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History
- Referred to local government
- Referred to local government
Companion bill
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Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to certain high density area in Kings county
In Assembly Committee · Real Property Taxation · Sponsor Diana Richardson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2730
Title of bill
An act to establish a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county; and providing for the repeal of such provisions upon expiration thereof
Purpose or general idea of bill
This bill establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to certain high density areas in Kings county.
Summary of provisions
Section 1 establishes a demonstration program to extend the provisions of the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential areas in certain high density, underutilized M-1 zoned properties in Kings county.
Justification
The J-51 benefit program is a tax incentive for the renovation of multiple unit residential buildings in New York City. It was created in to give incent to owners of rent-regulated buildings to make improvements to their buildings. Through the program, owners are able to recover approximately 75% of the costs of the improvements and with a building receiving J-51 funds, it is not allowed to decontrol rent.
The J-51 tax incentive program has been a driving force in the rehabilitation of older residential buildings for years. But its reach must be extended. There are many underutilized properties in Brooklyn that have yet to receive the benefits of J-51. This bill adapts to a new modality of an entrepreneurial millennial workforce who will need to live and work within the same space given the low to non-existent vacancy rate of affordable housing. This modification to the program, will continue to make J-51 one of the most successful housing rehabilitation programs in New York City history.
Prior legislative history
None. This is a new bill.
Fiscal implications
Minimal.
Effective date
This act shall take effect immediately and shall expire and be deemed repealed in five years after such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.