Senate Bill S1482

2023-2024 Legislative Session

Relates to establishing an interest suspension and installment plan for rental properties during a declared emergency

download bill text pdf

Sponsored By

Current 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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2023-S1482 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Add §925-f, RPT L; add §11-240.3, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2019-2020: S8718
2021-2022: S3731

2023-S1482 (ACTIVE) - Summary

Relates to establishing an interest suspension and installment plan for rental properties during a declared emergency.

2023-S1482 (ACTIVE) - Sponsor Memo

2023-S1482 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1482
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 12, 2023
                                ___________
 
 Introduced  by  Sen.  ORTT  --  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 and the administrative code of
   the city of New York, in relation to establishing an interest  suspen-
   sion  and  installment  plan  for  rental properties during a declared
   emergency
 
   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 925-f to read as follows:
   § 925-F. INTEREST SUSPENSION AND INSTALLMENT PLAN FOR  RENTAL  PROPER-
 TIES  DURING  A  DECLARED EMERGENCY. 1. NOTWITHSTANDING ANY PROVISION OF
 LAW TO THE CONTRARY, A MUNICIPAL CORPORATION SHALL PROVIDE  TO  PROPERTY
 OWNERS  THE  ABILITY  TO  PAY  THEIR  PROPERTY TAXES WITHOUT INTEREST OR
 PENALTY IN TWELVE MONTHLY INSTALLMENTS FROM THE  TAX  LIEN  DAY  OF  THE
 COVERED  PERIOD  IF  THEY HAVE BEEN FINANCIALLY HARMED DUE TO A DECLARED
 EMERGENCY.
   2. IF  A  MUNICIPAL  CORPORATION  HAS  RECEIVED  UNRESTRICTED  FEDERAL
 ASSISTANCE  IN  RESPONSE  TO  REVENUE  SHORTFALLS CAUSED BY THE ECONOMIC
 IMPACTS OF THE COVID-19 PANDEMIC AFTER JULY FIRST, TWO THOUSAND  TWENTY,
 THAT  MUNICIPAL CORPORATION SHALL PROVIDE TO PROPERTY OWNERS THE ABILITY
 TO HAVE THEIR PROPERTY TAX OBLIGATION BE CALCULATED BY  MULTIPLYING  THE
 TAX  LIEN  BY A PERCENTAGE EQUAL TO THE AMOUNT OF RENT ACTUALLY RECEIVED
 DURING THE PREVIOUS TWELVE MONTHS FROM OCCUPIED  RENTAL  UNITS  IN  SUCH
 PROPERTY  RELATIVE  TO  THE TOTAL RENT THAT SHOULD HAVE BEEN RECEIVED IN
 RENT DURING THAT TIME FROM OCCUPIED RENTAL UNITS IN SUCH PROPERTY.
   3. A MUNICIPAL CORPORATION SHALL PROVIDE A TEMPORARY STATUS  WITH  THE
 FULL  PROVISIONS  OF  THIS  SECTION  TO A PROPERTY OWNER WHO APPLIES FOR
 RELIEF UNTIL IT CAN BE DETERMINED  THAT  THEY  ARE  ELIGIBLE  UNDER  THE
 PARAMETERS  PROVIDED UNDER THIS SECTION. IF A PROPERTY OWNER IS FOUND TO
 NOT BE ELIGIBLE, FULL PAYMENT OF THE TAX OBLIGATION  SHALL  BE  PROVIDED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04988-01-3
              

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