What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Substituted by A8323A
- Advanced to third reading
- 2nd report cal.
- 1st report cal.778
- Print number 5992a
- Amend and recommit to housing, construction and community development
- Referred to housing, construction and community development
- 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 exemption of capital improvements to multiple dwellings within 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:S5992A
Title of bill
An act to amend the real property tax law, in relation to exemption of capital improvements to multiple dwellings within 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, § 421-n, 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 to multiple dwelling buildings, reconstructed, altered, converted back to an owner occupied single family dwelling or any owner occupied multiple dwelling that is reduced to at most two units by such reconstruction.
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 tax breaks to property owners who convert multiple dwellings into single family residences or two unit residences, as is available to other municipalities under 421-h, § 421-i, § 421-j and § 421-k of the Real Property Tax Law. The Oneonta City Common Council has requested the authority, by resolution, to offer such tax exemptions 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 multiple 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.