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Sponsors
Senator · Senate District 57
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History
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7737
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 certain 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 certain 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 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 in areas most suited to development to ensure future and further economic development. This legislation 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. In order to participate in the program, developers would have to provide on-site affordable housing or otherwise meet the requirements of the New York City Department of Housing Preservation and Development for the construction of affordable housing.
The bill also makes technical changes to remove unnecessary language which was added as the result of the 2011 extension of 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.