Bill S5050-2013

Authorizes the city of New York to implement provisions related to the Foundation for Sephardic Studies, Inc.

Authorizes the city of New York to implement real property exemption provisions for certain assessment rolls related to the Foundation for Sephardic Studies, Inc.

Details

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  • May 7, 2013: REFERRED TO CITIES

Memo

BILL NUMBER:S5050

TITLE OF BILL: An act to authorize the city of New York to implement provisions related to the Foundation for Sephardic Studies, Inc.

PURPOSE: This bill authorizes the City of New York take measures to prevent the sale and/or foreclosure of tax liens on a property owned by Foundation for Sephardic Studies, Inc

SUMMARY OF SPECIFIC PROVISIONS: This bill would authorize the City of New York to implement the provisions of the act, so to prevent the sale and or foreclosure of tax liens on a property owned by Foundation for Sephardic Studies, Inc The bill would authorize the commissioner of the Department of Finance of the City of New York to accept from the Foundation for Sephardic Studies, Inc, an application for exemption from real property taxes pursuant to ยง 420-a of the Real Property Tax Law. If satisfied that the Foundation for Sephardic Studies, Inc, would otherwise have been entitled to said exemption, the Commissioner of the Department of Finance, upon approval by the City Council of New York City, may grant exemption from all taxation with respect to the subject tax rolls and cancel taxes, fines, penalties and interest remaining unpaid, and make appropriate correction of the subject assessment rolls.

JUSTIFICATION: The Foundation for Sephardic Studies, Inc., a not-for-profit corporation, acquired title to a property in the City of New York, borough of Brooklyn, that would otherwise be entitled to a tax exemption if such corporation had acquired the property on or before the taxable status date and filed the appropriate paperwork. The tax liens against the property are scheduled to be sold to a third party in the near future. It is intended by this bill to undo the hardships that will be suffered if the organization is required to pay the property taxes due as described above.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None to State.


Text

STATE OF NEW YORK ________________________________________________________________________ 5050 2013-2014 Regular Sessions IN SENATE May 7, 2013 ___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to authorize the city of New York to implement provisions related to the Foundation for Sephardic Studies, Inc. THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The city of New York is hereby authorized to implement the provisions of this act, so to prevent the sale and/or foreclosure of tax liens on a property owned by Foundation for Sephardic Studies, Inc. Notwithstanding any other provision of law to the contrary, the commis- sioner of the New York city department of finance is hereby authorized to accept from Foundation for Sephardic Studies, Inc., a not-for-profit corporation, an application for exemption from real property taxes pursuant to section 420-a of the real property tax law for the 2003 through 2008 assessment rolls, for the parcel owned by such corporation in the city of New York, borough of Brooklyn, designated as block 07089, lot 07 in such borough. If accepted, the application shall be reviewed as if it had been received on or before the taxable status date estab- lished for such assessment rolls. If satisfied that such corporation would otherwise be entitled to such exemption if such corporation had filed an application for exemption by the appropriate taxable status date, the commissioner of the New York city department of finance, upon approval by the city council of the city of New York, may grant exemption from all taxation with respect to the subject tax rolls due and owing by such corporation on the effective date of this act and cancel taxes, fines, penalties and interest remain- ing unpaid, and make appropriate correction of the subject assessment rolls. S 2. This act shall take effect immediately.

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