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History
- Substituted by A7936
- Vote reconsidered - restored to third reading
- Passed senateVote 59–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.635
- Referred to cities
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 tax abatement for certain industrial and commercial properties in N.Y. city
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5088
Title of bill
An act to amend the real property tax law and the administrative code of the city of New York, in relation to tax abatement for certain industrial and commercial properties in a city with a population of one million or more
Summary of provisions
This bill would amend provisions of the Industrial and Commercial Abatement Program. Section 1 would make a technical change to the membership of the temporary commercial incentive area boundary commission ("commission"): instead of naming, by title, a particular New York City Deputy Mayor to serve on the commission, the bill would authorize the Mayor of the City of New York to designate a Deputy Mayor to serve on the commission. Section 3 of the bill makes a corresponding change to the parallel provision of the Administrative Code of the City of New York.
Section 2 would authorize the commission to meet in 2015 to determine the boundaries of special commercial abatement areas. If the commission does not meet in 2015, all new applications for special commercial abatement area benefits postmarked after December 31, 2015 would be deemed applications for regular area benefits. Additionally, if the local legislative body does not approve new special commercial abatement areas, as designated by the commission, before January 1, 2016, then the special commercial abatement areas in effect as of June 30, 2008 would remain in effect only until December 31, 2015. Section 4 of the bill makes a corresponding change to the parallel provision of the Administrative Code of the City of New York.
Reasons for support
This bill would extend the time for the commission to meet to determine the boundaries of special commercial abatement areas by requiring the commission to meet in 2015. Applications for special commercial abatement area benefits postmarked before January 1, 2016 would be treated as such. If new special commercial abatement areas are not approved in 2015, then applications for special commercial abatement area benefits postmarked after December 31, 2015 would be deemed applications for regular area benefits.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.