Bill S7480-2011

Relates to certain tax credits and exemptions in a city having a population of one million or more

Relates to a partial abatement of real property taxes for condos and co-ops; a credit for S corporations and credits and exemptions under the commercial rent or occupancy tax, in a city having a population of one million or more.

Details

Actions

  • Jun 21, 2012: RECOMMITTED TO RULES
  • Jun 19, 2012: VOTE RECONSIDERED - RESTORED TO THIRD READING
  • Jun 19, 2012: returned to senate
  • Jun 19, 2012: RECALLED FROM ASSEMBLY
  • Jun 19, 2012: referred to real property taxation
  • Jun 19, 2012: DELIVERED TO ASSEMBLY
  • Jun 19, 2012: PASSED SENATE
  • Jun 19, 2012: ORDERED TO THIRD READING CAL.1371
  • Jun 19, 2012: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • May 24, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Meetings

Votes

VOTE: COMMITTEE VOTE: - Rules - Jun 19, 2012
Ayes (21): Skelos, Farley, Fuschillo, Hannon, Johnson, Larkin, LaValle, Libous, Marcellino, Maziarz, Nozzolio, Saland, Seward, Sampson, Dilan, Duane, Hassell-Thompson, Krueger, Perkins, Smith, Stewart-Cousins
Ayes W/R (3): Breslin, Montgomery, Parker
Excused (1): Alesi

Memo

BILL NUMBER:S7480

TITLE OF BILL: An act to amend the real property tax law and the administrative code of the city of New York, in relation to a partial abatement of real property taxes for condominiums and cooperatives, a credit for S corporations, and credits and exemptions under the commercial rent or occupancy tax, in a city having a population of one million or more

SUMMARY OF PROVISIONS: This bill amends section 467-a of the Real property Tax Law to extend and modify a real property tax abatement program for condominiums and cooperatives in the City of New York. Section one of the bill limits the abatement, for fiscal years beginning in 2013, 2014 and 2015, to the primary residence of the property owner. Section two extends the existing program for one year (for the fiscal year beginning in 2012). Section three modifies and extends the program fur three additional years (for fiscal years beginning in 2013, 2014 and 2015). Sections four, five and six relate to applications and the application process for the program. The bill amends section 11-604 of the Administrative Code of the City of New York to allow a credit against the New York City general corporation tax for entities that make the S corporation election on their federal tax returns. Section seven of the bill will reduce the tax liability of S corporations that would, exclusive of other credits, otherwise owe $1600 or less on the general corporation tax. Instead, these S corporation would pay the minimum general corporation tax of $25. The S corporation credit will take effect for taxable years beginning on or after January 1, 2013. This bill amends sections 11-704(h)(2) and 11-704.3 of the Administrative Code of the City of New York to further reduce the tax burden on commercial tenants who remain subject to the commercial rent tax in New York City. The tax, first authorized in 1963, is currently paid by commercial tenants in Manhattan south of 96th Street with base rents of $250,000 or above. Section eight of the bill will reduce the portion of the base rent subject to the tax by increasing the base rent reduction from 35 percent to 40 percent. Sections ten and eleven of the bill will provide tenants who are subject to the tax and whose annual rents are between $250,000 and $300,000 with a partial credit on a sliding scale. These changes will take effect as of June 1, 2013, which is the beginning of the tax year for the purposes of the commercial rent tax.

JUSTIFICATION: Since 1996, the City of New York has offered, with New York State authorization, a partial property tax abatement program for co-op and condo owners. The program was established to address inequities in the real property tax system in New York City that burden owners of co-op and condominium units with larger tax bills than the owners of comparably valued one-, two and three-family homes. The original intent of the program was to ensure equity to those co-op and condo owners who primarily reside in New York City. However, a significant number of current beneficiaries are not owner-occupants but investors who were not the

intended recipients. This bill extends the program for three additional years, provides additional benefit by enriching the abatement for lower-valued properties, and restores the original intent of the program by eliminating the benefit for non-primary residents.

The bill also lowers the tax burden on limited liability S corporations and reduces the commercial rent tax in order to encourage business and economic development in New York City.

LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS: None.

LOCAL FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: Immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 7480 IN SENATE May 24, 2012 ___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the real property tax law and the administrative code of the city of New York, in relation to a partial abatement of real prop- erty taxes for condominiums and cooperatives, a credit for S corpo- rations, and credits and exemptions under the commercial rent or occu- pancy tax, in a city having a population of one million or more THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (a) and (b) of subdivision 2 of section 467-a of the real property tax law, as added by chapter 273 of the laws of 1996, are amended to read as follows: (a) In a city having a population of one million or more, dwelling units owned by unit owners who, as of the applicable taxable status date, own no more than three dwelling units in any one property held in the condominium form of ownership, shall be eligible to receive a partial abatement of real property taxes, as set forth in paragraphs (c) and (d) of this subdivision; provided, however, that a property held in the condominium form of ownership that is receiving complete or partial real property tax exemption or tax abatement pursuant to any other provision of this chapter or any other state or local law, except as provided in paragraph (f) of this subdivision, shall not be eligible to receive a partial abatement pursuant to this section; and provided, further, that sponsors shall not be eligible to receive a partial abate- ment pursuant to this section; AND PROVIDED, FURTHER, HOWEVER, THAT IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND THIRTEEN OR LATER, NO DWELLING UNIT SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATEMENT PURSUANT TO THIS SECTION UNLESS IT IS THE PRIMARY RESIDENCE OF THE UNIT OWNER AND, IN ANY SUCH FISCAL YEAR, THE PRIMARY RESIDENCE OF THE UNIT OWNER SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATEMENT PURSUANT TO THIS SECTION REGARDLESS OF THE NUMBER OF DWELLING UNITS OWNED BY THE UNIT OWNER. A MARRIED COUPLE WITH TWO OR MORE RESIDENCES MAY RECEIVE A
PARTIAL ABATEMENT PURSUANT TO THIS SECTION ON NO MORE THAN ONE RESI- DENCE, UNLESS LIVING APART DUE TO LEGAL SEPARATION. (b) In a city having a population of one million or more, dwelling units owned by tenant-stockholders who, as of the applicable taxable status date, own no more than three dwelling units in any one property held in the cooperative form of ownership, shall be eligible to receive a partial abatement of real property taxes, as set forth in paragraphs (c) and (d) of this subdivision; provided, however, that a property held in the cooperative form of ownership that is receiving complete or partial real property tax exemption or tax abatement pursuant to any other provision of this chapter or any other state or local law, except as provided in paragraph (f) of this subdivision, shall not be eligible to receive a partial abatement pursuant to this section; and provided, further, that sponsors shall not be eligible to receive a partial abate- ment pursuant to this section; AND PROVIDED, FURTHER, HOWEVER, THAT IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND THIRTEEN OR LATER, NO DWELLING UNIT SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATEMENT PURSUANT TO THIS SECTION UNLESS IT IS THE PRIMARY RESIDENCE OF THE TENANT-STOCKHOLDER AND, IN ANY SUCH FISCAL YEAR, THE PRIMARY RESIDENCE OF THE TENANT-STOCKHOLDER SHALL BE ELIGIBLE TO RECEIVE A PARTIAL ABATE- MENT PURSUANT TO THIS SECTION REGARDLESS OF THE NUMBER OF DWELLING UNITS OWNED BY THE TENANT-STOCKHOLDER. A MARRIED COUPLE WITH TWO OR MORE RESI- DENCES MAY RECEIVE A PARTIAL ABATEMENT PURSUANT TO THIS SECTION ON NO MORE THAN ONE RESIDENCE, UNLESS LIVING APART DUE TO LEGAL SEPARATION. For purposes of this section, a tenant-stockholder of a cooperative apartment corporation shall be deemed to own the dwelling unit which is represented by his or her shares of stock in such corporation. Any abatement so granted shall be credited by the appropriate taxing author- ity against the tax due on the property as a whole. The reduction in real property taxes received thereby shall be credited by the cooper- ative apartment corporation against the amount of such taxes attribut- able to eligible dwelling units at the time of receipt. S 2. The opening paragraph and subparagraph (xvi) of paragraph (c) of subdivision 2 of section 467-a of the real property tax law, the opening paragraph as amended by chapter 97 of the laws of 2004 and subparagraph (xvi) as added by chapter 109 of the laws of 2008, are amended and a new subparagraph (xvii) is added to read as follows: [Eligible] IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR NINETEEN HUNDRED NINETY-SIX THROUGH CALENDAR YEAR TWO THOUSAND TWELVE, ELIGIBLE dwelling units in property whose average unit assessed value is less than or equal to fifteen thousand dollars shall receive a partial abate- ment of the real property taxes attributable to or due on such dwelling units, as follows: (xvi) twenty-five percent in the fiscal year commencing in calendar year two thousand eleven[.]; (XVII) TWENTY-FIVE PERCENT IN THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE. S 3. The opening paragraph and subparagraph (xvi) of paragraph (d) of subdivision 2 of section 467-a of the real property tax law, the opening paragraph as amended by chapter 97 of the laws of 2004 and subparagraph (xvi) as added by chapter 109 of the laws of 2008, are amended and a new subparagraph (xvii) is added to read as follows: [Eligible] IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR NINETEEN HUNDRED NINETY-SIX THROUGH CALENDAR YEAR TWO THOUSAND TWELVE, ELIGIBLE dwelling units in property whose average unit assessed value is greater than fifteen thousand dollars shall receive a partial abatement of the
real property taxes attributable to or due on such dwelling units, as follows: (xvi) seventeen and one-half percent in the fiscal year commencing in calendar year two thousand eleven[.]; (XVII) SEVENTEEN AND ONE-HALF PERCENT IN THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE. S 4. Subdivision 2 of section 467-a of the real property tax law is amended by adding four new paragraphs (d-1), (d-2), (d-3) and (d-4) to read as follows: (D-1) IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND THIRTEEN, TWO THOUSAND FOURTEEN OR TWO THOUSAND FIFTEEN, ELIGIBLE DWELL- ING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS LESS THAN OR EQUAL TO THIRTY THOUSAND DOLLARS SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWENTY-FIVE PERCENT. (D-2) IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND THIRTEEN, TWO THOUSAND FOURTEEN OR TWO THOUSAND FIFTEEN, ELIGIBLE DWELL- ING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS MORE THAN THIRTY THOUSAND DOLLARS, BUT LESS THAN OR EQUAL TO THIRTY-FIVE THOUSAND DOLLARS, SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWENTY-TWO AND ONE-HALF PERCENT. (D-3) IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND THIRTEEN, TWO THOUSAND FOURTEEN OR TWO THOUSAND FIFTEEN, ELIGIBLE DWELL- ING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS MORE THAN THIRTY-FIVE THOUSAND DOLLARS, BUT LESS THAN OR EQUAL TO FORTY THOUSAND DOLLARS, SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWENTY PERCENT. (D-4) IN ANY FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND THIRTEEN, TWO THOUSAND FOURTEEN OR TWO THOUSAND FIFTEEN, ELIGIBLE DWELL- ING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS MORE THAN FORTY THOUSAND DOLLARS SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON THE FIRST ONE HUNDRED THOUSAND DOLLARS OF ASSESSED VALUE PER DWELLING UNIT OF SEVENTEEN AND ONE-HALF PERCENT. S 5. Paragraphs (a), (c) and (h) of subdivision 3 of section 467-a of the real property tax law, as amended by chapter 109 of the laws of 2008, are amended to read as follows: (a) An application for an abatement pursuant to this section for the fiscal year commencing in calendar year nineteen hundred ninety-six shall be made no later than the fifteenth day of September, nineteen hundred ninety-six. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year nineteen hundred ninety-seven shall be made no later than the first day of April, nine- teen hundred ninety-seven. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year nineteen hundred ninety-eight shall be made no later than the first day of April, nineteen hundred ninety-eight. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year nineteen hundred ninety-nine shall be made in accordance with this subdivision and subdivision three-a of this section. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand shall be made no later than the fifteenth day of February, two thousand. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand one shall be made in accordance with this subdivision and subdivision three-b of
this section. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand two shall be made no later than the fifteenth day of February, two thousand two. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand three shall be made no later than the fifteenth day of February, two thousand three. An appli- cation for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand four shall be made in accord- ance with this subdivision and subdivision three-c of this section. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand five shall be made no later than the fifteenth day of February, two thousand five. An applica- tion for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand six shall be made no later than the fifteenth day of February, two thousand six. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand seven shall be made no later than the fifteenth day of February, two thousand seven. An application for AN abatement pursuant to this section for the fiscal year commencing in calendar year two thousand eight shall be made in accordance with this subdivision and subdivision three-d of this section. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand nine shall be made no later than the fifteenth day of February, two thousand nine. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand ten shall be made no later than the fifteenth day of February, two thousand ten. An application for an abatement pursuant to this section for the fiscal year commencing in calendar year two thousand eleven shall be made no later than the fifteenth day of February, two thousand eleven. AN APPLICATION FOR AN ABATEMENT PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE SHALL BE MADE IN ACCORDANCE WITH THIS SUBDIVISION AND SUBDIVISION THREE-E OF THIS SECTION. AN APPLICATION FOR AN ABATEMENT PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND THIRTEEN SHALL BE MADE NO LATER THAN THE FIFTEENTH DAY OF FEBRUARY, TWO THOUSAND THIRTEEN. AN APPLICATION FOR AN ABATEMENT PURSU- ANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND FOURTEEN SHALL BE MADE NO LATER THAN THE FIFTEENTH DAY OF FEBRUARY, TWO THOUSAND FOURTEEN. AN APPLICATION FOR AN ABATEMENT PURSU- ANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND FIFTEEN SHALL BE MADE NO LATER THAN THE FIFTEENTH DAY OF FEBRU- ARY, TWO THOUSAND FIFTEEN. (c) No abatement pursuant to this section shall be granted unless the applicant files an application for an abatement within the time periods prescribed in paragraph (a) of this subdivision or subdivision three-a, three-b, three-c [or], three-d OR THREE-E of this section, provided, however, that the commissioner of finance may, for good cause shown, extend the time for filing an application. (h) Notwithstanding any other provision of law to the contrary, appli- cation by the board of directors of a cooperative apartment corporation for an abatement pursuant to this section for either the fiscal year commencing in calendar year two thousand five or the fiscal year commencing in the calendar year two thousand six or the fiscal year commencing in the calendar year two thousand seven or the fiscal year commencing in the calendar year two thousand eight or the fiscal year commencing in the calendar year two thousand nine or the fiscal year
commencing in the calendar year two thousand ten or the fiscal year commencing in the calendar year two thousand eleven OR THE FISCAL YEAR COMMENCING IN THE CALENDAR YEAR TWO THOUSAND TWELVE OR THE FISCAL YEAR COMMENCING IN THE CALENDAR YEAR TWO THOUSAND THIRTEEN OR THE FISCAL YEAR COMMENCING IN THE CALENDAR YEAR TWO THOUSAND FOURTEEN OR THE FISCAL YEAR COMMENCING IN THE CALENDAR YEAR TWO THOUSAND FIFTEEN shall be made by the filing of an information return pursuant to subdivision (g) of section 11-2105 of the administrative code of the city of New York, as added by local law number fifty-eight of the city of New York for the year nineteen hundred eighty-nine, including an election by such board of directors that such information return be deemed an application for an abatement pursuant to this section for such fiscal year, provided, however, that where the board of directors files an application on behalf of a cooperative apartment corporation that is not receiving an abatement pursuant to this section for the fiscal year immediately preceding the fiscal year for which the application is filed, then the board of directors shall be required to file, in addition to the infor- mation return pursuant to subdivision (g) of section 11-2105 of the administrative code of the city of New York, as added by local law number fifty-eight of the city of New York for the year nineteen hundred eighty-nine, any information return covering a reporting period begin- ning on or after January first, nineteen hundred ninety-six, that has not been filed previously. Information returns that are deemed to be applications for an abatement pursuant to this paragraph shall be subject to the provisions of this section relating to such applications including, but not limited to, the provisions of this subdivision and subdivision four of this section. S 6. Section 467-a of the real property tax law is amended by adding a new subdivision 3-e to read as follows: 3-E. (A) AN APPLICANT WHOSE PROPERTY DID NOT RECEIVE AN ABATEMENT PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND ELEVEN SHALL SUBMIT AN APPLICATION FOR AN ABATEMENT PURSU- ANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE NO LATER THAN SIXTY DAYS FOLLOWING THE EFFECTIVE DATE OF THIS SUBDIVISION. (B) THE ABATEMENT FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE OF A COOPERATIVE APARTMENT CORPORATION THAT RECEIVED AN ABATEMENT PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND ELEVEN AND THAT SUBMITTED AN INFORMATION RETURN ON OR BEFORE FEBRUARY FIFTEENTH, TWO THOUSAND TWELVE, THAT INCLUDED AN ELECTION BY THE BOARD OF DIRECTORS OF SUCH COOPERATIVE APARTMENT CORPORATION THAT SUCH INFORMATION RETURN BE DEEMED AN APPLICA- TION FOR AN ABATEMENT PURSUANT TO THIS SECTION FOR SUCH FISCAL YEAR, SHALL BE BASED ON THE INFORMATION CONTAINED IN SUCH INFORMATION RETURN. (C) THE ABATEMENT FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE OF A COOPERATIVE APARTMENT CORPORATION THAT RECEIVED AN ABATEMENT PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND ELEVEN AND THAT SUBMITTED AN INFORMATION RETURN ON OR BEFORE FEBRUARY FIFTEENTH, TWO THOUSAND TWELVE, THAT DID NOT INCLUDE AN ELECTION BY THE BOARD OF DIRECTORS OF SUCH COOPERATIVE APARTMENT CORPORATION THAT SUCH INFORMATION RETURN BE DEEMED AN APPLICA- TION FOR AN ABATEMENT PURSUANT TO THIS SECTION FOR SUCH FISCAL YEAR, SHALL BE BASED ON THE INFORMATION CONTAINED IN THE APPLICATION SUBMITTED IN TWO THOUSAND ELEVEN OR ON THE INFORMATION CONTAINED IN SUCH INFORMA- TION RETURN, OR BOTH, PROVIDED THAT NOTHING IN THIS PARAGRAPH SHALL AUTHORIZE OR REQUIRE THE COMMISSIONER OF FINANCE TO GRANT AN ABATEMENT
WITH RESPECT TO A PROPERTY OR A DWELLING UNIT THAT IS NOT ELIGIBLE AS OF THE APPLICABLE TAXABLE STATUS DATE FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE. (D) THE BOARD OF MANAGERS OF A CONDOMINIUM THAT RECEIVED AN ABATEMENT PURSUANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND ELEVEN SHALL SUBMIT AN APPLICATION FOR AN ABATEMENT PURSU- ANT TO THIS SECTION FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE NO LATER THAN SIXTY DAYS FOLLOWING THE EFFECTIVE DATE OF THIS SUBDIVISION. IF SUCH BOARD OF MANAGERS DOES NOT SUBMIT SUCH APPLI- CATION WITHIN SIXTY DAYS FOLLOWING THE EFFECTIVE DATE OF THIS SUBDIVI- SION, THEN THE ABATEMENT FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE FOR SUCH CONDOMINIUM SHALL BE BASED ON THE INFORMA- TION CONTAINED IN THE APPLICATION SUBMITTED IN TWO THOUSAND ELEVEN, PROVIDED THAT NOTHING IN THIS PARAGRAPH SHALL AUTHORIZE OR REQUIRE THE COMMISSIONER OF FINANCE TO GRANT AN ABATEMENT WITH RESPECT TO A PROPERTY OR A DWELLING UNIT THAT IS NOT ELIGIBLE AS OF THE APPLICABLE TAXABLE STATUS DATE FOR THE FISCAL YEAR COMMENCING IN CALENDAR YEAR TWO THOUSAND TWELVE. S 7. Subdivision 8 of section 467-a of the real property tax law, as amended by chapter 453 of the laws of 2011, is amended to read as follows: 8. Except to the extent that the owner of a dwelling unit of a proper- ty situated in a city having a population of one million or more may request a redacted copy of any application or statements pertaining to such dwelling unit, as provided in subdivision four of this section, the information contained in applications or statements in connection there- with filed with the commissioner of finance pursuant to subdivision three, three-a, three-b [or], three-c, THREE-D OR THREE-E of this section shall not be subject to disclosure under article six of the public officers law. S 8. Section 11-604 of the administrative code of the city of New York is amended by adding a new subdivision 22 to read as follows: 22. CREDIT FOR S CORPORATIONS. (A) FOR EACH TAXABLE YEAR BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, IN THE CASE OF A CORPO- RATION THAT HAS MADE AN ELECTION UNDER SUBCHAPTER S OF CHAPTER ONE OF THE INTERNAL REVENUE CODE: (1) IF THE TAX COMPUTED UNDER SUBDIVISION ONE OF THIS SECTION IS MORE THAN TWENTY-FIVE DOLLARS BUT LESS THAN OR EQUAL TO ONE THOUSAND SIX HUNDRED DOLLARS, A CREDIT SHALL BE ALLOWED IN THE AMOUNT OF SUCH TAX LESS TWENTY-FIVE DOLLARS; AND (2) IF THE TAX COMPUTED UNDER SUBDIVISION ONE OF THIS SECTION IS TWEN- TY-FIVE DOLLARS, OR MORE THAN ONE THOUSAND SIX HUNDRED DOLLARS, NO CRED- IT SHALL BE ALLOWED. (B) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBCHAPTER TO THE CONTRARY, THE CREDIT ALLOWABLE UNDER THIS SUBDIVISION SHALL BE TAKEN PRIOR TO ANY OTHER CREDIT ALLOWED BY THIS SECTION. S 9. Paragraph 2 of subdivision h of section 11-704 of the administra- tive code of the city of New York, as amended by local law number 63 of the city of New York for the year 1997, is amended to read as follows: (2) In the case of any taxable premises located in the borough of Manhattan south of the center line of ninety-sixth street, the base rent for such premises shall be reduced by (i) fifteen percent for the period beginning March first, nineteen hundred ninety-six and ending May thir- ty-first, nineteen hundred ninety-six, (ii) twenty-five percent for the period beginning June first, nineteen hundred ninety-six and ending August thirty-first, nineteen hundred ninety-eight, [and] (iii) thirty-
five percent for [periods] THE PERIOD beginning September first, nine- teen hundred ninety-eight AND ENDING MAY THIRTY-FIRST, TWO THOUSAND THIRTEEN, AND (IV) FORTY PERCENT FOR PERIODS BEGINNING JUNE FIRST, TWO THOUSAND THIRTEEN and thereafter, such reduction to be made after all other exemptions and deductions authorized by this chapter have been taken. S 10. Paragraph 6 of subdivision (a) of section 11-704.3 of the admin- istrative code of the city of New York, as amended by local law number 38 of the city of New York for the year 2001, is amended to read as follows: (6) For each tax year beginning on or after June first, two thousand one AND ENDING ON OR BEFORE MAY THIRTY-FIRST, TWO THOUSAND THIRTEEN, a credit shall be allowed against the tax imposed by this chapter as follows: a tenant whose base rent is at least two hundred [and] fifty thousand dollars but not more than three hundred thousand dollars shall be allowed a credit in an amount determined by multiplying three and nine-tenths percent of base rent by a fraction the numerator of which is three hundred thousand dollars minus the amount of base rent and the denominator of which is fifty thousand dollars. If the tenant's base rent is over three hundred thousand dollars, no credit shall be allowed under this paragraph. For purposes of this paragraph, 'base rent' shall be calculated without regard to any reduction in base rent allowed by paragraph two of subdivision h of section 11-704 of this chapter. S 11. Subdivision (a) of section 11-704.3 of the administrative code of the city of New York is amended by adding a new paragraph 7 to read as follows: (7) FOR EACH TAX YEAR BEGINNING ON OR AFTER JUNE FIRST, TWO THOUSAND THIRTEEN, A CREDIT SHALL BE ALLOWED AGAINST THE TAX IMPOSED BY THIS CHAPTER AS FOLLOWS: A TENANT WHOSE BASE RENT IS AT LEAST TWO HUNDRED FIFTY THOUSAND DOLLARS BUT NOT MORE THAN THREE HUNDRED THOUSAND DOLLARS SHALL BE ALLOWED A CREDIT IN AN AMOUNT DETERMINED BY MULTIPLYING THREE AND SIX-TENTHS PERCENT OF BASE RENT BY A FRACTION THE NUMERATOR OF WHICH IS THREE HUNDRED THOUSAND DOLLARS MINUS THE AMOUNT OF BASE RENT AND THE DENOMINATOR OF WHICH IS FIFTY THOUSAND DOLLARS. IF THE TENANT'S BASE RENT IS OVER THREE HUNDRED THOUSAND DOLLARS, NO CREDIT SHALL BE ALLOWED UNDER THIS PARAGRAPH. FOR PURPOSES OF THIS PARAGRAPH, 'BASE RENT' SHALL BE CALCULATED WITHOUT REGARD TO ANY REDUCTION IN BASE RENT ALLOWED BY PARAGRAPH TWO OF SUBDIVISION H OF SECTION 11-704 OF THIS CHAPTER. S 12. This act shall take effect immediately.

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