Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 19, 2024 |
print number 9680a |
Apr 19, 2024 |
amend and recommit to real property taxation |
Apr 03, 2024 |
referred to real property taxation |
Assembly Bill A9680A
2023-2024 Legislative Session
Sponsored By
KELLES
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
Actions
Bill Amendments
2023-A9680 - Details
2023-A9680 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9680 I N A S S E M B L Y April 3, 2024 ___________ Introduced by M. of A. KELLES -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to establishing an optional local tax exemption for affordable multi-family housing THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property tax law is amended by adding a new section 421-p to read as follows: § 421-P. EXEMPTION OF NEWLY-CONSTRUCTED RENTAL MULTIPLE DWELLINGS. 1. (A) A CITY, TOWN OR VILLAGE MAY, BY LOCAL LAW, PROVIDE FOR THE EXEMPTION OF RENTAL MULTIPLE DWELLINGS CONSTRUCTED IN A BENEFIT AREA DESIGNATED IN SUCH LOCAL LAW FROM TAXATION AND SPECIAL AD VALOREM LEVIES, AS PROVIDED IN THIS SECTION. SUBSEQUENT TO THE ADOPTION OF SUCH A LOCAL LAW, ANY OTHER MUNICIPAL CORPORATION IN WHICH THE DESIGNATED BENEFIT AREA IS LOCATED MAY LIKEWISE EXEMPT SUCH PROPERTY FROM ITS TAXATION AND SPECIAL AD VALOREM LEVIES BY LOCAL LAW, OR IN THE CASE OF A SCHOOL DISTRICT, BY RESOLUTION. (B) AS USED IN THIS SECTION, THE TERM "BENEFIT AREA" MEANS THE AREA WITHIN A CITY, TOWN OR VILLAGE, DESIGNATED BY LOCAL LAW, TO WHICH AN EXEMPTION, ESTABLISHED PURSUANT TO THIS SECTION, APPLIES. (C) THE TERM "RENTAL MULTIPLE DWELLING" MEANS A STRUCTURE, OTHER THAN A HOTEL, CONSISTING OF TWENTY OR MORE DWELLING UNITS, WHERE ALL OF THE UNITS ARE RENTED FOR RESIDENTIAL PURPOSES, AND SUCH UNITS, UPON INITIAL RENTAL AND UPON EACH SUBSEQUENT RENTAL FOLLOWING A VACANCY DURING THE BENEFIT PERIOD, ARE AFFORDABLE TO AND RESTRICTED TO OCCUPANCY BY INDI- VIDUALS OR FAMILIES WHOSE HOUSEHOLD INCOME DOES NOT EXCEED A CERTAIN PERCENTAGE, AS DETERMINED BASED ON RECOMMENDATIONS DEVELOPED BY THE DIVISION OF HOUSING AND COMMUNITY RENEWAL FOR EACH ECONOMIC DEVELOPMENT REGION, OF THE AREA MEDIAN INCOME, ADJUSTED FOR FAMILY SIZE, ON AVERAGE, AT THE TIME THAT SUCH HOUSEHOLDS INITIALLY OCCUPY SUCH DWELLING UNITS. SUCH RESTRICTION PERIOD SHALL BE IN EFFECT COTERMINOUS WITH THE BENEFIT PERIOD, PROVIDED, HOWEVER, THAT THE TENANT OR TENANTS IN AN INCOME RESTRICTED DWELLING UNIT AT THE TIME SUCH RESTRICTION PERIOD ENDS SHALL HAVE THE RIGHT TO LEASE RENEWALS AT THE INCOME RESTRICTED LEVEL UNTIL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2023-A9680A (ACTIVE) - Details
2023-A9680A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9680--A I N A S S E M B L Y April 3, 2024 ___________ Introduced by M. of A. KELLES -- read once and referred to the Committee on Real Property Taxation -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to establishing an optional local tax exemption for affordable multi-family housing THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property tax law is amended by adding a new section 421-p to read as follows: § 421-P. EXEMPTION OF NEWLY-CONSTRUCTED OR CONVERTED RENTAL MULTIPLE DWELLINGS. 1. (A) A CITY, TOWN OR VILLAGE MAY, BY LOCAL LAW, PROVIDE FOR THE EXEMPTION OF RENTAL MULTIPLE DWELLINGS CONSTRUCTED OR CONVERTED IN A BENEFIT AREA DESIGNATED IN SUCH LOCAL LAW FROM TAXATION AND SPECIAL AD VALOREM LEVIES, AS PROVIDED IN THIS SECTION. SUBSEQUENT TO THE ADOPTION OF SUCH A LOCAL LAW, ANY OTHER MUNICIPAL CORPORATION IN WHICH THE DESIGNATED BENEFIT AREA IS LOCATED MAY LIKEWISE EXEMPT SUCH PROPERTY FROM ITS TAXATION AND SPECIAL AD VALOREM LEVIES BY LOCAL LAW, OR IN THE CASE OF A SCHOOL DISTRICT, BY RESOLUTION. (B) AS USED IN THIS SECTION, THE TERM "BENEFIT AREA" MEANS THE AREA WITHIN A CITY, TOWN OR VILLAGE, DESIGNATED BY LOCAL LAW, TO WHICH AN EXEMPTION, ESTABLISHED PURSUANT TO THIS SECTION, APPLIES. (C) THE TERM "RENTAL MULTIPLE DWELLING" MEANS A STRUCTURE, OTHER THAN A HOTEL, CONSISTING OF TWENTY OR MORE DWELLING UNITS, WHERE ALL OF THE UNITS ARE RENTED FOR RESIDENTIAL PURPOSES, AND SUCH UNITS, UPON INITIAL RENTAL AND UPON EACH SUBSEQUENT RENTAL FOLLOWING A VACANCY DURING THE BENEFIT PERIOD, ARE AFFORDABLE TO AND RESTRICTED TO OCCUPANCY BY INDI- VIDUALS OR FAMILIES WHOSE HOUSEHOLD INCOME DOES NOT EXCEED A CERTAIN PERCENTAGE, AS DETERMINED BASED ON RECOMMENDATIONS DEVELOPED BY THE DIVISION OF HOUSING AND COMMUNITY RENEWAL FOR EACH ECONOMIC DEVELOPMENT REGION, OF THE AREA MEDIAN INCOME, ADJUSTED FOR FAMILY SIZE, ON AVERAGE, AT THE TIME THAT SUCH HOUSEHOLDS INITIALLY OCCUPY SUCH DWELLING UNITS. SUCH RESTRICTION PERIOD SHALL BE IN EFFECT COTERMINOUS WITH THE BENEFIT PERIOD, PROVIDED, HOWEVER, THAT THE TENANT OR TENANTS IN AN INCOME RESTRICTED DWELLING UNIT AT THE TIME SUCH RESTRICTION PERIOD ENDS SHALL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.