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Sponsors
2 Co-sponsors
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Exempts new multiple dwellings from local taxation
In Assembly Committee · Real Property Taxation · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2894
Title of bill
An act to amend the real property tax law, in relation to exemptions of new multiple dwellings from local taxation
Purpose or general idea of bill
The purpose of this legislation is to extend the effectiveness of 421-a tax benefits for buildings whose construction commences prior to June 15, 2011.
Summary of specific provisions
This bill would make available the benefits of the 421-a program in the borough of Manhattan for new multiple dwellings on tax lots now existing or hereafter created south of or adjacent to either side of one hundred tenth street which commence construction after July 1, 1992 and before June 15, 2011, only if construction is commenced after January 1, 1975, and before June 15, 2011, provided that such commencement period shall not apply to multiple dwellings eligible for benefits under this subdivision.
Justification
Section 421-a of the Real Property Tax Law has provided tax benefits for construction of new residential buildings in the City of New York since 1971. Section 421a benefits are available for up to 25 years depending upon the location of the multiple dwelling and the inclusion of affordable housing units. The law provides a period of full exemption followed by a phase-out to full taxation. The 421-a program has been primarily responsible for encouraging the construction of new housing in New York City since 1971. Since 1985, the 421-a program has also been responsible for generating affordable units both in Manhattan and in the outer boroughs. The continuing shortage of affordable housing in the City of New York necessitates the extension of this essential tax exemption program that serves as an incentive for the development of new housing. The proposed legislation would ensure that the 421-a program continued to fulfill this mission by extending the program.
Prior legislative history
None.
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall be deemed to have been in full force and effect on and after December 28, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.