NY State Senate Bill 2015-S2730

Senate Bill S2730

2015-2016 Legislative Session

Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to certain high density area in Kings county

download bill text pdf

Archive: Last Bill Status - In Senate Committee Local Government 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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2016	referred to local government
Jan 28, 2015	referred to local government

2015-S2730 (ACTIVE) - Details

See Assembly Version of this Bill:: A8584
Current Committee:: Senate Local Government
Law Section:: Kings County
Versions Introduced in Other Legislative Sessions:: 2013-2014: S7606
2017-2018: S2359, A1049
2019-2020: S5030, A2206
2021-2022: S5431
2023-2024: S6829

2015-S2730 (ACTIVE) - Summary

Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county.

2015-S2730 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S2730

TITLE OF BILL:  An act to establish a demonstration program extending
the J-51 tax exemption to the conversion and rehabilitation of
commercial and manufacturing space to co-located work space and
residential units in certain high density areas in Kings county; and
providing for the repeal of such provisions upon expiration thereof

PURPOSE OR GENERAL IDEA OF BILL:

This bill establishes a demonstration program extending the J-51 tax
exemption to the conversion and rehabilitation of commercial and
manufacturing space to certain high density areas in Kings county.

SUMMARY OF PROVISIONS:

Section 1 establishes a demonstration program to extend the provisions
of the J-51 tax exemption to the conversion and rehabilitation of
commercial and manufacturing space to co-located work space and
residential areas in certain high density, underutilized M-1 zoned
properties in Kings county.

JUSTIFICATION:

The J-51 benefit program is a tax incentive for the renovation of
multiple unit residential buildings in New York City.  It was created

in to give incent to owners of rent-regulated buildings to make
improvements to their buildings. Through the program, owners are able
to recover approximately 75% of the costs of the improvements and with
a building receiving J-51 funds, it is not allowed to decontrol rent.

The J-51 tax incentive program has been a driving force in the
rehabilitation of older residential buildings for years. But its reach
must be extended. There are many underutilized properties in Brooklyn
that have yet to receive the benefits of J-51. This bill adapts to a
new modality of an entrepreneurial millennial workforce who will need
to live and work within the same space given the low to non-existent
vacancy rate of affordable housing. This modification to the program,
will continue to make J-51 one of the most successful housing
rehabilitation programs in New York City history.

PRIOR LEGISLATIVE HISTORY:

None. This is a new bill.

FISCAL IMPLICATIONS:

Minimal.

EFFECTIVE DATE:

This act shall take effect immediately and shall expire and be deemed
repealed in five years after such effective date.

2015-S2730 (ACTIVE) - Bill Text download pdf

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

                                  2730

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 28, 2015
                               ___________

Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to establish a  demonstration  program  extending  the  J-51  tax
  exemption to the conversion and rehabilitation of commercial and manu-
  facturing  space  to  co-located  work  space and residential units in
  certain high density areas in Kings  county;  and  providing  for  the
  repeal of such provisions upon expiration thereof

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

  Section 1. There is hereby  established  a  demonstration  program  to
extend  the  provisions  of the J-51 tax exemption to the conversion and
rehabilitation of commercial and manufacturing space to co-located  work
space  and  residential units in certain high density, underutilized M-1
zoned properties in Kings county. For purposes of this section, J-51  is
a  property  tax  exemption  and  abatement for renovating a residential
apartment building in certain counties of the city  of  New  York.  Such
credit  varies  depending  on  the  building's  location and the type of
improvements and shall be extended to the county of Kings.
  S 2. This act shall take effect immediately and shall  expire  and  be
deemed repealed five years after such effective date.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06887-01-5

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