Exempts the costs associated with the construction of community college capital facilities from the real property tax levy limit for local governments

1 Co-sponsor

• Betty Little

BILL NUMBER:S5404

Title of bill

An act to amend the general municipal law, in relation to exempting the costs associated with the construction of community college capital facilities from the real property tax levy limit for local governments

Purpose

To exempt the local county share of community college capital project funding from the real property tax levy limit.

Summary of provisions

Section 1. Amends the tax law to add a new subparagraph (v) to exempt expenditures related to the financing, refinancing, construction, reconstruction, renovation, acquisition, design, rehabilitation, improvement, furnishing, equipping or alteration of community college capital facilities from the real property tax levy limit.

Section 2. Sets for the effective date.

Justification

This bill will authorize counties to contribute their local sponsors' share of community college capital funding without having to include that amount within the 2% real property tax levy limit. Therefore, this bill will help facilitate capital construction projects on community college campuses because counties will be more willing to fund the local sponsors' share necessary to obtain state funds for such projects.

LEGISLATIVE HISTORY:. New bill.

Fiscal implications

The fiscal impact is dependent on the number of community college projects approved by the local sponsor and the state

Effective date

The act shall take effect immediately; provided, however, that the amendments to section 3-c of the general municipal law made by section one of this act shall not affect the repeal of such section and shall be deemed repealed.