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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 real property tax law, in relation to extending the deadline for exemptions for certain private dwellings
Purpose
This legislation extends for an additional year the ability to complete construction of a residence where construction was previously commenced to take advantage of the 421-b tax incentive program.
Summary of provisions
This bill amends the real property tax law to extend the date for completion of a residence until July 1, 2010 to be subject to the tax benefits under the 421-b program which sunsets on July 1, 2009.
Justification
The 421-b tax incentive program currently applies to residences which commenced construction before July 1, 2006 and were completed by July 1, 2008. This program was not extended so its application has ceased with the exception of unfinished units which must obtain a certificate of occupancy by July 1, 2008. This program provides a tax year graduated phase-in of taxes on new home construction or substantial rehabilitation of a one-or two-family home. The downturn in the housing market coupled with the difficulty involved in obtaining construction financing has prevention some builders from completing projects which were commenced in compliance with the 421-b program but because of market circumstances are not able to complete the construction under the current limitation. This bill would simply extend the time to complete construction to quality for 421-b. This additional timeframe will enable those completed projects to finish.
Legislative history
New bill.
Fiscal implications
None to state, minimal to NYC because it is a continuation of the program.
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.