Bill S7606-2013

Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to certain high density area in Kings county

Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county.

Details

Actions

  • May 15, 2014: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S7606

TITLE OF BILL: An act to establish a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county; and providing for the repeal of such provisions upon expiration thereof

PURPOSE OR GENERAL IDEA OF BILL: This bill establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to certain high density areas in Kings county.

SUMMARY OF PROVISIONS:

Section 1 establishes a demonstration program to extend the provisions of the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential areas in certain high density, underutilized M-1 zoned properties in Kings county.

JUSTIFICATION: The J-51 benefit program is a tax incentive for the renovation of multiple unit residential buildings in New York City. It was created in to give incent to owners of rent-regulated buildings to make improvements to their buildings. Through the program, owners are able to recover approximately 75% of the costs of the improvements and with a building receiving J-51 funds, it is not allowed to decontrol rent.

The J-51 tax incentive program has been a driving force in the rehabilitation of older residential buildings for years. But its reach must be extended. There are many underutilized properties in Brooklyn that have yet to receive the benefits of J-51. This bill adapts to a new modality of an entrepreneurial millennial workforce who will need to live and work within the same space given the low to non-existent vacancy rate of affordable housing. This modification to the program, will continue to make J-51 one of the most successful housing rehabilitation programs in New York City history.

PRIOR LEGISLATIVE HISTORY: None. This is a new bill.

FISCAL IMPLICATIONS: Minimal.

EFFECTIVE DATE: This act shall take effect immediately and shall expire and be deemed repealed in five years after such effective date.


Text

STATE OF NEW YORK ________________________________________________________________________ 7606 IN SENATE May 15, 2014 ___________
Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to establish a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manu- facturing space to co-located work space and residential units in certain high density areas in Kings county; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. There is hereby established a demonstration program to extend the provisions of the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density, underutilized M-1 zoned properties in Kings county. For purposes of this section, J-51 is a property tax exemption and abatement for renovating a residential apartment building in certain counties of the city of New York. Such credit varies depending on the building's location and the type of improvements and shall be extended to the county of Kings. S 2. This act shall take effect immediately and shall expire and be deemed repealed five years after such effective date.

Comments

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 link 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 verify you are over 13.

Discuss!

blog comments powered by Disqus