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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to energy and telecommunications
- Referred to energy and telecommunications
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to allowing certain tax exemptions within the central Buffalo housing district
Purpose of bill
To provide a tax exemption for property owner's, who invest in building or improving their residential or business property, within the Central Buffalo Housing District.
Summary of provisions
Section 1 Subdivision (a) of section 1115 of the tax law is amended by adding a new paragraph 15-a to read as follows:
15-a Tax exemption for certain residential properties within the Buffalo development zone.
Section 2. Effective date.
Justification
This bill would add another tax incentive for property owners who invest in the improvements of their properties within the Central Buffalo Housing District. This zone is primarily made up of neighborhoods that are experiencing difficult socio-economic conditions. This bill would be another step in the stabilization and revitalization of the City of Buffalo. The majority of residential housing incentives focus on lower income, this incentive would provide an opportunity to middle/upper income residents to invest in residential property, and thus increase the much needed tax base.of the City of Buffalo.
Prior legislative history
S.7759, 2002-2003; A.7349, 2003/2004
Fiscal implications for state and local government
To be determined.
Effective date
On the same date as a chapter of the laws of 2009.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.