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S5597Senate2015-2016 Session

Eliminates the expiration of and makes permanent provisions of law establishing the property tax cap

Sponsor John J. FlanaganSD-2+6 co-sponsorsAffects Finance
Status
In Assembly Committee
Ways And Means
Impact
Pending
Passage
Pending

Bill progress

Step 5 of 7

In Assembly · Ways And Means

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Who cares

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Sponsors

Primary sponsor
John J. Flanagan

Senator · Senate District 2

Chair, Education

History

  1. Referred to ways and means
  2. Delivered to assembly
  3. Passed senateVote 50–12
  4. Ordered to third reading cal.1955
  5. Committee discharged and committed to rules
  6. Referred to local government
  7. Returned to senate
  8. Died in assembly
  9. Referred to ways and means
  10. Delivered to assembly
  11. Passed senateVote 47–13
  12. Ordered to third reading cal.857
Show 2 earlier actions
  1. Committee discharged and committed to rules
  2. Referred to local government

Full text

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

Sponsor's memo

BILL NUMBER:S5597

Title of bill

An act to amend chapter 97 of the laws of 2011, amending the general municipal law and the education law relating to establishing limits upon school district and local government tax levies, in relation to elimi- nating the expiration of and making permanent certain provisions thereof

Purpose

The legislation would make the municipal and school district tax caps permanent

Summary of provisions

Section 1 repeals provisions that would sunset the tax cap upon speci- fied legislative actions

Section 2 is the effective date.

Justification

The enactment of the property tax cap has been truly effective at gener- ating savings for property owners and businesses. Historically, skyrock- eting local property taxes had forced people to leave their homes and caused businesses and jobs to leave for other states.

Massachusetts has the longest history with an enacted property tax cap, after it earned national derision for its high tax burden, and the moniker "Taxachusetts". Twenty years after the passage of "Proposition 2 1/2" the residential property tax levy actually dropped 1.6%, adjusted for inflation. In the first three years in New York the property tax cap has saved $2.6 billion and is projected to save more than $11.4 billion over the first ten years of implementation.

Tax cap permanence is necessary to continue in the right direction for New York, and provide surety to New York's businesses and tax payers that New York's tax climate is one that they can trust to limit unwieldy and unnecessary tax growth.

Legislative history

New Bill.

Fiscal implications

None

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.