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History
- Substituted by A6658
- Ordered to third reading cal.395
- Committee discharged and committed to rules
- 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.
Relates to partial tax abatements for certain residential real property
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:S4600
Title of bill
An act to amend the real property tax law, in relation to partial tax abatements for certain property
Summary of provisions
Section one of the bill amends subdivision 2 of section 467-a of the Real Property Tax Law to provide that a tax abatement may be granted to a dwelling unit in a property held in a cooperative or condominium form of ownership where the unit in question is held in trust solely for the benefit of a person or persons who would otherwise be eligible to receive a tax abatement, were such person or persons the legal owner of the unit.
Section two of the bill amends paragraph (f) of subdivision 2 of section 467-a of the Real Property Tax Law to provide that a property will not be prohibited from receiving an abatement pursuant to section 467-a if the property, or certain dwelling units therein, are receiving benefits pursuant to sections 425 (School Tax Relief exemption (STAR)) or 459-c (persons with disabilities and limited incomes exemption) of the Real Property Tax Law.
Reasons for support
Currently, a dwelling unit will lose its eligibility for a tax abatement pursuant to section 467-a if the owner transfers the property into a trust. This bill would make it clear that the abatements provided in section 467-a of the Real Property Tax Law extend to a property held in trust solely for the benefit of a person who would otherwise meet the eligibility requirements set forth in section 467-a, were such person the legal owner of the unit.
This bill would also make it clear that receipt of benefits under Real Property Tax Law sections 425 or 459-c would not make one ineligible for benefits under the co-op/condo real property tax abatement program.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.