Grants a local real property tax exemption to certain multiple dwellings, in a city having a population of one million or more, for which construction commenced on or after October 1, 1993; expands the property tax exemption for new multiple dwellings and for certain other multiple dwellings.
S5900C-2011 Actions
- Jun 21, 2012: RECOMMITTED TO RULES
- Jun 19, 2012: ORDERED TO THIRD READING CAL.1305
- Jun 19, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
- Jun 11, 2012: PRINT NUMBER 5900C
- Jun 11, 2012: AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
- Jun 7, 2012: PRINT NUMBER 5900B
- Jun 7, 2012: AMEND (T) AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
- May 8, 2012: PRINT NUMBER 5900A
- May 8, 2012: AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
- Jan 4, 2012: REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
- Oct 3, 2011: REFERRED TO RULES
S5900C-2011 Meetings
Rules: Jun 21, 2012S5900C-2011 Calendars
Floor Calendar: Jun 19, 2012 , Floor Calendar: Jun 20, 2012 , Floor Calendar: Jun 21, 2012S5900C-2011 Votes
VOTE: COMMITTEE VOTE:
- Rules
- Jun 21, 2012
Ayes (16): Skelos, Farley, Fuschillo, Hannon, Johnson, Larkin, Libous, Maziarz, Nozzolio, Saland, Seward, Sampson, Breslin, Montgomery, Perkins, Smith
Ayes W/R (6): LaValle, Marcellino, Dilan, Duane, Parker, Stewart-Cousins
Nays (2): Hassell-Thompson, Krueger
Excused (1): Alesi
S5900C-2011 Memo
BILL NUMBER:S5900C TITLE OF BILL: An act to amend the real property tax law, in relation to restoration of tax exemption benefits to high density zoning districts, tax exemption benefits for new multiple dwellings and an exemption for certain multiple dwellings PURPOSE: This bill would correct an oversight in earlier local legislation and restore tax exemption benefits to high density( FAR 15) zoning districts thus permitting the development of more 80/20 projects. The bill also makes technical corrections to the filing requirements under Section 421-a to simplify the filing process. SUMMARY OF PROVISIONS: Section 1. Extends 421-a tax exemption benefits to high density zoning districts. Section 2. Amends paragraph (i) of paragraph (a) of subdivision 2 of section 421-a of the real property law to simplify and improve filing requirements for 421-a applications. Section 3. Amends subparagraph (ii) of paragraph (a) of subdivision 2 of section 421-a of the real property tax law to remove superfluous qualifying language related to the filing of a 421-a real property tax exemption. Section 4. Amends subparagraph (iii) of paragraph (a) of subdivision 2 of section 421-a of the real property tax law to remove superfluous filing language. JUSTIFICATION: This restoration would have an immediate beneficial impact on new housing production, job creation, city and state revenue. FAR 15 zoning districts have historically been part of the 421-a tax benefit program and once again need to be included to ensure much needed future and further development. The bill to extend the 421-a program to these high density zoning districts would once again stimulate the creation of much needed new affordable and market rate housing. The bill also makes technical changes to remove unnecessary language which was added as the result of last years amendments to the 421-a real property tax exemption program. LEGISLATIVE HISTORY: New Bill. EFFECTIVE DATE: This act shall take effect immediately, with certain conditions.
S5900C-2011 Text
S T A T E O F N E W Y O R K
________________________________________________________________________
5900--C
2011-2012 Regular Sessions
I N SENATE
October 3, 2011
___________
Introduced by Sen. YOUNG -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules -- recommitted to
the Committee on Housing, Construction and Community Development in
accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee -- 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 restoration of
tax exemption benefits to high density zoning districts, tax exemption
benefits for new multiple dwellings and an exemption for certain
multiple dwellings
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 2 of section 421-a of the real property tax
law is amended by adding a new paragraph (j) to read as follows:
(J) THE PROVISIONS OF SUBDIVISION (C) OF SECTION 11-245 OF THE ADMIN-
ISTRATIVE CODE OF THE CITY OF NEW YORK SHALL NOT BE APPLICABLE TO ANY
MULTIPLE DWELLING FOR WHICH CONSTRUCTION COMMENCED ON OR AFTER OCTOBER
FIRST, NINETEEN HUNDRED NINETY-THREE. THE PROVISIONS OF THIS PARAGRAPH
SHALL BE DEEMED TO APPLY AND TO HAVE BEEN IN FULL FORCE AND EFFECT ON
AND AFTER DECEMBER THIRTY-FIRST, TWO THOUSAND SEVEN.
S 2. Subparagraph (i) of paragraph (a) of subdivision 2 of section
421-a of the real property tax law, as amended by section 38 of part B
of chapter 97 of the laws of 2011, is amended to read as follows:
(i) Within a city having a population of one million or more, new
multiple dwellings, except hotels, shall be exempt from taxation for
local purposes, other than assessments for local improvements, for the
tax year or years immediately following taxable status dates occurring
subsequent to the commencement and prior to the completion of
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13380-04-2
S. 5900--C 2
construction, but not to exceed three such tax years, [except for new
multiple dwellings the construction of which commenced between January
first, two thousand seven, and June thirtieth, two thousand nine, shall
have an additional thirty-six months to complete construction and shall
be eligible for full exemption from taxation for the first three years
of the period of construction; any eligible project that seeks to
utilize the six-year period of construction authorized by this section
must apply for a preliminary certificate of eligibility within one year
of the effective date of the rent act of 2011, provided, however that
such multiple dwellings shall be eligible for a maximum of three years
of benefits during the construction period,] and shall continue to be
exempt from such taxation in tax years immediately following the taxable
status date first occurring after the expiration of the exemption herein
conferred during construction so long as used at the completion of
construction for dwelling purposes for a period not to exceed ten years
in the aggregate after the taxable status date immediately following the
completion thereof, as follows:
(A) except as otherwise provided herein there shall be full exemption
from taxation during the period of construction or the period of three
years immediately following commencement of construction, whichever
expires sooner, [except for new multiple dwellings the construction of
which commenced between January first, two thousand seven, and June
thirtieth, two thousand nine, shall have an additional thirty-six months
to complete construction and shall be eligible for full exemption from
taxation for the first three years of the period of construction; any
eligible project that seeks to utilize the six-year period of
construction authorized by this section must apply for a preliminary
certificate of eligibility within one year of the effective date of the
rent act of 2011, provided, however that such multiple dwellings shall
be eligible for a maximum of three years of benefits during the
construction period,] and for two years following such period;
(B) followed by two years of exemption from eighty per cent of such
taxation;
(C) followed by two years of exemption from sixty per cent of such
taxation;
(D) followed by two years of exemption from forty per cent of such
taxation;
(E) followed by two years of exemption from twenty per cent of such
taxation;
The following table shall illustrate the computation of the tax
exemption:
CONSTRUCTION OF CERTAIN MULTIPLE DWELLINGS
Exemption
During Construction (maximum three years)[;] 100%
[except construction commenced between January
first, two thousand seven and June
thirtieth, two thousand nine (maximum
three years)]
Following completion of work
Year:
1 100%
2 100
3 80
S. 5900--C 3
4 80
5 60
6 60
7 40
8 40
9 20
10 20
S 3. Clause (A) of subparagraph (ii) of paragraph (a) of subdivision 2
of section 421-a of the real property tax law, as amended by section 39
of part B of chapter 97 of the laws of 2011, is amended to read as
follows:
(A) Within a city having a population of one million or more the local
housing agency may adopt rules and regulations providing that except in
areas excluded by local law new multiple dwellings, except hotels, shall
be exempt from taxation for local purposes, other than assessments for
local improvements, for the tax year or years immediately following
taxable status dates occurring subsequent to the commencement and prior
to the completion of construction, but not to exceed three such tax
years, [except for new multiple dwellings the construction of which
commenced between January first, two thousand seven, and June thirtieth,
two thousand nine, shall have an additional thirty-six months to
complete construction and shall be eligible for full exemption from
taxation for the first three years of the period of construction; any
eligible project that seeks to utilize the six-year period of
construction authorized by this section must apply for a preliminary
certificate of eligibility within one year of the effective date of the
rent act of 2011, provided, however that such multiple dwellings shall
be eligible for a maximum of three years of benefits during the
construction period,] and shall continue to be exempt from such taxation
in tax years immediately following the taxable status date first occur-
ring after the expiration of the exemption herein conferred during such
construction so long as used at the completion of construction for
dwelling purposes for a period not to exceed fifteen years in the aggre-
gate, as follows:
a. except as otherwise provided herein there shall be full exemption
from taxation during the period of construction or the period of three
years immediately following commencement of construction, whichever
expires sooner, [except for new multiple dwellings the construction of
which commenced between January first, two thousand seven, and June
thirtieth, two thousand nine, shall have an additional thirty-six months
to complete construction and shall be eligible for full exemption from
taxation for the first three years of the period of construction; any
eligible project that seeks to utilize the six-year period of
construction authorized by this section must apply for a preliminary
certificate of eligibility within one year of the effective date of the
rent act of 2011, provided, however that such multiple dwellings shall
be eligible for a maximum of three years of benefits during the
construction period,] and for eleven years following such period;
b. followed by one year of exemption from eighty percent of such taxa-
tion;
c. followed by one year of exemption from sixty percent of such taxa-
tion;
d. followed by one year of exemption from forty percent of such taxa-
tion;
S. 5900--C 4
e. followed by one year of exemption from twenty percent of such taxa-
tion.
S 4. Clause (A) of subparagraph (iii) of paragraph (a) of subdivision
2 of section 421-a of the real property tax law, as amended by section
40 of part B of chapter 97 of the laws of 2011, is amended to read as
follows:
(A) Within a city having a population of one million or more the local
housing agency may adopt rules and regulations providing that new multi-
ple dwellings, except hotels, shall be exempt from taxation for local
purposes, other than assessments for local improvements, for the tax
year or years immediately following taxable status dates occurring
subsequent to the commencement and prior to the completion of
construction, but not to exceed three such tax years, [except for new
multiple dwellings the construction of which commenced between January
first, two thousand seven, and June thirtieth, two thousand nine, shall
have an additional thirty-six months to complete construction and shall
be eligible for full exemption from taxation for the first three years
of the period of construction; any eligible project that seeks to
utilize the six-year period of construction authorized by this section
must apply for a preliminary certificate of eligibility within one year
of the effective date of the rent act of 2011, provided, however that
such multiple dwellings shall be eligible for a maximum of three years
of benefits during the construction period,] and shall continue to be
exempt from such taxation in tax years immediately following the taxable
status date first occurring after the expiration of the exemption herein
conferred during such construction so long as used at the completion of
construction for dwelling purposes for a period not to exceed twenty-
five years in the aggregate, provided that the area in which the project
is situated is a neighborhood preservation program area as determined by
the local housing agency as of June first, nineteen hundred eighty-five,
or is a neighborhood preservation area as determined by the New York
city planning commission as of June first, nineteen hundred eighty-five,
or is an area that was eligible for mortgage insurance provided by the
rehabilitation mortgage insurance corporation as of May first, nineteen
hundred ninety-two or is an area receiving funding for a neighborhood
preservation project pursuant to the neighborhood reinvestment corpo-
ration act (42 U.S.C. SS180 et seq.) as of June first, nineteen hundred
eighty-five, as follows:
a. except as otherwise provided herein there shall be full exemption
from taxation during the period of construction or the period of three
years immediately following commencement of construction, whichever
expires sooner, [except for new multiple dwellings the construction of
which commenced between January first, two thousand seven, and June
thirtieth, two thousand nine, shall have an additional thirty-six months
to complete construction and shall be eligible for full exemption from
taxation for the first three years of the period of construction; any
eligible project that seeks to utilize the six-year period of
construction authorized by this section must apply for a preliminary
certificate of eligibility within one year of the effective date of the
rent act of 2011, provided, however that such multiple dwellings shall
be eligible for a maximum of three years of benefits during the
construction period,] and for twenty-one years following such period;
b. followed by one year of exemption from eighty percent of such taxa-
tion;
c. followed by one year of exemption from sixty percent of such taxa-
tion;
S. 5900--C 5
d. followed by one year of exemption from forty percent of such taxa-
tion;
e. followed by one year of exemption from twenty percent of such taxa-
tion.
S 5. This act shall take effect immediately; except that section one
of this act shall be deemed to have been in full force and effect on and
after December 31, 2007; and provided that with respect to any applica-
tion for a preliminary certificate of eligibility that is filed no later
than June 24, 2012, or that is filed for a project that was the subject
of mortgage foreclosure proceedings or other lien enforcement litigation
by a lender on or before June 24, 2012, such project shall be subject to
that portion of the definition of "commence" contained in item (1) of
clause (iv) of subparagraph (2) of paragraph (b) of subdivision (a) of
section 6-09 of title twenty-eight of the rules of the city of New York.
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License.
Permissions beyond the scope of this license are available at http://www.nysenate.gov/copyright-policy.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that links to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
*By contributing or voting you agree to the Terms of Participation and Privacy Policy and verify you are over 13.
Discuss!
blog comments powered by Disqus