Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 03, 2018 |
referred to local government |
Jan 13, 2017 |
referred to local government |
Senate Bill S2359
2017-2018 Legislative Session
Sponsored By
(D, WF) 21st Senate District
Archive: Last Bill Status - In Senate Committee Local Government Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
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- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2017-S2359 (ACTIVE) - Details
2017-S2359 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2359 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
2017-S2359 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2359 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ 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. ยง 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. LBD05597-01-7
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