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Who cares
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Sponsors
3 Co-sponsors
History
- Referred to housing, construction and community development
- Print number 1085a
- Amend and recommit to housing, construction and community development
- Referred to housing, construction and community development
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 Assembly Committee · Real Property Taxation · Sponsor Robert Castelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
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 or general idea of the bill
This bill would create a new Section 421-1 of the Real Property Tax Law to authorize partial exemption from real property taxes for a period of fifteen years for the construction of new residential multiple dwelling or rehabilitation of existing housing stock in the City of White Plains. The exemption would progress by stages, from complete exemption of tax on the increased value of the land and improvements thereon, to full taxes by the end of fifteen years.
Existing law
This legislation would authorize an exemption program that is currently available only to cities with a census of one million or more resident to a neighboring small city.
Justification
This program would provide an incentive for the construction of new, or rehabilitation of existing residential multiple dwellings in White Plains, where twenty percent of the units be 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 full exemption lasts for the period of construction, or a period of three years immediately following commencement of construction, whichever period expires sooner, and for fifteen years thereafter, with a phase out in benefits from years 11-15.
Small cities are constantly pursuing innovative ways to encourage grow and economic development. This legislation is essential to promoting new construction of affordable housing, and will assist and sustain economic growth.
Legislative history
A.9274A/S.6794 of 2007-2008
Fiscal implications
: None to the State.
Effective date
: Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.