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Sponsors
1 Co-sponsor
History
- Print number 3846a
- Amend and recommit to local government
- Referred to local government
- Referred to local government
Full text
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Sponsor's memo
BILL NUMBER:S3846A
Title of bill
An act to amend the real property tax law, in relation to creating tax abatements for certain commercial properties located within the Second Avenue subway project
Purpose of the bill
Offers a property tax abatement to eligible property owners impacted by the MTA Second Avenue Subway project if they are able to sign or renegotiate a reduced lease to current or prospective small business commercial tenants.
Summary of specific provisions
The real property law is amended to add a new title 3-A.
§ 497 - Defines "abatement base," "abatement zone," aggregate floor area," "applicant," benefit period," "billable assessed value," "department of finance," "eligible building," "eligibility period," eligible premises," fiscal year," "governmental agency," "landlord," lease commencement date," mixed-use building," "person," "rent commencement date," "tax liability," "tax liability per square foot," "tenant," "tenant's percentage share," and "renewal tenant" for the purposes of this title.
§497-b - Outlines the eligibility requirements to qualify for the tax abatement.
§ 497-a - Describes the procedures for calculation of the tax abatement.
§ 497-c - Procedure for filing an application for the tax abatement.
§ 497-d - Allows the local department of finance to administer the tax abatement and enforce the provisions of this title.
§ 497-e - Establishes reporting requirements for the applicant during the benefit period and details conditions dictating the revocation of the benefit.
§ 497-f - Describes the calculation of tax liens, interest, and penalties pursuant to this title.
§ 497-g - Establishes the rights of the applicant with respect to confidentiality in regards to information submitted.
Justification
The log awaited second Avenue subway will bring great benefits to the East Side of Manhattan as well as the entire Metropolitan area in the long run, both in terms of local and regional economic stimulus and
in easing mass transportation crowding. But during the extended construction, which will last well over two and a half decades, residents, businesses, and property owners within the affected area will suffer.
These New Yorkers are making a sacrifice for the betterment of the rest of the East Side and the entire region, and it is important that New York State extend a helping hand. Due to the increased costs of the project, the MTA recently announced that the first stage of the Second Avenue Subway - from 96th Street to 63rd be completed until 2015. This extended timeline makes the hardships of these business owners even more pronounced. Construction projects of a similar magnitude have left a wake of devastation which the East Side of Manhattan cannot afford.
Prior legislative history
S.8227 of 2008 S.1393 of 2009/2010 S.3846 of 2011/2012
Fiscal implications
Unknown.
Effective date
This act shall take effect immediately, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.