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History
- Referred to local government
- Referred to local government
Companion bill
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Application for exemption from real property taxes from Foundation for Sephardic Studies Inc.
In Assembly Committee · Real Property Taxation · Sponsor Steven Cymbrowitz
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4813
Title of bill
An act to authorize Foundation for Sephardic Studies Inc. to file an application for exemption from real property taxes for certain assessment rolls
Purpose or general idea of bill
This bill permits the City of New York to accept late applications for certain real property tax exemptions for the 2003 through 2008 assessment" rolls, and, if found eligible, to grant the exemptions and refund any excess Property taxes paid by the tax-exempt organization.
Summary of specific provisions
This bill would authorize the commissioner of the Department of Finance of the City of New York to accept from the Foundation for Sephardic Studies, Inc. an application for exemption from real property taxes pursuant to § 420-a of the Real Property Tax Law. If satisfied that the Foundation for Sephardic Studies, Inc. would otherwise have been entitled to said exemption, the Commissioner of the Department of Finance, upon approval by the City Council of New York City, may grant exemption from all taxation with respect to the subject tax rolls and cancel taxes, fines, Penalties and interest remaining unpaid, and make appropriate correction of the subject assessment rolls.
Justification
The Foundation for Sephardic Studies,Inc., a not-for-profit corporation, acquired title to a property in the City of New York, borough of Brooklyn, that would otherwise be entitled to a tax exemption if such corporation had acquired the property on or before the taxable status date and filed the appropriate paperwork.
It is intended by this bill to undo the hardships that will be suffered if the organization is required to pay the property taxes due as described above.
Prior legislative history
New
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.