Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 20, 2018 |
committed to rules |
May 31, 2018 |
advanced to third reading |
May 30, 2018 |
2nd report cal. |
May 22, 2018 |
1st report cal.1309 |
May 18, 2018 |
print number 8526a |
May 18, 2018 |
amend and recommit to housing, construction and community development |
May 11, 2018 |
committee discharged and committed to housing, construction and community development |
May 09, 2018 |
referred to local government |
Senate Bill S8526A
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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
Votes
Bill Amendments
2017-S8526 - Details
- Current Committee:
- Senate Rules
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §§420-a & 422, RPT L
- Versions Introduced in Other Legislative Sessions:
-
2019-2020:
S3469
2021-2022: S6326
2017-S8526 - Sponsor Memo
BILL NUMBER: S8526 SPONSOR: LITTLE TITLE OF BILL: An act to amend the real property tax law, in relation to tax exemptions for community land trusts and income-restricted homeownership properties PURPOSE: This bill amends the real property tax law to require that certain real property owned by a Community Land Trust, which operates in accordance with Section 213 of the Housing and Community Development Act of 1992 and is organized as a housing development fund company pursuant to Arti- cle XI of the Private Housing Finance Law and Section 402 of the Not- for-Profit Corporation Law, which must be operated in furtherance of persons and families of low income as defined by Section 2(19) of the Private Housing Finance Law, receive both a full and partial tax exemption on the land and the improvements thereon. This bill also amends real property tax law to require a partial real property tax exemption for certain income-restricted homeownership prop- erty that is subject to the terms of a regulatory agreement with a
2017-S8526 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8526 I N S E N A T E May 9, 2018 ___________ Introduced by Sen. LITTLE -- 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 tax exemptions for community land trusts and income-restricted homeownership proper- ties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 420-a of the real property tax law is amended by adding a new subdivision 15 to read as follows: 15. REAL PROPERTY OWNED BY A HOUSING DEVELOPMENT FUND COMPANY FORMED PURSUANT TO ARTICLE ELEVEN OF THE PRIVATE HOUSING FINANCE LAW AND SECTION FOUR HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION LAW WHICH OPERATES AS A COMMUNITY LAND TRUST AS DEFINED IN SECTION TWO HUNDRED THIRTEEN OF THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF NINETEEN HUNDRED NINETY-TWO, EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR FAMILIES OF LOW INCOME AS DEFINED IN SUBDIVISION TEN OF SECTION TWELVE OF THE PRIVATE HOUSING FINANCE LAW, AND SEPARATELY ASSESSED IMPROVEMENTS OWNED BY THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM TAXATION AND EXEMPT FROM SPECIAL AD VALOREM LEVIES AND SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED IN SECTION FOUR HUNDRED NINETY OF THIS CHAPTER. THE SUPERVISING AGENCY OF THE COMMUNITY LAND TRUST SHALL REQUIRE AN ANNUAL CERTIFICATION FROM THE COMMUNITY LAND TRUST THAT THE REAL PROPERTY LAND IS USED EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR FAMILIES OF LOW INCOME. THE SUPERVISING AGENCY MAY REQUIRE THE COMMUNITY LAND TRUST TO ENTER INTO A REGULATORY AGREEMENT, WHICH SHALL BE CO-TERMINUS WITH ANY GROUND LEASE GRANTED BY THE COMMUNITY LAND TRUST TO ANY QUALIFYING OWNER OF IMPROVEMENTS THERE- ON. NOTWITHSTANDING THE FOREGOING, ANY COMMUNITY LAND TRUST FORMED PURSUANT TO SECTION FOUR HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION LAW AND WHICH IS LOCATED IN A CITY WITH A POPULATION OF LESS THAN ONE MILLION SHALL ALSO BE ELIGIBLE FOR BENEFITS UNDER THIS SUBDIVISION. § 2. Section 422 of the real property tax law is amended by adding a new subdivision 3 to read as follows: 3. EXEMPTION OF INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY, INCOME-RES- TRICTED HOMEOWNERSHIP PROPERTY, INCLUDING BUT NOT LIMITED TO A SINGLE OR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
2017-S8526A (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §§420-a & 422, RPT L
- Versions Introduced in Other Legislative Sessions:
-
2019-2020:
S3469
2021-2022: S6326
2017-S8526A (ACTIVE) - Sponsor Memo
BILL NUMBER: S8526A SPONSOR: LITTLE PURPOSE: This bill amends the real property tax law to require that certain real property owned by a Community Land Trust, which operates in accordance with Section 213 of the Housing and Community Development Act of 1992 and is organized as a housing development fund company pursuant to Arti- cle XI of the Private Housing Finance Law and Section 402 of the Not- for-Profit Corporation Law, which must be operated in furtherance of persons and families of low income as defined by Section 2(19) of the Private Housing Finance Law, receive both a full and partial tax exemption on the land and the improvements thereon. This bill also amends real property tax law to require a partial real property tax exemption for certain income-restricted homeownership prop- erty that is subject to the terms of a regulatory agreement with a supervising agency, which shall be the New York City Department of Hous- ing Preservation and Development for New York City and the Division of Housing and Community Renewal for all other community land trusts outside of New York City, or is located on any community land trust formed pursuant to Section 402 of the Not-for-Profit Corporation Law and
2017-S8526A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8526--A I N S E N A T E May 9, 2018 ___________ Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- committee discharged and said bill committed to the Committee on Hous- ing, Construction and Community Development -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to tax exemptions for community land trusts and income-restricted homeownership proper- ties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 420-a of the real property tax law is amended by adding a new subdivision 15 to read as follows: 15. REAL PROPERTY OWNED BY A HOUSING DEVELOPMENT FUND COMPANY FORMED PURSUANT TO ARTICLE ELEVEN OF THE PRIVATE HOUSING FINANCE LAW AND SECTION FOUR HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION LAW WHICH OPERATES AS A COMMUNITY LAND TRUST AS DEFINED IN SECTION TWO HUNDRED THIRTEEN OF THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF NINETEEN HUNDRED NINETY-TWO, EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR FAMILIES OF LOW INCOME AS DEFINED IN SUBDIVISION TEN OF SECTION TWELVE OF THE PRIVATE HOUSING FINANCE LAW, AND SEPARATELY ASSESSED IMPROVEMENTS OWNED BY THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM TAXATION AND EXEMPT FROM SPECIAL AD VALOREM LEVIES AND SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED IN SECTION FOUR HUNDRED NINETY OF THIS ARTICLE. THE SUPERVISING AGENCY OF THE COMMUNITY LAND TRUST SHALL REQUIRE AN ANNUAL CERTIFICATION FROM THE COMMUNITY LAND TRUST THAT THE REAL PROPERTY LAND IS USED EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR FAMILIES OF LOW INCOME. THE SUPERVISING AGENCY MAY REQUIRE THE COMMUNITY LAND TRUST TO ENTER INTO A REGULATORY AGREEMENT, WHICH SHALL BE CO-TERMINUS WITH ANY GROUND LEASE GRANTED BY THE COMMUNITY LAND TRUST TO ANY QUALIFYING OWNER OF IMPROVEMENTS THERE- ON. NOTWITHSTANDING THE FOREGOING, ANY COMMUNITY LAND TRUST FORMED PURSUANT TO SECTION FOUR HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION LAW AND WHICH IS LOCATED IN A CITY OR MUNICIPALITY WITH A POPULATION OF EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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