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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to local government
- Referred to local government
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 changes in taxation of forest land
In Assembly Committee · Real Property Taxation · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5096
Title of bill
An act in relation to changes in taxation of forest land
Purpose
This bill would allow properties currently receiving a 480-a tax exemption to continue in the program as it currently exists notwithstanding any future amendments to section 480-a of the real property tax law
Summary of provisions
Section 1 states that any amendments to section 480-a of the real property tax law initiated by the Department of Environmental Conservation shall only apply to applications made on or after the effective date of this act.
Section 2 sets the effective date.
Justification
The New York State Department of Environmental Conservation is currently in discussions to amend the 480-a forest land property tax exemption. Many commercial and residential properties have been in the existing program for decades with the understanding that the exemption agreement with the State can be renewed every ten years. However, the proposed changes would require many participants to either leave the program or take a smaller exemption with different land management requirements with significant additional expenses. This legislation would ensure that current recipients can continue to receive their existing exemption.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.