Assembly Bill A5559

2021-2022 Legislative Session

Exempts certain low income housing accommodations from local real property taxation

download bill text pdf

Sponsored By

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-A5559 (ACTIVE) - Details

See Senate Version of this Bill:
S1911
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §420-c, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10660
2013-2014: A6256
2015-2016: A4314, S7856
2017-2018: A3789, S1420
2019-2020: A2965, S5630
2023-2024: S335

2021-A5559 (ACTIVE) - Summary

Exempts certain low income housing accommodations from local real property taxation in a city with a population of one million or more.

2021-A5559 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5559
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 19, 2021
                                ___________
 
 Introduced  by  M.  of  A.  BICHOTTE HERMELYN, GOTTFRIED, LAVINE, SIMON,
   SEAWRIGHT, COOK, WALKER, RICHARDSON -- read once and referred  to  the
   Committee on Real Property Taxation
 
 AN  ACT  to  amend  the real property tax law, in relation to exemptions
   from local real property taxation of certain low income housing accom-
   modations in a city with a population of one million or more
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  1  of section 420-c of the real property tax
 law, as amended by chapter 104 of the laws of 1999, is amended  to  read
 as follows:
   1. In a city having a population of one million or more, real property
 owned  by a corporation, partnership or limited liability company formed
 for the purpose of providing  housing  accommodations  for  persons  and
 families  of low income as defined in section two of the private housing
 finance law and used for such purpose, shall be exempt from  local  real
 property taxation, provided that such corporation, partnership or limit-
 ed  liability company: (a) is organized as a non-profit housing develop-
 ment fund company pursuant to article  eleven  of  the  private  housing
 finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT ENTITY,
 or  is  a non-profit housing corporation as defined in article eleven of
 the private housing finance law which is not incorporated as  a  housing
 development  fund  company  as  defined in article eleven of the private
 housing finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT
 ENTITY, or is a wholly-owned subsidiary of such a company or is a  part-
 nership  or  limited liability company the controlling interest of which
 is held by such a company or corporation or by a wholly owned subsidiary
 of such a company or by a corporation sponsored  or  formed  by  such  a
 company or corporation; and (b) has received a loan from a municipality,
 the  state or the housing trust fund corporation established pursuant to
 section forty-five-a of the private housing finance law or any successor
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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