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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Substituted by A5900A
- Amended on third reading 3843a
- Vote reconsidered - restored to third reading
- Returned to senate
- Recalled from assembly
- Referred to housing
- Delivered to assembly
- Passed senateVote 62–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.176
- Referred to housing, construction and community development
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.
Makes a technical correction to the additional real property tax exemption for certain redevelopment company projects
Signed by Governor · Sponsor Keith L.T. Wright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3843A REVISED MEMO 06/13/13
Title of bill
An act to amend the private housing finance law, in relation to making technical corrections to the additional real property tax exemption for certain redevelopment company projects
Purpose
The purpose of this bill is to alter the calculation for the maximum taxes that could be assessed to redevelopment companies that have their tax exemption period extended by a local legislative body.
Summary of provisions
This bill would set the amount of taxes paid by a redevelopment company during such additional tax exemption period. The taxes would not be less than the taxes payable by such company in accordance with the resolution for such redevelopment company that was approved by the local legislative body and that was in effect immediately prior to the expiration of the initial tax exemption period, or if there is no such resolution the taxes payable by such company in accordance with the exemption authorized pursuant to Article -V of the Private Housing Finance Law.
Justification
This bill would allow for a more favorable calculation of taxes for certain redevelopment companies that have their tax exemptions extended by the local legislative body so that they continue to pay taxes at the same rate they have done over the life of the project. The local legislative body could still assess additional taxes if they felt it was necessary. This will help redevelopment companies to continue to remain financially viable so that they can continue to provide housing to low and moderate-income families.
Legislative history
New Legislation.
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.