NY State Senate Bill 2021-S7390

Senate Bill S7390

2021-2022 Legislative Session

Authorizes taxing jurisdictions to opt not to assess late fees, interest or penalties on real property taxes owed by a small rental business negatively impacted by the COVID-19 pandemic

download bill text pdf

Archive: Last Bill Status - In Senate Committee Local Government 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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to local government
Sep 20, 2021	referred to rules

2021-S7390 (ACTIVE) - Details

See Assembly Version of this Bill:: A8368
Current Committee:: Senate Local Government
Law Section:: Real Property Taxation

2021-S7390 (ACTIVE) - Summary

Authorizes taxing jurisdictions to opt not to assess late fees, interest or penalties on real property taxes owed by a small rental business negatively impacted by the COVID-19 pandemic.

2021-S7390 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S7390

SPONSOR: HINCHEY
 
TITLE OF BILL:

An act to prohibit taxing jurisdictions from assessing late fees, inter-
est or penalties on real property taxes owed by a small rental business
negatively impacted by the COVID-19 pandemic

 
PURPOSE OR GENERAL IDEA OF BILL:

Authorizes taxing jurisdictions to opt not to assess late fees, interest
or penalties on real property taxes owed by a small rental business
negatively impacted by the COVID-19 pandemic.

 
SUMMARY OF PROVISIONS:

Section 1: A taxing jurisdiction may opt not to assess any fees, includ-
ing interest or penalties, for real property taxes owed on property
owned by a small rental business (5 or fewer rental units) during the
period commencing with the declaration of the state disaster emergency

declared pursuant to Executive Order No. 202 of 2020 through August 31,
2022 where such small rental business has been negatively impacted by
the COVID-19 pandemic.

Section 2: Effective Date,

 
JUSTIFICATION:

The Covid-19 pandemic has put an economic strain on tenants and small
landlords alike. Across New York State, many small landlords depend on
their rental properties as a main source of income o r to help with
long-term retirement planning. Throughout the pandemic, we have worked
hard to make sure that tenants financially impacted by COVID-l9 could
remain safely in their homes. While relief in the form of ERAP funds is
now underway, landlords have still had to pay the bills associated with
their rental properties, including utilities and property taxes, or face
late fees, penalties and interest. With many tenants unable to pay their
rent, smaller landlords have fallen behind on these critical bills,
putting them in danger of accruing debt and increased costs.

This legislation allows an opt-in for municipaities across NY to forgo
late fees and penalties on property taxes for small landlords (those
with five rental properties or less). With interest penalty fees averag-
ing 64. across the state, this will provide much needed relief for land-
lords when they find themselves needing more time to pay their property
taxes due to financial hardship caused by the COVID-19 pandemic.

 
PRIOR LEGISLATIVE HISTORY:

New Legislation

 
FISCAL IMPLICATIONS:

None to state.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S7390 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7390
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                            September 20, 2021
                                ___________
 
 Introduced  by  Sen. HINCHEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to prohibit taxing jurisdictions from assessing late fees, inter-
   est or penalties on real property taxes owed by a small  rental  busi-
   ness negatively impacted by the COVID-19 pandemic

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Notwithstanding any provision of law  to  the  contrary,  a
 taxing  jurisdiction  may opt not to assess any fees, including interest
 or penalties, for real property taxes owed on property owned by a  small
 rental business during the period commencing with the declaration of the
 state disaster emergency declared pursuant to Executive Order No. 202 of
 2020  through  August 31, 2022 where such small rental business has been
 negatively impacted by the COVID-19 pandemic.  For the purposes of  this
 act,  "small rental business" shall mean a person or business owning and
 operating five or fewer rental units.
   § 2. This act shall take effect immediately.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13059-04-1

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