Bill S1819-2013

Exempts new multiple dwellings from local taxation

Exempts new multiple dwellings from local taxation; extends period until June 15, 2011.

Details

Actions

  • Jan 8, 2014: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
  • Jan 9, 2013: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Memo

BILL NUMBER:S1819

TITLE OF BILL: An act to amend the real property tax law, in relation to exemptions of new multiple dwellings from local taxation

PURPOSE OR GENERAL IDEA OF BILL: The purpose of this legislation is to extend the effectiveness of 421-a tax benefits for buildings whose construction commences prior to June 15, 2011.

SUMMARY OF SPECIFIC PROVISIONS: This bill would make available the benefits of the 421-a program in the borough of Manhattan for new multiple dwellings on tax lots now existing or hereafter created south of or adjacent to either side of one hundred tenth street which commence construction after July 1, 1992 and before June 15, 2011, only if construction is commenced after January 1, 1975, and before June 15, 2011, provided that such commencement period shall not apply to multiple dwellings eligible for benefits under this subdivision.

JUSTIFICATION:

Section 421-a of the Real Property Tax Law has provided tax benefits for construction of new residential buildings in the City of New York since 1971. Section 421a benefits are available for up to 25 years depending upon the location of the multiple dwelling and the inclusion of affordable housing units. The law provides a period of full exemption followed by a phase-out to full taxation. The 421-a program has been primarily responsible for encouraging the construction of new housing in New York City since 1971. Since 1985, the 421-a program has also been responsible for generating affordable units both in Manhattan and in the outer boroughs. The continuing shortage of affordable housing in the City of New York necessitates the extension of this essential tax exemption program that serves as an incentive for the development of new housing. The proposed legislation would ensure that the 421-a program continued to fulfill this mission by extending the program.

PRIOR LEGISLATIVE HISTORY: None.

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 1819 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________
Introduced by Sens. ESPAILLAT, PERKINS, RIVERA -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the real property tax law, in relation to exemptions of new multiple dwellings from local taxation THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of clause (A) of subparagraph (iv) of paragraph (a) of subdivision 2 of section 421-a of the real property tax law, as amended by section 41 of part B of chapter 97 of the laws of 2011, is amended to read as follows: Unless excluded by local law, in the city of New York, the benefits of this subparagraph shall be available in the borough of Manhattan for new multiple dwellings on tax lots now existing or hereafter created south of or adjacent to either side of one hundred tenth street that commence construction after July first, nineteen hundred ninety-two and before June fifteenth, two thousand [fifteen] SIXTEEN only if: S 2. Subparagraph (ii) of paragraph (c) of subdivision 2 of section 421-a of the real property tax law, as amended by section 42 of part B of chapter 97 of the laws of 2011, is amended to read as follows: (ii) construction is commenced after January first, nineteen hundred seventy-five and before June fifteenth, two thousand [fifteen] SIXTEEN provided, however, that such commencement period shall not apply to multiple dwellings eligible for benefits under subparagraph (iv) of paragraph (a) of this subdivision; S 3. This act shall take effect immediately.

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