What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
10 Co-sponsors
History
- Referred to real property taxation
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10810
Title of bill
An act to amend the real property tax law, in relation to the empire zone exemption
Purpose of the bill
To extend the local option property tax exemption allowed under § 485-e of the Real Property Tax Law until December 31, 2010.
Summary of specific provisions
§ 1- Amends subparagraphs 1, 2 and 3 of paragraph (b) of subdivision 2 of § 485-e of the real Property Tax Law to extend the tax exemption permitted under such section until December 31, 2010.
§ 2- Effective date.
JUSTIFICATION:- The tax exemption permitted under § 485-e of the Real Property Tax Law is a local option and does not affect State funds but is an economic development and job creation incentive that has been available under New York State's Empire Zone program. Unfortunately, the sunset of the Empire Zones program on June 30, 2010 has caused some municipalities to not accept the application for such tax, exemption beyond the taxable status date of 2009, therefore not allowing develop- ers and others, who have invested in projects located in Empire Zones because they believed they had a guarantee of incentives under the program, to benefit from this incentive, often in the middle of an ongo- ing project, even though the Empire Zone program does not sunset until June 30, 2010. The extension of the tax exemption under § 485-e of the Real Property Tax Law would preserve, until December 31, 2010, at least one of these incentives, so companies could receive the tax exemption allowed for the current year.
Prior legislative history
New bill.
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.