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Sponsors
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History
- Referred to housing, construction and community development
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5764
Title of bill
An act to amend the real property tax law, in relation to the exemption of new multiple dwellings from local taxation; and to repeal certain provisions of such law relating thereto
Summary of provisions
This legislation will restore the parameters of the 421-a real property tax program to pre-2007/08 changes
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 421-a benefits are available for up to 25 years depending upon the location of the multiple dwelling. It provides a period of full exemption followed by a phase-out to full taxation.
As a result of changes to the 421-a program in 2007/08 applications for participation have dropped significantly, which has had an adverse economic impact in New York City. The continued 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 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 proposed legislation would ensure that the 421-a program continues to fulfill this mission
Prior legislative history
New Legislation.
Fiscal implications for state and local governments
To be determined.
Effective date
This bill takes effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.