Relates to giving the New York city department of taxation discretion to accept late filings

1 Co-sponsor

• Toby Ann Stavisky

BILL NUMBER:S5555

Title of bill

An act to amend the real property tax law, in relation to giving the New York city department of taxation discretion to accept late filings

Purpose

To provide the Department of Finance discretion in the time period required for department of finance to accept final applications for the Industrial and Commercial Abatement Program.

Summary of provisions

Section 1 amends subdivision (ii) of subparagraph (a) of paragraph (5) of amends 489-ccccccc of the real property tax law to provide Department of Finance with ability to accept late applications.

Section 2 sets forth the effective date.

Justification

Industrial and Commercial Abatement Program (ICAP) is a tax abatement in a city with more than one million persons. New York City has used this enabling statute to adopt a local law and has a successful ICAP abate- ment program. A complex formula credits businesses property tax bills during the years construction is done to improve their property. The purpose of this tax abatement was to incentivize businesses to expand. The program has been very popular and the program has met with success. There is however a small correction that will increase the number of businesses helped. Complaints have arisen that Department of Finance lacks the discretion in determining if an application is timely filed. At least 85 businesses complaining of denial for this tax abatement as a result of issues that were raised by city agencies that slowed down the process at no fault of the business seeking to obtain this abatement in exchange for expanding its business.

This legislation provides the Department of Finance with the discretion they need to ensure that the abatement program operates as intended.

Legislative history

This is a new bill.

Fiscal implications

None to the state.

Effective date

This bill shall take effect immediately.