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Who cares
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Sponsors
2 Co-sponsors
History
- Held for consideration in real property taxation
- Referred to real property taxation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes real property tax exemptions for certain construction and improvements to multiple dwellings in certain cities
In Senate Committee · Housing, Construction And Community Development · Sponsor Suzi Oppenheimer
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10596
Title of bill
An act to amend the real property tax law, in relation to exempting certain construction, reconstruction, alteration or improvement of multiple dwelling buildings within certain cities from taxation and other assessments
Purpose
This bill would create a new Section 421-1 of the real property tax law to authorize a partial exemption from real property taxes for a period of fifteen years for the construction of new residential multiple dwellings or rehabilitation of existing housing stock in the City of White Plains. The exemption would progress by stages, from complete exemption of taxes on the increased value of the land and improvements thereon, to full taxes by the.end of fifteen years. This legislation also provides that the exemption will not be granted unless an applicant agrees that all building service employees employed at the building will receive the applicable prevailing wage for the duration of the building's tax exemption.
Existing law
This legislation would authorize an exemption program. that is currently available only to cities with a census of one million or more residents to a neighboring small city.
Justification
This program would provide an incentive for the construction of new or the rehabilitation of existing residential multi- ple dwellings in White Plains, where twenty percent of the units are affordable to families of low and moderate income. Projects meeting this twenty percent criteria can receive a fifteen year exemption. This is known as the 80/20 program. The exemption lasts for the period of construction or for a period of three years immediately following the commencement of construction, whichever period occurs earlier, and then for fifteen years thereafter, with a phase out in benefits during years 11 - 15.
Small cities are constantly pursuing innovative ways to encourage growth and economic development. This legislation is essential to promoting new construction of affordable housing and will assist and sustain economic growth.
Prior legislative history
A9274A/S6794 of 2007-2008. A3170/S1085A of 2009 (Passed Assembly).
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.