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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, in relation to tax exemption for limited-profit housing companies
Purpose/summary of provisions
This bill would amend subdivision 1 of section 33 of the Private Housing Finance Law to change the definition of shelter rent to exclude payment of shelter rent taxes.
Justification
This bill would alleviate an inequitable system of taxation now imposed on the Mitchell-Lama cooperators. The present practice of including shelter rent tax in the base on which further increases in shelter rent are calculated represents an administrative excess on the part of the City of New York. This results in a tax being imposed on a tax, in violation of sound fiscal policy.
Existing law
None.
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.