S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10651

                          I N  A S S E M B L Y

                              June 10, 2016
                               ___________

Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Braunstein)
  -- read once and referred to the Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to the  eligibil-
  ity for J-51 tax abatements to reflect cost of living adjustments

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 17 of section 489 of the real property tax law,
as added by chapter 4 of the  laws  of  2013,  is  amended  to  read  as
follows:
  17.  (a)  For  purposes of this subdivision, "substantial governmental
assistance" shall mean:
  (i) grants, loans or subsidies from any federal, state or local agency
or instrumentality in furtherance of a program for  the  development  of
affordable  housing  approved  by  the  local housing agency, including,
without limitation, financing or insurance provided by the state of  New
York mortgage agency of the New York city residential mortgage insurance
corporation; or
  (ii)  a  written  agreement  between a housing development fund corpo-
ration and the local housing agency  limiting  the  incomes  of  persons
entitled to purchase shares or rent housing accommodations therein.
  (b) Any local law or ordinance providing for benefits pursuant to this
section  must  also  provide  the following with respect to conversions,
alterations or improvements completed on or after December thirty-first,
two thousand eleven:
  (i) except as otherwise provided  in  this  section  with  respect  to
multiple  dwellings,  buildings and structures owned and operated either
by limited-profit housing companies established pursuant to article  two
of  the  private  housing  finance law or redevelopment companies estab-
lished pursuant to article five of the private housing finance  law,  or
with  respect  to  a group of multiple dwellings that was developed as a
planned community  and  that  is  owned  as  two  separate  condominiums
containing  a total of ten thousand or more dwelling units, any multiple
dwelling, building or structure that is owned  as  a  cooperative  or  a
condominium  that  has  an  average  assessed  value [of thirty thousand

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

                                                           LBD15825-02-6

A. 10651                            2

dollars or more] per dwelling unit THAT EXCEEDS THE  ASSESSED  VALUATION
LIMITATION  AS  PROVIDED IN PARAGRAPH (C) OF THIS SUBDIVISION shall only
be eligible for such benefits if the  alterations  or  improvements  for
which  such multiple dwelling, building or structure has applied for the
benefits pursuant to this section  were  carried  out  with  substantial
governmental assistance; and
  (ii)  no  benefits  pursuant  to this section shall be granted for the
conversion of any non-residential building or structure into a  class  A
multiple  dwelling  unless such conversion was carried out with substan-
tial governmental assistance.
  (C) ASSESSED VALUE LIMITATION. (I) FOR FINAL ASSESSMENT  ROLLS  TO  BE
COMPLETED PRIOR TO TWO THOUSAND SEVENTEEN, THE ASSESSED VALUE LIMITATION
SHALL BE THIRTY THOUSAND DOLLARS.
  (II)  FOR  THE  FINAL  ASSESSMENT ROLL TO BE COMPLETED IN TWO THOUSAND
SEVENTEEN THE ASSESSED VALUE LIMITATION  SHALL  BE  THIRTY-TWO  THOUSAND
DOLLARS  INCREASED  BY  THE  COST-OF-LIVING ADJUSTMENT PERCENTAGE OF TWO
THOUSAND SEVENTEEN.  FOR THE PURPOSES OF THIS COMPUTATION, THE  COST-OF-
LIVING ADJUSTMENT PERCENTAGE OF TWO THOUSAND SEVENTEEN SHALL BE EQUAL TO
THE  "APPLICABLE  INCREASE PERCENTAGE" USED BY THE UNITED STATES COMMIS-
SIONER OF SOCIAL SECURITY TO DETERMINE THE MONTHLY SOCIAL SECURITY BENE-
FITS PAYABLE IN TWO THOUSAND SEVENTEEN TO INDIVIDUALS,  AS  PROVIDED  BY
SUBSECTION (I) OF SECTION FOUR HUNDRED FIFTEEN OF TITLE FORTY-TWO OF THE
UNITED STATES CODE.
  (III) FOR FINAL ASSESSMENT ROLLS TO BE COMPLETED IN EACH ENSUING YEAR,
THE  APPLICABLE  ASSESSED  VALUE  LIMITATION,  COST-OF-LIVING ADJUSTMENT
PERCENTAGE AND APPLICABLE INCREASE PERCENTAGE SHALL ALL BE  ADVANCED  BY
ONE  YEAR, AND THE ASSESSED VALUATION LIMITATION SHALL BE THE PREVIOUSLY
APPLICABLE ASSESSED VALUE LIMITATION INCREASED BY THE NEW COST-OF-LIVING
ADJUSTMENT PERCENTAGE. IF THERE SHOULD BE A YEAR FOR WHICH THERE  IS  NO
APPLICABLE  INCREASE  PERCENTAGE  DUE  TO  A GENERAL BENEFIT INCREASE AS
DEFINED BY SUBDIVISION THREE OF SUBSECTION (I) OF SECTION  FOUR  HUNDRED
FIFTEEN  OF  TITLE  FORTY-TWO  OF THE UNITED STATES CODE, THE APPLICABLE
INCREASE PERCENTAGE FOR PURPOSES OF THIS COMPUTATION SHALL BE DEEMED  TO
BE  THE  PERCENTAGE  WHICH  WOULD  HAVE  YIELDED  THAT  GENERAL  BENEFIT
INCREASE.
  (IV) NOTWITHSTANDING ANYTHING TO THE CONTRARY  CONTAINED  HEREIN,  THE
ASSESSED VALUE LIMITATION SHALL NOT AT ANY TIME EXCEED THIRTY-FIVE THOU-
SAND DOLLARS.
  S 2. This act shall take effect immediately.