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Sponsors
Senator · Senate District 17
No co-sponsors yet.
History
- Substituted by A8239
- Ordered to third reading cal.1868
- 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 the rehabilitation of certain multiple dwellings used for single room occupancy
Signed by Governor · Sponsor Roxanne J. Persaud
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5935
Title of bill
An act to amend the real property tax law, in relation to rehabilitation of certain multiple dwellings used for single room occupancy
Summary of provisions
This bill amends Section 488-a of the Real Property Tax Law to extend the date by which not-for-profit and for-profit owners rehabilitating single room occupancy housing (SROs) are eligible to receive tax benefits. Currently, any increase in assessed valuation as a result of eligible improvements to the SROs receives a tax exemption provided that the improvements are commenced prior to December 31, 2015 and are completed within 36 months of commencement. This amendment extends the sunset date for eligibility for tax benefits from December 31, 2015 to December 31, 2019.
Reasons for support
This legislation would permit owners of SRO housing to continue to be eligible to receive tax benefits for rehabilitating this important resource. Eligible improvements include boiler replacement, rewiring, replacement or upgrading of plumbing systems and other specified kinds of substantial rehabilitation. This bill places SROs on a par with benefits allowed other Class A multiple dwellings, ensuring that they will continue to be a resource for providing permanent housing for individuals of low income.
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.