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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A8324A
- Advanced to third reading
- 2nd report cal.
- 1st report cal.885
- Print number 5991a
- Amend and recommit to local government
- Referred to local government
- Referred to rules
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 a residential investment exemption in certain cities
Signed by Governor · Sponsor William Magee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5991A
Title of bill
An act to amend the real property tax law, in relation to a residential investment exemption in certain cities
Purpose
The measure is intended to authorize the Oneonta City Common Council, at local option, to provide tax exemptions to those investing in the city's housing stock.
Summary of provisions
The bill adds a new section of law, § 485-q, to the Real Property Tax Law to authorize cities with more than 13,500 inhabitants but less than 14,000 inhabitants to grant real property tax exemptions for the construction of residential real property.
Existing law
Current law includes no provision allowing cities with more than 13,500 inhabitants but less than 14,000 inhabitants to offer this type of exemption.
Justification
Cities with more than 13,500 inhabitants but less than 14,000 inhabitants are currently barred from offering various tax breaks to property owners who invest in the construction of residential real property's, as is available to other municipalities under § 485-h, 485-i, § 485-j § 485-k § 485-1, and § 485-m of the Real Property Tax Law. The Oneonta City Common Council has requested the authority, by resolution, to offer such tax exemption within their municipal limits subject to approval of a local law. Approval of the legislation gives cities of a certain size a tool to help provide, preserve and improve the quality of residential housing for their residents.
Legislative history
New bill.
Fiscal implications
None to the State
Effective date
Immediately. The city will be required to enact its own local law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.