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History
- Referred to cities
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.
Authorizes the city of New York to implement provisions related to the Foundation for Sephardic Studies, Inc.
Signed by Governor · Sponsor Steven Cymbrowitz
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5050
Title of bill
An act to authorize the city of New York to implement provisions related to the Foundation for Sephardic Studies, Inc.
Purpose
This bill authorizes the City of New York take measures to prevent the sale and/or foreclosure of tax liens on a property owned by Foundation for Sephardic Studies, Inc
Summary of specific provisions
This bill would authorize the City of New York to implement the provisions of the act, so to prevent the sale and or foreclosure of tax liens on a property owned by Foundation for Sephardic Studies, Inc The 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. The tax liens against the property are scheduled to be sold to a third party in the near future. 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 bill.
Fiscal implications
None to State.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.