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S2450Senate2015-2016 Session

Concerns primary residences owned by limited liability companies that are occupied by veterans

Sponsor Hugh T. FarleySD-49Affects Local Government
Status
In Senate Committee
Veterans, Homeland Security And Military Affairs
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Veterans, Homeland Security And Military Affairs

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Sponsors

Primary sponsor
Hugh T. Farley

Senator · Senate District 49

No co-sponsors yet.

History

  1. Referred to veterans, homeland security and military affairs
  2. Returned to senate
  3. Died in assembly
  4. Referred to veterans' affairs
  5. Delivered to assembly
  6. Passed senateVote 58–3
  7. Advanced to third reading
  8. 2nd report cal.
  9. 1st report cal.118
  10. Referred to veterans, homeland security and military affairs

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S2450

Title of bill

An act to amend the real property tax law, in relation to veteran occupied primary residences owned by a limited liability company

Purpose

To allow an otherwise qualified veteran to receive the eligible funds exemption or the alternative veterans property tax exemption on his or her primary residence if the residence is owned by a limited liability company (LLC) which is owned by the veteran.

Summary of provisions

Section 1 amends subdivision 7-a of Section 458 of the Real Property Tax Law, which provides for the eligible funds exemption, to allow its application to property owned by a LLC if the LLC is owned by the person to whom the exemption would be granted had the person owned the property.

Section 2 amends paragraph (c) of subdivision 1 of section 458-a of the Real Property Tax Law, which provides for the alternative funds exemption, to include LLC's in the definition of qualified owners able to receive the exemption.

Existing law

Real property owned by a LLC is not eligible for an eligible funds or alternative veterans exemption. (See Office of Real Property Tax Services, Opinions of Counsel, Volume 10: Opinions of Counsel SBRPS No. 97.)

Justification

New York State authorizes partial real property tax exemptions to certain veterans on their primary residences in recognition of their special service to our state and country. It is unfair to deny this benefit to an otherwise qualified veteran simply because he or she has chosen to structure the ownership of his or her primary residence through a LLC.

Under interpretation of current law, when a veteran who is otherwise entitled to a veteran's exemption owns his or her primary residence as part of a LLC, the veteran is not eligible to receive the partial real property tax exemption.

The nature of the ownership of the primary residence should not disqualify a veteran from receiving the partial property tax exemption to which he or she would be otherwise entitled.

This legislation eliminates this inequity.

Legislative history

S.6348 of 2014.

Fiscal implications

None to the State.

Local fiscal implications

Minimal.

Effective date

Immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.