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Who cares
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Sponsors
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History
- Referred to housing, construction and community development
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 a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation
In Assembly Committee · Real Property Taxation · Sponsor Rodneyse Bichotte Hermelyn
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation for the purpose of fixing economic disparity
Purpose or general idea of bill
To increase economic opportunities of Minority Women-Owned Business Enterprises by having them participate in real estate development related projects.
Summary of specific provisions
Section 1. Subdivision 2 of section 421-a of the real property tax law is amended by adding a new closing paragraph to read as follows: any new multiple dwelling otherwise eligible for an exemption from taxation under this section must also be in compliance with the goals from minority and women-owned business enterprise.
Justification
Currently, affordable housing developers profit from being able to take advantage of the 421-a tax exemption program. The proposed amendment for the real property tax law would significantly increase the ability of MWBEs to benefit from this program.
Prior legislative history
A9074
Fiscal implications for state and local governments
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.