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Who cares
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Sponsors
3 Co-sponsors
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
BILL NUMBER:S1890
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
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.
Summary of provisions
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 80120 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
01/26/09 REFERRED TO HOUSING, CONSTRUCTION & COMMUNITY DEVELOPMENT 05/19/09 AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION & COMMUNITY DEVELOPMENT 01/06/10 REFERRED TO HOUSING, CONSTRUCTION & COMMUNITY DEVELOPMENT
Fiscal implications
None to the State.
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.