Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 22, 2022 |
recommit, enacting clause stricken |
Jan 05, 2022 |
referred to local government |
Jan 26, 2021 |
referred to local government |
Senate Bill S2875
2021-2022 Legislative Session
Sponsored By
(D) 27th Senate District
Archive: Last Bill Status - Stricken
- 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
2021-S2875 (ACTIVE) - Details
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §489, RPT L
- Versions Introduced in 2019-2020 Legislative Session:
-
S6496
2021-S2875 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2875 SPONSOR: KAVANAGH TITLE OF BILL: An act to amend the real property tax law, in relation to extending certain provisions relating to exemption from taxation of alterations and improvements to multiple dwellings SUMMARY OF PROVISIONS: Section one amends paragraph (a) of subdivision 1 of section 489 of the real property tax law to extend, from January 1, 2021 to January 1, 2022, the deadline for local legislative action providing tax incentives for the rehabilitation and upgrading of multiple dwellings. Section two amends subparagraph 6 of paragraph (a) of subdivision 1 of section 489 of the real property tax law so that to be eligible to receive J-51 benefits, the conversion, alterations, or improvements must be completed prior to June 30, 2022. Section three sets forth the effective date.
2021-S2875 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2875 2021-2022 Regular Sessions I N S E N A T E January 26, 2021 ___________ Introduced by Sen. KAVANAGH -- 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 extending certain provisions relating to exemption from taxation of alterations and improvements to multiple dwellings THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of paragraph (a) of subdivision 1 of section 489 of the real property tax law, as amended by section 1 of item RRR of subpart B of part XXX of chapter 58 of the laws of 2020, is amended to read as follows: Any city to which the multiple dwelling law is applicable, acting through its local legislative body or other governing agency, is hereby authorized and empowered, to and including January first, two thousand [twenty-one] TWENTY-TWO, to adopt and amend local laws or ordinances providing that any increase in assessed valuation of real property shall be exempt from taxation for local purposes, as provided herein, to the extent such increase results from: § 2. The closing paragraph of subparagraph 6 of paragraph (a) of subdivision 1 of section 489 of the real property tax law, as amended by section 2 of item RRR of subpart B of part XXX of chapter 58 of the laws of 2020, is amended to read as follows: Such conversion, alterations or improvements shall be completed within thirty months after the date on which same shall be started except that such thirty month limitation shall not apply to conversions of residen- tial units which are registered with the loft board in accordance with article seven-C of the multiple dwelling law pursuant to subparagraph one of this paragraph. Notwithstanding the foregoing, a sixty month period for completion shall be available for alterations or improvements undertaken by a housing development fund company organized pursuant to article eleven of the private housing finance law, which are carried out EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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