Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to housing, construction and community development |
Jan 12, 2017 |
referred to housing, construction and community development |
Senate Bill S2198
2017-2018 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D) Senate District
2017-S2198 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A1359
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Amd §489, RPT L; amd §11-243, NYC Ad Cd
- Versions Introduced in 2015-2016 Legislative Session:
-
S5807, A10252
2017-S2198 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2198 TITLE OF BILL : An act to amend the administrative code of the city of New York and the real property tax law, in relation to increasing the average assessed value threshold SUMMARY OF PROVISIONS : Section 1 amends subparagraph subparagraph (ii) of paragraph 3 of subdivision d of section 11-243 of the administrative code of the city of New York, by increasing the co-op and condominiums average assessed value eligibility threshold for J-51 benefits from $30,000 to $50,000. Sections 2 and 3 amend the opening paragraph of paragraph (a) of subdivision 1 and the closing paragraph of subparagraph 6 of paragraph (a) of subdivision 1 of section 489 of the real property tax law to provide for a 5-year extension of the J-51 benefits program. Section 4 provides for an immediate effective date. JUSTIFICATION : As stated by the New York City Department of Finance, the J-51 benefit program is a tax incentive for the renovation of multiple unit
2017-S2198 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2198 2017-2018 Regular Sessions I N S E N A T E January 12, 2017 ___________ Introduced by Sens. AVELLA, KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the administrative code of the city of New York and the real property tax law, in relation to increasing the average assessed value threshold THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (ii) of paragraph 3 of subdivision d of section 11-243 of the administrative code of the city of New York, as amended by local law number 49 of the city of New York for the year 1993, is amended to read as follows: (ii) is owned as a condominium and is occupied as the residence or home of three or more families living independently of each other; provided, however, that, in addition to all other conditions of eligi- bility for the benefits of this section, except for multiple dwellings in which units have been newly created by substantial rehabilitation of vacant buildings or conversions of non-residential buildings, the avail- ability of benefits under this section for such multiple dwellings, buildings or structures shall be conditioned on the following: (a) alterations or improvements to at least one building-wide system are part of the application for benefits, and (b) (i) the assessed valuation of such multiple dwelling, building, or structure, including land, shall not exceed an average of [thirty] FIFTY thousand dollars per dwelling unit at the time of the commencement of the alterations or improvements, and (ii) during the three years immediately preceding the commencement of the alterations or improvements the average per room sale price of the dwelling units or the stock allocated to such dwelling units shall have been no greater than thirty-five percent of the maximum mortgage amount for a single family home eligible for purchase by the Federal National Mortgage Association; provided that if less than ten percent of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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