S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3286
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2025
                                ___________
 
 Introduced  by M. of A. BORES -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to requiring any city having  a
   population  of  one  million  or  more  to impose and collect taxes on
   certain vacant land; and to  amend  the  real  property  tax  law,  in
   relation to establishing a tax credit for certain renovations to rent-
   stabilized properties
 
   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 "repairs to apartments act".
   § 2. The tax law is amended by adding a new section 1201-f to read  as
 follows:
   § 1201-F. VACANT LAND TAX.  (A) NOTWITHSTANDING ANY OTHER PROVISION OF
 LAW  TO  THE CONTRARY, IN ANY CITY HAVING A POPULATION OF ONE MILLION OR
 MORE, THE PROPERTY TAXES ON PROPERTY THAT IS ZONED AS RESIDENTIAL  ZONED
 CLASS  ONE  OR COMMERCIALLY ZONED CLASS FOUR WHICH HAS BEEN VACANT FOR A
 PERIOD OF NOT LESS THAN ONE  HUNDRED  EIGHTY  DAYS,  UNLESS  A  BUILDING
 PERMIT  HAS  BEEN ISSUED FOR SUCH VACANT LAND, SHALL BE TAXED BASED ON A
 FULL MARKET VALUE ASSESSMENT.
   (B) ANY SUCH LOCAL LAW MAY PROVIDE FOR EXCLUSIONS OR  EXEMPTIONS  FROM
 SUCH TAX OTHER THAN THOSE SPECIFIED IN THIS SECTION.
   (C)  IN THE CASE OF A WILLFULLY FALSE OR FRAUDULENT RETURN WITH INTENT
 TO EVADE THE TAX, AN ADDITIONAL FEE OF TWO PERCENT OF THE  MARKET  VALUE
 OF THE PROPERTY SHALL BE IMPOSED.
   (D)  REVENUES  RESULTING FROM THE IMPOSITION OF TAX AUTHORIZED BY THIS
 SECTION SHALL BE PAID INTO THE TREASURY OF ANY SUCH CITY  AND  SHALL  BE
 CREDITED  TO  AND DEPOSITED IN THE GENERAL FUND OF ANY SUCH CITY FOR THE
 PURPOSE OF THE CREATION OF:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04195-01-5
 A. 3286                             2
 
              

   (I) A TAX CREDIT FOR RENT-STABILIZED PROPERTIES WITHIN SUCH CITY WHICH
 UNDERGO  CERTAIN  RENOVATIONS   PURSUANT   TO   SECTION   FOUR   HUNDRED
 TWENTY-ONE-R OF THE REAL PROPERTY TAX LAW; AND
   (II)  INSOFAR  AS  REVENUES  EXCEED THE AMOUNT SPENT ON THE TAX CREDIT
 PURSUANT TO PARAGRAPH (I) OF THIS SUBDIVISION, FOR A PROGRAM OR PROGRAMS
 TO ENCOURAGE DEVELOPMENT OF VACANT PROPERTIES. SUCH PROGRAM MAY TAKE THE
 FORM OF A TAX BREAK, DIRECT SUBSIDY, OR OTHER MECHANISM THAT  SUCH  CITY
 MAY DEFINE IN LOCAL LAW.
   §  3.  The  real  property  tax law is amended by adding a new section
 421-r to read as follows:
   § 421-R. RENT-STABILIZED UNIT AND BUILDING RENOVATION TAX  CREDIT.  1.
 AN  OWNER OF REAL PROPERTY IN A CITY WITH A POPULATION OF ONE MILLION OR
 MORE MAY BE ELIGIBLE FOR A TAX CREDIT FOR RENOVATIONS THAT ARE  REQUIRED
 TO  BE  MADE  TO  THE  PROPERTY  TO GET THE PROPERTY UP TO CITY-LEVEL OR
 STATE-LEVEL BUILDING CODE OR HOUSING REQUIREMENTS WHEN SUCH  RENOVATIONS
 ARE  ENTIRELY  CONTAINED  WITHIN A RENT REGULATED UNIT OR, WHEN AT LEAST
 FIFTY PERCENT OF THE UNITS WITHIN SUCH REAL PROPERTY ARE RENT  REGULATED
 UNITS,  OR  WHEN SUCH RENOVATIONS ARE TO THE COMMON AREAS OR INFRASTRUC-
 TURE OF THE PROPERTY ITSELF (SUCH AS ELEVATOR REPAIRS OR INSTALLATION OR
 HEATING, COOLING, PLUMBING OR ELECTRICAL WORK).
   2. THE AMOUNT OF SUCH CREDIT SHALL BE DETERMINED BY THE DEPARTMENT  OF
 FINANCE  WITHIN  SUCH  CITY  AND MAY BE UP TO ONE HUNDRED PERCENT OF THE
 TOTAL COST OF THE RENOVATIONS; PROVIDED,  HOWEVER,  THAT  SUCH  DETERMI-
 NATION  SHALL  BE BASED UPON THE PREVIOUS YEAR'S VACANCY AND VACANT LAND
 TAX RECEIPTS PURSUANT TO SECTION TWELVE HUNDRED ONE-F OF THE TAX LAW.
   3. APPLICATIONS FOR SUCH TAX CREDIT SHALL BE PROCESSED BY THE  DEPART-
 MENT OF HOUSING PRESERVATION AND DEVELOPMENT OF THE CITY OF NEW YORK.
   4.  IN  THE  CASE OF A FRAUDULENT CLAIM OF RENOVATIONS, THERE SHALL BE
 ASSESSED A FEE OF TEN PERCENT OF THE UNIT  MARKET  VALUE  OF  SUCH  REAL
 PROPERTY.
   §  4.  This  act shall take effect on the ninetieth day after it shall
 have become a law.