Extends provisions relating to tax abatement

BILL NUMBER:S6008

Title of bill

An act to amend the real property tax law, in relation to extending provisions of law relating to tax abatements for certain multiple dwellings (Part A); to amend the real property tax law, in relation to extending certain abatements (Part B); to amend chapter 555 of the laws of 1982 amending the general business law and the administrative code of the city of New York relating to conversion of residential property to cooperative or condominium ownership in the city of New York, in relation to extending the effectiveness thereof; to amend chapter 402 of the laws of 1983 amending the general business law relating to conversion of rental residential property to cooperative or condominium ownership in certain municipalities in the counties of Nassau, Westchester and Rockland, in relation to extending the effectiveness thereof (Part C); to amend the tax law, in relation to the temporary exemption from sales and use taxes for premises used for commercial office space in Lower Manhattan; and to amend part C of chapter 2 of the laws of 2005 amending the tax law relating to exemptions from sales and use taxes, in relation to the effectiveness thereof (Part D); to amend the general city law and the administrative code of the city of New York, in relation to extending the relocation and employment assistance program and the Lower Manhattan relocation and employment assistance program (Part E); to amend the general city law and the administrative code of the city of New York, in relation to extending the special rebates and discounts provided pursuant to the energy cost savings program and the Lower Manhattan energy program (Part F); and to amend the administrative code of the city of New York, in relation to the amount of special reduction allowed (Part G)

Summary of provisions

This legislation would extend certain provisions of law including provisions associated with: the Lower Manhattan Relocation and Employment Assistance Program; the Relocation and Employment Assistance Program; the Lower Manhattan Energy Program; the Energy Cost Savings Program; the Commercial Rent Tax Reduction; the Condo/Coop abatement program; Exemption of certain new or substantially rehabilitated multiple dwellings from local taxation; and J-51

Justification

This legislation is necessary to extend programs for the continued investment, opportunity, and maintenance of safe housing stock within the state.

Legislative history

New Legislation

Fiscal implications

Nominal

Effective date

This act shall take effect immediately.