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History
- Signed chap.200
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.307
- Substituted for A7061A
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 62–0
- Amended on third reading (t) 4546a
- Advanced to third reading
- 2nd report cal.
Show 2 earlier actions
- 1st report cal.777
- 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 provisions relating to the issuance of land installment purchase obligations
Assembly Floor Calendar · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4546A
Title of bill
An act to amend chapter 626 of the laws of 1996, amending the local finance law, relating to the issuance of land installment purchase obligations, in relation to extending the provisions thereof
Purpose
This bill will extend the ability of local governments to purchase interests or rights in land through the use of land installment purchase obligations from July 1, 2011 to July 31, 2021. This technique is especially useful to local governments in New York State attempting to preserve significant open space and agricultural resources.
Summary of provisions
Section 3 of Chapter 626 of the Laws of 1996, amending the Local Finance Law, relating to the issuance of land installment purchase obligations, as amended by Chapter 456 of the Laws of 2000, is amended to extend the ability of local governments to purchase interests or rights in land for the use of land installment purchase obligations for an additional 10 years.
Existing law
Chapter 626 of the Laws of 1996 is currently set to expire on July 31, 2011.
Justification
Many local governments in New York State have had a long standing interest in, and involvement with, developing and implementing strategies designed to protect important agricultural, open space, scenic and cultural resources. The ability to issue land installment purchase obligations provides local governments with a cost effective means to purchase lands for the purpose of open space conservation. Additionally, land installment purchase obligations give municipalities a method to offer sellers payments that will avoid certain taxes, especially burdensome capital gains taxes.
Since the inception of this process, a number of towns across the state have elected to issue land installment purchase obligations in order to preserve significant open space and agricultural resources. Its proven success justifies extending the current sunset date of Chapter 626 of the Laws of 1996 from July 31, 2011 to July 31, 2021. This will ensure that local governments continue to have an effective toolin protecting important natural resources for an additional 10 years.
Legislative history
2011: New bill.
Fiscal implications
None.
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.