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Sponsors
No co-sponsors yet.
History
- Referred to local government
- Referred to local government
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 school tax relief exemption to certain business property
Purpose
This bill extends the benefits of the STAR program to include independent unincorporated businesses with less than one hundred employees. It would allow owners of such real property to claim an annual exemption equal to the applicable percentage of the assessed value.
Summary of provisions
Section 1: Amends Section 425(3) of the Real Property Tax Law to establish a STAR exemption for owners of real property used for commercial or industrial purposes. The exemption would equal the applicable percentage of assessed value, which is fifteen percent when the assessed value is two hundred thousand or less and ten percent when such value is over two hundred thousand. To qualify for the above exemption, the property must be owned by the owner of an unincorporated business, on average employ less than one hundred employees within the state, and must be independently owned and operated. Such exemption shall apply for one year and must be renewed by application to the assessor on or before the applicable taxable status date.
Section 2. States the effective date.
Existing law
Subdivision 3 of section 425 of the real property tax law is amended by adding a new paragraph (e).
Justification
This bill would provide small businesses with school property tax relief in an effort to reduce the property tax burden on New York business to encourage job creation and business location in New York. If enacted, this legislation would help make New York a more attractive business environment. Over time, such legislation would assist in the retention of current New York State based businesses, as well as attract new businesses to the state.
Legislative history
2005-2006: S.2421 - Local Gov't; 2007-2008 - Local Gov't
Fiscal implications
To be determined.
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.