Makes technical corrections to the real property tax law relating to the commencement and completion dates for benefit qualifying alterations and improvements.
TITLE OF BILL: An act to amend the real property tax law, in relation to exemption from taxation of alterations and improvements to multiple dwellings to eliminate fire and health hazards
Makes technical corrections to the real property tax law relating to the commencement and completion dates for benefit qualifying alterations and improvements to ensure that projects in progress upon expiration could continue to qualify for benefits.
SUMMARY OF PROVISIONS:
Provides projects commenced on or before Dec. 31, 2011 and complete before Dec. 31, 2014 will qualify for benefits under the J-5I program.
Ch. 4 of the L. of 2013 would have required certain properties to have completed work on or before December 31, 2011 in order to qualify for benefits. This will allow those projects to complete under the old J-51 program rules and continue the requirements for those projects commenced on and after January 1, 2012.
Chapter 4 of the Laws of 2013 resulted in unfair treatment of properties which had been in the process of making alterations or improvements, or that had commenced a conversion prior to the expiration of the J-51 program. The J-51 program has been continued in Chapter 4 but has set new threshold requirements in order to receive benefits. Those projects which had been underway when the existing law expired had a reasonable expectation in having the program continue and that the properties would receive the benefits under the J-51 program. This legislation creates a narrow window to allow those properties to continue to qualify for benefits, while continuing the important reforms to the program for projects commenced after January 1, 2012.
None to the State.
EFFECTIVE DATE: On the same date and in the same manner as Ch. 4 of the Laws of 2013.
STATE OF NEW YORK ________________________________________________________________________ 3851--A 2013-2014 Regular Sessions IN SENATE February 22, 2013 ___________Introduced by Sens. GOLDEN, YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development -- 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 exemption from taxation of alterations and improvements to multiple dwellings to eliminate fire and health hazards THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of paragraph (b) of subdivision 17 of section 489 of the real property tax law, as added by chapter 4 of the laws of 2013, is amended to read as follows: Any local law or ordinance providing for benefits pursuant to this section must also provide the following with respect to conversions, alterations or improvements
[completed]FOR WHICH A NOTICE OF INTENT WAS FILED on or [after]BEFORE December thirty-first, two thousand eleven AND COMPLETED ON OR BEFORE DECEMBER THIRTY-FIRST, TWO THOUSAND FOURTEEN: S 2. This act shall take effect immediately and shall be deemed to have been in full force and effect on the same date and in the same manner as section 3 of chapter 4 of the laws of 2013, took effect.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09001-03-3