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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A6319
- Advanced to third reading
- 2nd report cal.
- 1st report cal.986
- Referred to local government
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.
Extends tax benefits for the rehabilitation of single room occupancy housing (SROs)
Signed by Governor · Sponsor Guillermo Linares
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3896
Title of bill
An act to amend the real property tax law, in relation to rehabilitation of certain multiple dwellings used for single room occupancy
Summary of provisions
Amends section 488-a of the real property tax law to extend the date by which not-for-profit and for-profit owners rehabilitating single room occupancy housing (SROs) are eligible to receive tax benefits.
Existing law
Currently, any increase in assessed valuation as a result of eligible improvements to the SROs receives a tax exemption provided that the improvements are commenced prior to December 21, 2011 and are completed within 36 months of commencement. This amendment extends the sunset date for eligibility for tax benefits from December 31, 2011 to December 31, 2015.
Justification
This legislation would permit owners of SRO housing to continue to be eligible to receive tax benefits for rehabilitating this important resource. Eligible improvements include boiler replacement, rewiring, replacement or upgrading of plumbing systems and other specified kinds of substantial rehabilitation of the buildings. This bill places SROs on par with benefits allowed other Class A multiple dwellings, ensuring that they will continue to be a resource for providing permanent housing for individuals of low income.
Prior legislative history
New Legislation.
Fiscal implications
None to the state.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.