Assembly Bill A3277

2021-2022 Legislative Session

Relates to financial statements for assessments of condos, cooperative buildings and cooperative communities

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A3277 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §581, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10369
2013-2014: A894
2015-2016: A549
2017-2018: A2897
2019-2020: A1379
2023-2024: A3830

2021-A3277 (ACTIVE) - Summary

Relates to financial statements for assessments of condos, cooperative buildings and cooperative communities; requires financial statements to be prepared using GAAP; requires auditing for certain buildings by CPAs.

2021-A3277 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3277
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the real property tax  law,  in  relation  to  financial
   statements  for assessments of condominiums, cooperative buildings and
   cooperative communities

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 2 of section 581 of the real property tax law
 is amended by adding a new paragraph (f) to read as follows:
   (F) (I) NOTWITHSTANDING ANY OTHER  PROVISION  OF  LAW,  ALL  FINANCIAL
 STATEMENTS  PREPARED IN THE COURSE OF ASSESSING THE VALUE OF A CONDOMIN-
 IUM BUILDING, COOPERATIVE BUILDING OR  COOPERATIVE  COMMUNITY  SHALL  BE
 PREPARED USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
   (II)  ALL FINANCIAL STATEMENTS PROVIDED ANNUALLY TO SHAREHOLDERS OR TO
 PROSPECTIVE PURCHASERS OF UNITS OR SHARES MUST  BE  PREPARED  USING  THE
 ACCRUAL BASIS OF ACCOUNTING.
   (III) FOR PURPOSES OF THIS SUBDIVISION, "GENERALLY ACCEPTED ACCOUNTING
 PRINCIPLES"  SHALL MEAN THE PRINCIPLES OF EITHER GOVERNMENTAL ACCOUNTING
 STANDARDS (GAS) OR GAAP AS SPECIFIED  BY  AUTHORITATIVE  NATIONAL  STAN-
 DARD-SETTING BODIES.
   (IV)  SHOULD  INTERNATIONAL  FINANCIAL  REPORTING STANDARDS ACCOUNTING
 STANDARDS (IFRS) BE ADOPTED FOR USE IN THE UNITED STATES OF  AMERICA  BY
 THE  U.S. SECURITIES AND EXCHANGE COMMISSION, THESE SAME STANDARDS SHALL
 CONSTITUTE  USING  GENERALLY  ACCEPTED  ACCOUNTING  PRINCIPLES  FOR  THE
 PURPOSE OF THIS SUBDIVISION.
   (V)  FOR  THE  PURPOSE OF THIS SECTION, CONDOMINIUM BUILDINGS, COOPER-
 ATIVE BUILDINGS OR COOPERATIVE COMMUNITIES WITH OVER TEN UNITS MUST HAVE
 THEIR FINANCIAL STATEMENTS ANNUALLY AUDITED BY A FULLY LICENSED NEW YORK
 STATE CERTIFIED PUBLIC ACCOUNTANT.
   (VI) THE ATTORNEY GENERAL'S OFFICE SHALL HAVE THE APPROPRIATE AUTHORI-
 TY TO ENFORCE THE PROVISIONS OF THIS PARAGRAPH.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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