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Sponsors
1 Co-sponsor
History
- Referred to real property taxation
- Delivered to assembly
- Passed senateVote 61–0
- Ordered to third reading cal.1258
- Committee discharged and committed to rules
- Referred to cities
- Returned to senate
- Died in assembly
- Referred to real property taxation
- Delivered to assembly
- Passed senateVote 63–0
- Ordered to third reading cal.1647
Show 1 earlier action
- Referred to rules
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 giving the New York city department of finance discretion to accept late filings
In Assembly Committee · Real Property Taxation · Sponsor Annette Robinson
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5923
Title of bill
An act to amend the real property tax law, in relation to giving the New York city department of finance discretion to accept late filings
Purpose
To provide the Department of Finance the authority to accept late 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 abatement 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.
Under current law an applicant must file two applications to be eligible for ICAP: 1) a preliminary application on or before the date of the department of buildings issues the first permit for the site and 2) a final application. The final application must. be filed with DOF "no later than one year from the date of the issuance of the first building permit for construction....." or when no building permit is required no later than one year from date of commencement of construction. The Department of Finance has no ability under current law to grant an abatement if an applicant files the final application after one year if something holds up the construction process.
Unfortunately 85 businesses have been denied the abatement because they were unable to complete construction within one year because a city agency held up the construction, whether it be because they issued a stop work order or work stopped while waiting for inspectors to come to the property or for some other reason based upon a city agency's action or inaction and beyond the applicant's control.
This legislation provides the Department of Finance with the ability to accept applications and 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.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.