Senate Bill S335

2023-2024 Legislative Session

Exempts certain low income housing accommodations from local real property taxation

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Cities 1 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-S335 (ACTIVE) - Details

Current Committee:
Senate Cities 1
Law Section:
Real Property Tax Law
Laws Affected:
Amd §420-c, RPT L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7856
2017-2018: S1420
2019-2020: S5630
2021-2022: S1911

2023-S335 (ACTIVE) - Summary

Exempts certain low income housing accommodations from local real property taxation in a city with a population of one million or more.

2023-S335 (ACTIVE) - Sponsor Memo

2023-S335 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    335
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by Sens. JACKSON, RAMOS, SEPULVEDA -- read twice and ordered
   printed, and when printed to be committed to the Committee on Cities 1
 
 AN ACT to amend the real property tax law,  in  relation  to  exemptions
   from local real property taxation of certain low income housing accom-
   modations in a city with a population of one million or more
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 420-c of  the  real  property  tax
 law,  as  amended by chapter 104 of the laws of 1999, is amended to read
 as follows:
   1. In a city having a population of one million or more, real property
 owned by a corporation, partnership or limited liability company  formed
 for  the  purpose  of  providing  housing accommodations for persons and
 families of low income as defined in section two of the private  housing
 finance  law  and used for such purpose, shall be exempt from local real
 property taxation, provided that such corporation, partnership or limit-
 ed liability company: (a) is organized as a non-profit housing  develop-
 ment  fund  company  pursuant  to  article eleven of the private housing
 finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT ENTITY,
 or is a non-profit housing corporation as defined in article  eleven  of
 the  private  housing finance law which is not incorporated as a housing
 development fund company as defined in article  eleven  of  the  private
 housing finance law AND IS NOT ESTABLISHED OR CONTROLLED BY A FOR-PROFIT
 ENTITY,  or is a wholly-owned subsidiary of such a company or is a part-
 nership or limited liability company the controlling interest  of  which
 is held by such a company or corporation or by a wholly owned subsidiary
 of  such  a  company  or  by a corporation sponsored or formed by such a
 company or corporation; and (b) has received a loan from a municipality,
 the state or the housing trust fund corporation established pursuant  to
 section forty-five-a of the private housing finance law or any successor
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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