Extends until December 31, 2015, the date by which owners rehabilitating single room occupancy housing (SROs) are eligible to receive tax benefits.
Ayes (8): Martins, Ball, Little, McDonald, Ritchie, Stewart-Cousins, Oppenheimer, Klein
TITLE OF BILL: An act to amend the real property tax law, in relation to rehabilitation of certain multiple dwellings used for single room occupancy
SUMMARY OF PROVISIONS: Amends section 488-a of the real property tax law to extend the date by which not-for-profit and for-profit owners rehabilitating single room occupancy housing (SROs) are eligible to receive tax benefits.
EXISTING LAW: Currently, any increase in assessed valuation as a result of eligible improvements to the SROs receives a tax exemption provided that the improvements are commenced prior to December 21, 2011 and are completed within 36 months of commencement. This amendment extends the sunset date for eligibility for tax benefits from December 31, 2011 to December 31, 2015.
JUSTIFICATION: This legislation would permit owners of SRO housing to continue to be eligible to receive tax benefits for rehabilitating this important resource. Eligible improvements include boiler replacement, rewiring, replacement or upgrading of plumbing systems and other specified kinds of substantial rehabilitation of the buildings. This bill places SROs on par with benefits allowed other Class A multiple dwellings, ensuring that they will continue to be a resource for providing permanent housing for individuals of low income.
PRIOR LEGISLATIVE HISTORY: New Legislation.
FISCAL IMPLICATIONS: None to the state.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ 3896 2011-2012 Regular Sessions IN SENATE March 9, 2011 ___________Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the real property tax law, in relation to rehabilitation of certain multiple dwellings used for single room occupancy THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 488-a of the real property tax law, as amended by chapter 609 of the laws of 2006, is amended to read as follows: 2. Local legislative action. Any city to which the multiple dwelling law is applicable, acting through its local legislative body or other governing agency, is hereby authorized and empowered to adopt and amend local laws or ordinances up to and including December thirty-first, two thousand
[eleven]FIFTEEN, to provide that any increase in assessed valuation of eligible real property shall be exempt from taxation for local purposes and to provide for the abatement of taxes on eligible real property, including the land, in accordance with this section. S 2. Paragraph (i) of subdivision 3 of section 488-a of the real prop- erty tax law, as amended by chapter 609 of the laws of 2006, is amended to read as follows: (i) the eligible improvements are commenced after July first, nineteen hundred eighty, but prior to December thirty-first, two thousand [elev- en]FIFTEEN, and are completed within thirty-six months of commencement; S 3. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10103-01-1