Relates to authorizing the granting of an additional real property tax exemption for certain redevelopment company projects.
STATE OF NEW YORK ________________________________________________________________________ S. 7709 A. 9937 S E N A T E - A S S E M B L Y June 2, 2014 ___________IN SENATE -- Introduced by Sen. HOYLMAN -- read twice and ordered print- ed, and when printed to be committed to the Committee on Housing, Construction and Community Development IN ASSEMBLY -- Introduced by COMMITTEE ON RULES -- (at request of M. of A. Gottfried) -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to author- izing the granting of an additional real property tax exemption for certain redevelopment company projects THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 125 of the private housing finance law is amended by adding a new paragraph (a-4) to read as follows: (A-4) ANY INCONSISTENT PROVISION OF LAW NOTWITHSTANDING, IN A CITY HAVING A POPULATION OF ONE MILLION OR MORE, WHERE A LOCAL LEGISLATIVE BODY HAS ACTED TO EXTEND THE TAX EXEMPTION OF A MUTUAL REDEVELOPMENT COMPANY FOR THE MAXIMUM PERIOD PROVIDED FOR IN PARAGRAPH (A-2) OF THIS SUBDIVISION, THE LOCAL LEGISLATIVE BODY MAY GRANT AN ADDITIONAL TAX EXEMPTION FOR A PERIOD OF UP TO FIFTY YEARS, PROVIDED THAT THE AMOUNT OF TAXES TO BE PAID DURING ANY SUCH PERIOD OF TAX EXEMPTION SHALL BE NOT LESS THAN AN AMOUNT EQUAL TO THE GREATER OF (I) TEN PER CENTUM OF THE ANNUAL RENT OR CARRYING CHARGES OF THE PROJECT MINUS UTILITIES FOR THE RESIDENTIAL PORTION OF THE PROJECT, OR (II) THE TAXES PAYABLE BY SUCH COMPANY FOR THE RESIDENTIAL PORTION OF THE PROJECT DURING THE TAX YEAR COMMENCING JULY FIRST, TWO THOUSAND AND ENDING ON JUNE THIRTIETH, TWO THOUSAND ONE. SUCH GRANT OF AN ADDITIONAL TAX EXEMPTION PERIOD SHALL TAKE EFFECT UPON THE EXPIRATION OF THE MAXIMUM PERIOD PROVIDED FOR IN PARAGRAPH (A-2) OF THIS SUBDIVISION. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15433-01-4