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S5900Senate2011-2012 Session

Grants a local real property tax exemption to certain multiple dwellings for which construction commenced on or after October 1, 1993

Sponsor Catharine YoungSD-57Affects Housing
Status
In Senate Committee
Rules
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Rules

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Sponsors

Primary sponsor
Catharine Young

Senator · Senate District 57

Chair, Housing, Construction And Community Development

No co-sponsors yet.

History

  1. Recommitted to rules
  2. Ordered to third reading cal.1305
  3. Committee discharged and committed to rules
  4. Print number 5900c
  5. Amend and recommit to housing, construction and community development
  6. Print number 5900b
  7. Amend (t) and recommit to housing, construction and community development
  8. Print number 5900a
  9. Amend and recommit to housing, construction and community development
  10. Referred to housing, construction and community development
  11. Referred to rules

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S5900C

Title of bill

An act to amend the real property tax law, in relation to restoration of tax exemption benefits to high density zoning districts, tax exemption benefits for new multiple dwellings and an exemption for certain multiple dwellings

Purpose

This bill would correct an oversight in earlier local legislation and restore tax exemption benefits to high density( FAR 15) zoning districts thus permitting the development of more 80/20 projects. The bill also makes technical corrections to the filing requirements under Section 421-a to simplify the filing process.

Summary of provisions

Section 1. Extends 421-a tax exemption benefits to high density zoning districts. Section 2. Amends paragraph (i) of paragraph (a) of subdivision 2 of section 421-a of the real property law to simplify and improve filing requirements for 421-a applications. Section 3. Amends subparagraph (ii) of paragraph (a) of subdivision 2 of section 421-a of the real property tax law to remove superfluous qualifying language related to the filing of a 421-a real property tax exemption. Section 4. Amends subparagraph (iii) of paragraph (a) of subdivision 2 of section 421-a of the real property tax law to remove superfluous filing language.

Justification

This restoration would have an immediate beneficial impact on new housing production, job creation, city and state revenue. FAR 15 zoning districts have historically been part of the 421-a tax benefit program and once again need to be included to ensure much needed future and further development. The bill to extend the 421-a program to these high density zoning districts would once again stimulate the creation of much needed new affordable and market rate housing. The bill also makes technical changes to remove unnecessary language which was added as the result of last years amendments to the 421-a real property tax exemption program.

Legislative history

New Bill.

Effective date

This act shall take effect immediately, with certain conditions.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.