real property, both land and improvements, acquired for the project at the time of its acquisition by the limited-profit housing company, provided, however, that the real property in a project acquired for purposes of rehabilitation shall be exempt to the extent of all or part of the value of the property included in such project, and further provided that the amount of such taxes to be paid shall not be less than ten per centum of the annual shelter rent or carrying charges of such project except that for projects located or to be located in a city of a population of one million or more, upon the consent of the local legislative body of the municipality, the amount of such taxes to be paid may be set at not less than (i) the taxes payable with respect to the real property in such project with respect to the year nineteen hundred seventy-three, or, (ii) if such project was not occupied in such year, not less than ten per centum of the annual shelter rent or carrying charges first estab- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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