NY State Senate Bill 2023-S9919A

Current Bill Status - In Senate Committee Rules 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Oct 16, 2024	print number 9919a
Oct 16, 2024	amend and recommit to rules
Sep 23, 2024	referred to rules

Bill Amendments

Original

A (Active)

2023-S9919 - Details

See Assembly Version of this Bill:: A10694
Current Committee:: Senate Rules
Law Section:: Real Property Tax Law
Laws Affected:: Amd §467-m, RPT L

2023-S9919 - Summary

Enacts the New York city arts space act which provides tax benefits for eligible arts spaces.

2023-S9919 - Sponsor Memo

                                 
BILL NUMBER: S9919

SPONSOR: SALAZAR
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to enacting the
"New York city arts space act"

 
PURPOSE OR GENERAL IDEA OF BILL:

To provide tax incentives for the development of affordable arts space
in New York City in buildings being converted from commercial to resi-
dential space under the affordable housing from commercial conversions
tax incentive benefits program (the "AHCC Program").

 
SUMMARY OF PROVISIONS:

Section 1 states that the title of the act is the "New York city arts
space act".

Section 2 amends Section 467-m of the real property tax law, which
establishes am Affordable Housing from Commercial Conversions (AHC C)

program providing a real property tax incentive for such conversions, by
adding a new subdivision 4-a, which defines "affordable arts space" as
space rented or leased by an arts organization for use as studio,
rehearsal, performance space, or arts or cultural programming open to
the general public in a building participating in the AHCC Program at no
more than twenty dollars per square foot per year adjusted at no more
than three percent annually.

Eligible arts organizations are defined as nonprofit organizations
either incorporated in or registered to do business in New York State,
with a location in New York State and recognized as tax-exempt under the
IRC section as a 501(c)3. Arts organizations may sublease with organiza-
tions that don't have non-profit status but do business and are located
in New York State.

Property owners that meet the requirements for affordable arts space
will receive an enhanced property tax exemption above the AHCC Program
benefits on a sliding scale based on how much the rent is discounted. A
deeper tax exemption shall be provided for property owners that also
provide a tenant improvement allowance in addition to the discounted
rent.

The arts space shall meet the requirements for "affordable arts space"
for the period of the AHCC benefit.

Section 3 makes a technical amendment to section 5 of the real property
tax law.

Section 4 sets the effective date.

 
JUSTIFICATION:

New York City has long been recognized both nationally and interna-
tionally as a center for arts and culture. From renowned institutions
like Lincoln Center and the Metropolitan Museum to small local theatres
and art galleries, the diversity and vibrancy of its artistic life is
unparalleled.
New York's public and private investment in the arts is also the most
robust in the nation. New York's arts and culture sector is a key part
of the City's economy accounting for thousands of jobs and billions in
economic activity. For this sector to continue to thrive and New York to
maintain its premier position in the arts and culture world, the issue
of affordability must be addressed.

The City's 2019 Cultural Action Plan cites the need to support afforda-
ble living, working, and presentation spaces for artists and the arts as
a top priority. Consistent with this, the City's 2019 "Small Theater
Study" found that the cost of real estate poses a major challenge for
small theaters. This legislation seeks to help address the issue of
affordability by leveraging the opportunity afforded by the conversion
of commercial buildings to primarily residential use. The State's Fiscal
Year 2024-25 budget included provision s for an "Affordable Housing
Commercial Conversion" program for New York City that would provide
property tax benefits to building owners/developers in exchange for
affordable housing. This bill builds on this policy initiative by
providing an option for property owners to obtain deeper tax benefits in
exchange for providing affordable arts space. Such space would fall
under the allowance the existing legislation has for nonresidential
space.

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS:

TBD

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S9919 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9919
 
                             I N  S E N A T E
 
                            September 23, 2024
                                ___________
 
 Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the real property tax law, in relation to  enacting  the
   "New York city arts space act"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Short title. This act shall be known and may  be  cited  as
 the "New York city arts space act".
   § 2. Section 467-m of the real property tax law is amended by adding a
 new subdivision 4-a to read as follows:
   4-A.  AFFORDABLE  ARTS  SPACE  BENEFITS  AND  REQUIREMENTS. A. FOR THE
 PURPOSES OF THIS SUBDIVISION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING MEANINGS:
   (I) "AFFORDABLE ARTS SPACE" SHALL MEAN A SPACE RENTED OR LEASED BY  AN
 ELIGIBLE  ARTS  ORGANIZATION  FOR  USE AS STUDIO, REHEARSAL, PERFORMANCE
 SPACE, OR ARTS OR CULTURAL PROGRAMMING OPEN TO THE GENERAL PUBLIC IN  AN
 ELIGIBLE MULTIPLE DWELLING; AND
   (II)  "ELIGIBLE ARTS ORGANIZATION" SHALL MEAN A NONPROFIT ORGANIZATION
 EITHER INCORPORATED IN OR REGISTERED TO DO BUSINESS IN THE STATE OF  NEW
 YORK  OR AN ORGANIZATION LOCATED IN THE STATE OF NEW YORK AND RECOGNIZED
 AS TAX-EXEMPT UNDER SECTION 501 (C) (3) OF THE  UNITED  STATES  INTERNAL
 REVENUE CODE.
   B. AN AFFORDABLE ARTS SPACE SHALL MEET THE FOLLOWING REQUIREMENTS:
   (I) HAVE A MAXIMUM TWO PERCENT OF THE AGGREGATE FLOOR AREA IN ELIGIBLE
 MULTIPLE  DWELLINGS  AND UP TO FIFTY PERCENT OF SUCH SPACE MAY BE CELLAR
 SPACE AS DEFINED BY A CITY OF NEW YORK ZONING RESOLUTION;
   (II) WHEN AN ELIGIBLE ARTS ORGANIZATION SUBLEASES AN  AFFORDABLE  ARTS
 SPACE  TO AN ORGANIZATION THAT IS NOT AN ELIGIBLE ARTS ORGANIZATION SUCH
 RENTS SHALL COMPLY WITH REQUIREMENTS OF THIS SUBDIVISION. SUCH  NON-ELI-
 GIBLE  ORGANIZATIONS SHALL BE EITHER INCORPORATED IN OR REGISTERED TO DO
 BUSINESS AND SUCH NON-ELIGIBLE ORGANIZATIONS SHALL  BE  LOCATED  IN  THE
 STATE OF NEW YORK;
   (III)  BE  RENTED  AT A RATE OF NO MORE THAN TWENTY DOLLARS PER SQUARE
 FOOT PER YEAR AND THE BASE RENT SHALL BE  ADJUSTED  AT  A  RATE  NOT  TO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD15998-02-4
 S. 9919                             2
 
 EXCEED THREE PERCENT PER YEAR FOR THE TERM OF THE ARTS SPACE RESTRICTION
 PERIOD;
   (IV)  THE OWNER OF AN ELIGIBLE BUILDING PRIOR TO ENTERING INTO A LEASE
 OR RENTAL AGREEMENT WITH AN ELIGIBLE ARTS ORGANIZATION SHALL ENSURE THAT
 SUCH AFFORDABLE ARTS SPACE MEETS THE CONDITIONS NECESSARY TO  RECEIVE  A
 TEMPORARY CERTIFICATE OF OCCUPANCY AS DEFINED IN THE ADMINISTRATIVE CODE
 OF THE CITY OF NEW YORK;
   (V)  IF  THE TERM OF THE LEASE OR RENTAL AGREEMENT ENTERED INTO BY THE
 PROPERTY OWNER AND AN ELIGIBLE ARTS ORGANIZATION IS LESS THAN THE  BENE-
 FIT  PERIOD, THE BASE RENT FOR THE SUBSEQUENT TENANT SHALL BE EQUIVALENT
 TO THE BASE RENT OF THE INITIAL TENANT AS  ADJUSTED  ANNUALLY  FROM  THE
 START  DATE OF THE INITIAL LEASE AT A RATE OF NO MORE THAN THREE PERCENT
 PER YEAR; AND
   (VI) ANY LEASE OR RENTAL AGREEMENT ENTERED INTO BY THE PROPERTY  OWNER
 OF AN ELIGIBLE BUILDING AND AN ELIGIBLE ARTS ORGANIZATION IN ADDITION TO
 BEING  SUBJECT  TO THE REQUIREMENTS OF THIS SUBDIVISION SHALL BE SUBJECT
 TO ANY OTHER LAWS, RULES, AND REGULATIONS OF THE CITY OF NEW YORK.
   C. AN AFFORDABLE ARTS SPACE SHALL BE ENTITLED TO THE  FOLLOWING  BENE-
 FITS:
   (I)  FOR  ELIGIBLE  BUILDINGS WITH RENTAL AGREEMENTS ENTERED INTO WITH
 ELIGIBLE ARTS ORGANIZATIONS, FOR EVERY ONE DOLLAR PER  SQUARE  FOOT  PER
 YEAR  OF  RENT  LESS  THAN THE TWENTY DOLLAR PER SQUARE FOOT MAXIMUM PER
 YEAR, THE THIRTY-FIVE YEAR BENEFIT AS DEFINED IN THIS SECTION  SHALL  BE
 INCREASED  BY  ONE PERCENT FOR THE FIRST THIRTY YEARS OF THE RESTRICTION
 PERIOD AND  ONE  AND  ONE-HALF  PERCENT  FOR  SUBSEQUENT  YEARS  OF  THE
 RESTRICTION PERIOD;
   (II) FOR ELIGIBLE BUILDINGS WITH RENTAL AGREEMENTS FOR AFFORDABLE ARTS
 SPACE,  FOR  EVERY ONE DOLLAR PER SQUARE FOOT PER YEAR OF RENT LESS THAN
 THE TWENTY DOLLAR PER SQUARE FOOT MAXIMUM PER YEAR, THE TWENTY-FIVE YEAR
 BENEFIT AS DEFINED IN THIS SECTION SHALL BE INCREASED BY ONE PERCENT FOR
 THE FIRST TWENTY YEARS OF THE RESTRICTION PERIOD  AND  ONE  AND  A  HALF
 PERCENT FOR SUBSEQUENT YEARS OF THE RESTRICTION PERIOD;
   (III)  FOR  ELIGIBLE  BUILDINGS  WITH RENTAL AGREEMENTS FOR AFFORDABLE
 ARTS SPACE, FOR EVERY ONE DOLLAR PER SQUARE FOOT PER YEAR OF  RENT  LESS
 THAN THE TWENTY DOLLAR PER SQUARE FOOT MAXIMUM PER YEAR, THE THIRTY-FIVE
 YEAR  BENEFIT, THE THIRTY-YEAR BENEFIT, AND THE TWENTY-FIVE YEAR BENEFIT
 SHALL BE EXTENDED BY SIX MONTHS AT THE PREVIOUS YEAR'S EXEMPTION  AMOUNT
 UP TO FIVE ADDITIONAL YEARS; AND
   (IV) FOR ELIGIBLE BUILDINGS WITH RENTAL AGREEMENTS FOR AFFORDABLE ARTS
 SPACE  RENTED  BELOW  TEN DOLLARS PER SQUARE FOOT PER YEAR, THE BUILDING
 SHALL QUALIFY FOR AN EXEMPTION FROM REAL PROPERTY TAXES OF  ONE  HUNDRED
 PERCENT IN YEARS ONE THROUGH FIVE OF THE RESTRICTION PERIOD IF THE OWNER
 OF  THE  ELIGIBLE  BUILDING  PROVIDES  A TENANT IMPROVEMENT ALLOWANCE OF
 FIFTY DOLLARS PER SQUARE FOOT AND AN EXEMPTION FROM REAL PROPERTY  TAXES
 OF  ONE  HUNDRED  PERCENT  IN  YEARS ONE THROUGH TEN IF THE OWNER OF THE
 ELIGIBLE BUILDING PROVIDES A TENANT IMPROVEMENT ALLOWANCE OF ONE HUNDRED
 DOLLARS PER SQUARE FOOT.
   D. A RENTAL AGREEMENT FOR AFFORDABLE ARTS SPACE SHALL BE ENTERED  INTO
 WITHIN  ONE  YEAR  OF AN ELIGIBLE BUILDING RECEIVING A TEMPORARY CERTIF-
 ICATE OF OCCUPANCY FOR THE RESIDENTIAL SPACE OF THE  BUILDING.  BENEFITS
 UNDER  THIS  SUBDIVISION  SHALL  BE  RETROACTIVE  TO THE COMPLETION DATE
 PROVIDED ALL OTHER REQUIREMENTS OF THIS SUBDIVISION ARE MET.
   E. AN ELIGIBLE MULTIPLE DWELLING SHALL COMPLY  WITH  THE  REQUIREMENTS
 FOR  AFFORDABLE ARTS SPACE AS DEFINED BY THIS SECTION FOR THE ARTS SPACE
 RESTRICTION PERIOD.
 S. 9919                             3
 
   F. THE ARTS SPACE RESTRICTION PERIOD SHALL BE THE LENGTH OF THE  BENE-
 FIT  AS DEFINED IN THIS SECTION, NOTWITHSTANDING ANY EARLIER TERMINATION
 OR REVOCATION OF AHCC PROGRAM BENEFITS.
   §  3.  Subdivision 5 of section 467-m of the real property tax law, as
 added by section 2 of part R of chapter 56  of  the  laws  of  2024,  is
 amended to read as follows:
   5.  Application  of  benefit. Based on the certification of the agency
 certifying eligibility for AHCC  program  benefits,  the  department  of
 finance shall determine the amount of the exemption pursuant to subdivi-
 sions  two  [and],  four  AND FOUR-A of this section and shall apply the
 exemption to the assessed value of the eligible multiple dwelling.
   § 4. This act shall take effect immediately.

2023-S9919A (ACTIVE) - Details

See Assembly Version of this Bill:: A10694
Current Committee:: Senate Rules
Law Section:: Real Property Tax Law
Laws Affected:: Amd §467-m, RPT L

2023-S9919A (ACTIVE) - Summary

Enacts the New York city arts space act which provides tax benefits for eligible arts spaces.

2023-S9919A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9919A

SPONSOR: SALAZAR
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to enacting the
"New York city arts space act"

 
PURPOSE OR GENERAL IDEA OF BILL:

To provide tax incentives for the development of affordable arts space
in New York City in buildings being converted from commercial to resi-
dential space under the affordable housing from commercial conversions
tax incentive benefits program (the "AHCC Program").

 
SUMMARY OF PROVISIONS:

Section 1 states that the title of the act is the "New York city arts
space act".

Section 2 amends Section 467-m of the real property tax law, which
establishes am Affordable Housing from Commercial Conversions (AHC C)

program providing a real property tax incentive for such conversions, by
adding a new subdivision 4-a, which defines "affordable arts space" as
space rented or leased by an arts organization for use as studio,
rehearsal, performance space, or arts or cultural programming open to
the general public in a building participating in the AHCC Program at no
more than twenty dollars per square foot per year adjusted at no more
than three percent annually.

Eligible arts organizations are defined as nonprofit organizations
either incorporated in or registered to do business in New York State,
with a location in New York State and recognized as tax-exempt under the
IRC section as a 501(c)3. Arts organizations may sublease with organiza-
tions that don't have non-profit status but do business and are located
in New York State.

Property owners that meet the requirements for affordable arts space
will receive an enhanced property tax exemption above the AHCC Program
benefits on a sliding scale based on how much the rent is discounted. A
deeper tax exemption shall be provided for property owners that also
provide a tenant improvement allowance in addition to the discounted
rent.

The arts space shall meet the requirements for "affordable arts space"
for the period of the AHCC benefit.

Section 3 makes a technical amendment to section 5 of the real property
tax law.

Section 4 sets the effective date.

 
JUSTIFICATION:

New York City has long been recognized both nationally and interna-
tionally as a center for arts and culture. From renowned institutions
like Lincoln Center and the Metropolitan Museum to small local theatres
and art galleries, the diversity and vibrancy of its artistic life is
unparalleled.
New York's public and private investment in the arts is also the most
robust in the nation. New York's arts and culture sector is a key part
of the City's economy accounting for thousands of jobs and billions in
economic activity. For this sector to continue to thrive and New York to
maintain its premier position in the arts and culture world, the issue
of affordability must be addressed.

The City's 2019 Cultural Action Plan cites the need to support afforda-
ble living, working, and presentation spaces for artists and th e arts
as a top priority. Consistent with this, the City's 2019 "Small Theater
Study" found that the cost of real estate poses a major challenge for
small theaters. This legislation seeks to help address the issue of
affordability by leveraging the opportunity affor ded by the conversion
of commercial buildings to primarily residential use.  The State's
Fiscal Year 2024-25 budget included provisions for an "Affordable Hous-
ing Commercial Conversion" program for New York City that would provide
property tax benefits to building owners/de velopers in exchange for
affordable housing. This bill builds on this policy initiative by
providing an option for property owners to obtain deeper tax benefits in
exchange for providing affordable arts space. Such space would fall
under the allowance the existing legislation has for nonresidential
space.

 
AMENDED BILL:

The "A" print of this bill clarifies the definition of "affordable arts
space."

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCALPLICATIONS:

TBD

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S9919A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9919--A
 
                             I N  S E N A T E
 
                            September 23, 2024
                                ___________
 
 Introduced  by  Sen. SALAZAR -- read twice and ordered printed, and when
   printed to be  committed  to  the  Committee  on  Rules  --  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 enacting the
   "New York city arts space act"

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "New York city arts space act".
   § 2. Section 467-m of the real property tax law is amended by adding a
 new subdivision 4-a to read as follows:
   4-A. AFFORDABLE ARTS SPACE  BENEFITS  AND  REQUIREMENTS.  A.  FOR  THE
 PURPOSES OF THIS SUBDIVISION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOW-
 ING MEANINGS:
   (I)  "AFFORDABLE ARTS SPACE" SHALL MEAN A SPACE RENTED OR LEASED BY AN
 ELIGIBLE ARTS ORGANIZATION FOR USE  AS  STUDIO,  REHEARSAL,  PERFORMANCE
 SPACE,  OR ARTS OR CULTURAL PROGRAMMING OPEN TO THE GENERAL PUBLIC IN AN
 ELIGIBLE MULTIPLE DWELLING; AND
   (II) "ELIGIBLE ARTS ORGANIZATION" SHALL MEAN A NONPROFIT  ORGANIZATION
 EITHER  INCORPORATED IN OR REGISTERED TO DO BUSINESS IN THE STATE OF NEW
 YORK OR AN ORGANIZATION LOCATED IN THE STATE OF NEW YORK AND  RECOGNIZED
 AS  TAX-EXEMPT  UNDER  SECTION 501 (C) (3) OF THE UNITED STATES INTERNAL
 REVENUE CODE.
   B. AN AFFORDABLE ARTS SPACE SHALL MEET THE FOLLOWING REQUIREMENTS:
   (I) HAVE A MINIMUM TWO PERCENT OF THE AGGREGATE FLOOR AREA IN ELIGIBLE
 MULTIPLE DWELLINGS AND UP TO FIFTY PERCENT OF SUCH SPACE MAY  BE  CELLAR
 SPACE AS DEFINED BY A CITY OF NEW YORK ZONING RESOLUTION;
   (II)  WHEN  AN ELIGIBLE ARTS ORGANIZATION SUBLEASES AN AFFORDABLE ARTS
 SPACE TO AN ORGANIZATION THAT IS NOT AN ELIGIBLE ARTS ORGANIZATION  SUCH
 RENTS  SHALL COMPLY WITH REQUIREMENTS OF THIS SUBDIVISION. SUCH NON-ELI-
 GIBLE ORGANIZATIONS SHALL BE EITHER INCORPORATED IN OR REGISTERED TO  DO
 BUSINESS  AND  SUCH  NON-ELIGIBLE  ORGANIZATIONS SHALL BE LOCATED IN THE
 STATE OF NEW YORK;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD15998-04-4
 S. 9919--A                          2
 
   (III) BE RENTED AT A RATE OF NO MORE THAN TWENTY  DOLLARS  PER  SQUARE
 FOOT  PER  YEAR  AND  THE  BASE  RENT SHALL BE ADJUSTED AT A RATE NOT TO
 EXCEED THREE PERCENT PER YEAR FOR THE TERM OF THE ARTS SPACE RESTRICTION
 PERIOD;
   (IV)  THE OWNER OF AN ELIGIBLE BUILDING PRIOR TO ENTERING INTO A LEASE
 OR RENTAL AGREEMENT WITH AN ELIGIBLE ARTS ORGANIZATION SHALL ENSURE THAT
 SUCH AFFORDABLE ARTS SPACE MEETS THE CONDITIONS NECESSARY TO  RECEIVE  A
 TEMPORARY CERTIFICATE OF OCCUPANCY AS DEFINED IN THE ADMINISTRATIVE CODE
 OF THE CITY OF NEW YORK;
   (V)  IF  THE TERM OF THE LEASE OR RENTAL AGREEMENT ENTERED INTO BY THE
 PROPERTY OWNER AND AN ELIGIBLE ARTS ORGANIZATION IS LESS THAN THE  BENE-
 FIT  PERIOD, THE BASE RENT FOR THE SUBSEQUENT TENANT SHALL BE EQUIVALENT
 TO THE BASE RENT OF THE INITIAL TENANT AS  ADJUSTED  ANNUALLY  FROM  THE
 START  DATE OF THE INITIAL LEASE AT A RATE OF NO MORE THAN THREE PERCENT
 PER YEAR; AND
   (VI) ANY LEASE OR RENTAL AGREEMENT ENTERED INTO BY THE PROPERTY  OWNER
 OF AN ELIGIBLE BUILDING AND AN ELIGIBLE ARTS ORGANIZATION IN ADDITION TO
 BEING  SUBJECT  TO THE REQUIREMENTS OF THIS SUBDIVISION SHALL BE SUBJECT
 TO ANY OTHER LAWS, RULES, AND REGULATIONS OF THE CITY OF NEW YORK.
   C. AN AFFORDABLE ARTS SPACE SHALL BE ENTITLED TO THE  FOLLOWING  BENE-
 FITS:
   (I)  FOR  ELIGIBLE  BUILDINGS WITH RENTAL AGREEMENTS ENTERED INTO WITH
 ELIGIBLE ARTS ORGANIZATIONS, FOR EVERY ONE DOLLAR PER  SQUARE  FOOT  PER
 YEAR  OF  RENT  LESS  THAN THE TWENTY DOLLAR PER SQUARE FOOT MAXIMUM PER
 YEAR, THE THIRTY-FIVE YEAR BENEFIT AS DEFINED IN THIS SECTION  SHALL  BE
 INCREASED  BY  ONE PERCENT FOR THE FIRST THIRTY YEARS OF THE RESTRICTION
 PERIOD AND  ONE  AND  ONE-HALF  PERCENT  FOR  SUBSEQUENT  YEARS  OF  THE
 RESTRICTION PERIOD;
   (II) FOR ELIGIBLE BUILDINGS WITH RENTAL AGREEMENTS FOR AFFORDABLE ARTS
 SPACE,  FOR  EVERY ONE DOLLAR PER SQUARE FOOT PER YEAR OF RENT LESS THAN
 THE TWENTY DOLLAR PER SQUARE FOOT MAXIMUM PER YEAR, THE TWENTY-FIVE YEAR
 BENEFIT AS DEFINED IN THIS SECTION SHALL BE INCREASED BY ONE PERCENT FOR
 THE FIRST TWENTY YEARS OF THE RESTRICTION PERIOD  AND  ONE  AND  A  HALF
 PERCENT FOR SUBSEQUENT YEARS OF THE RESTRICTION PERIOD;
   (III)  FOR  ELIGIBLE  BUILDINGS  WITH RENTAL AGREEMENTS FOR AFFORDABLE
 ARTS SPACE, FOR EVERY ONE DOLLAR PER SQUARE FOOT PER YEAR OF  RENT  LESS
 THAN THE TWENTY DOLLAR PER SQUARE FOOT MAXIMUM PER YEAR, THE THIRTY-FIVE
 YEAR  BENEFIT, THE THIRTY-YEAR BENEFIT, AND THE TWENTY-FIVE YEAR BENEFIT
 SHALL BE EXTENDED BY SIX MONTHS AT THE PREVIOUS YEAR'S EXEMPTION  AMOUNT
 UP TO FIVE ADDITIONAL YEARS; AND
   (IV) FOR ELIGIBLE BUILDINGS WITH RENTAL AGREEMENTS FOR AFFORDABLE ARTS
 SPACE  RENTED  BELOW  TEN DOLLARS PER SQUARE FOOT PER YEAR, THE BUILDING
 SHALL QUALIFY FOR AN EXEMPTION FROM REAL PROPERTY TAXES OF  ONE  HUNDRED
 PERCENT IN YEARS ONE THROUGH FIVE OF THE RESTRICTION PERIOD IF THE OWNER
 OF  THE  ELIGIBLE  BUILDING  PROVIDES  A TENANT IMPROVEMENT ALLOWANCE OF
 FIFTY DOLLARS PER SQUARE FOOT AND AN EXEMPTION FROM REAL PROPERTY  TAXES
 OF  ONE  HUNDRED  PERCENT  IN  YEARS ONE THROUGH TEN IF THE OWNER OF THE
 ELIGIBLE BUILDING PROVIDES A TENANT IMPROVEMENT ALLOWANCE OF ONE HUNDRED
 DOLLARS PER SQUARE FOOT.
   D. A RENTAL AGREEMENT FOR AFFORDABLE ARTS SPACE SHALL BE ENTERED  INTO
 WITHIN  ONE  YEAR  OF AN ELIGIBLE BUILDING RECEIVING A TEMPORARY CERTIF-
 ICATE OF OCCUPANCY FOR THE RESIDENTIAL SPACE OF THE  BUILDING.  BENEFITS
 UNDER  THIS  SUBDIVISION  SHALL  BE  RETROACTIVE  TO THE COMPLETION DATE
 PROVIDED ALL OTHER REQUIREMENTS OF THIS SUBDIVISION ARE MET.
 S. 9919--A                          3
 
   E. AN ELIGIBLE MULTIPLE DWELLING SHALL COMPLY  WITH  THE  REQUIREMENTS
 FOR  AFFORDABLE ARTS SPACE AS DEFINED BY THIS SECTION FOR THE ARTS SPACE
 RESTRICTION PERIOD.
   F.  THE ARTS SPACE RESTRICTION PERIOD SHALL BE THE LENGTH OF THE BENE-
 FIT AS DEFINED IN THIS SECTION, NOTWITHSTANDING ANY EARLIER  TERMINATION
 OR REVOCATION OF AHCC PROGRAM BENEFITS.
   §  3.  Subdivision 5 of section 467-m of the real property tax law, as
 added by section 2 of part R of chapter 56  of  the  laws  of  2024,  is
 amended to read as follows:
   5.  Application  of  benefit. Based on the certification of the agency
 certifying eligibility for AHCC  program  benefits,  the  department  of
 finance shall determine the amount of the exemption pursuant to subdivi-
 sions  two  [and],  four  AND FOUR-A of this section and shall apply the
 exemption to the assessed value of the eligible multiple dwelling.
   § 4. This act shall take effect immediately.

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Senate Bill S9919A

Sponsored By

Current Bill Status - In Senate Committee Rules Committee

Bill Amendments

2023-S9919 - Details

2023-S9919 - Summary

2023-S9919 - Sponsor Memo

2023-S9919 - Bill Text download pdf

2023-S9919A (ACTIVE) - Details

2023-S9919A (ACTIVE) - Summary

2023-S9919A (ACTIVE) - Sponsor Memo

2023-S9919A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S9919A

Share this bill

Sponsored By

Julia Salazar

Current Bill Status - In Senate Committee Rules Committee

Bill Amendments

2023-S9919 - Details

2023-S9919 - Summary

2023-S9919 - Sponsor Memo

2023-S9919 - Bill Text download pdf

2023-S9919A (ACTIVE) - Details

2023-S9919A (ACTIVE) - Summary

2023-S9919A (ACTIVE) - Sponsor Memo

2023-S9919A (ACTIVE) - Bill Text download pdf

Comments