Senate Bill S6903

Signed By Governor
2021-2022 Legislative Session

Authorizes tax abatements for certain properties containing dwelling units

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • 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-S6903 (ACTIVE) - Details

See Assembly Version of this Bill:
A7986
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467-c, RPT L

2021-S6903 (ACTIVE) - Summary

Authorizes tax abatements for certain properties in a city with a population of one million or more containing dwelling units in which the head of household or successor in interest has a signed agreement with the landlord to limit increases in maximum rent for the lifetime of the tenancy to an amount established by the rent guidelines board in its annual guidelines for rent adjustments for housing and is otherwise eligible for such tax abatement.

2021-S6903 (ACTIVE) - Sponsor Memo

2021-S6903 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6903
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 20, 2021
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Judiciary
 
 AN ACT to amend the real property tax law, in  relation  to  authorizing
   tax abatements for certain properties containing dwelling units
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph b of subdivision 1 of section 467-c of  the  real
 property  tax  law,  as  amended  by chapter 420 of the laws of 1991, is
 amended and a new subdivision 13 is added to read as follows:
   b. "Dwelling unit" means that part of a dwelling in which an  eligible
 head  of the household resides and which is subject to the provisions of
 either Article II, IV, V, or XI of the private housing  finance  law  OR
 THAT  WAS  FORMERLY  SUBJECT TO THE PROVISIONS OF ARTICLE II OF SUCH LAW
 AND MEETS THE CONDITIONS SET  FORTH  IN  SUBDIVISION  THIRTEEN  OF  THIS
 SECTION; or that part of a dwelling which was or continues to be subject
 to  a  mortgage  insured  or initially insured by the federal government
 pursuant to section two hundred thirteen of the National Housing Act, as
 amended, in which an eligible head of the household resides.
   13. IN A CITY WITH A POPULATION OF ONE MILLION OR MORE, ANY SUCH LOCAL
 LAW, ORDINANCE OR RESOLUTION MAY PROVIDE FOR THE ABATEMENT OF  TAXES  OF
 SUCH CITY IMPOSED ON REAL PROPERTY FORMERLY SUBJECT TO THE PROVISIONS OF
 ARTICLE  II OF THE PRIVATE HOUSING FINANCE LAW CONTAINING DWELLING UNITS
 THAT ARE SUBJECT TO A REGULATORY AGREEMENT WITH  A  FEDERAL,  STATE,  OR
 LOCAL  GOVERNMENTAL  ENTITY  OR  INSTRUMENTALITY IN WHICH THE QUALIFYING
 HEAD OF HOUSEHOLD OR THEIR QUALIFYING SUCCESSOR IN INTEREST: (A)  HAS  A
 SIGNED  AGREEMENT  WITH  THE LANDLORD TO LIMIT INCREASES IN MAXIMUM RENT
 FOR THE LIFETIME OF THE TENANCY TO AN AMOUNT  ESTABLISHED  BY  THE  RENT
 GUIDELINES BOARD IN ITS ANNUAL GUIDELINES FOR RENT ADJUSTMENTS FOR HOUS-
 ING  ACCOMMODATIONS  SUBJECT  TO  THE EMERGENCY TENANT PROTECTION ACT OF
 NINETEEN SEVENTY-FOUR OR THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK
 OR TO ANOTHER AMOUNT PROVIDED FOR IN SUCH REGULATORY AGREEMENT; AND  (B)
 IS OTHERWISE ELIGIBLE FOR SUCH TAX ABATEMENT.
   § 2. This act shall take effect immediately.

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