What's happening
This bill extends eligibility for certain real property tax abatement benefits in New York City from 2019 to 2021.
Why it matters
Extending the eligibility period may allow more property owners and developers to access tax abatements, potentially incentivizing additional construction or renovation projects that would have otherwise missed the deadline.
By pushing the cutoff to 2021, the bill could impact city revenue projections, as more properties may qualify for abatements, reducing the immediate property tax income for New York City.
The extension may benefit ongoing or delayed projects that faced obstacles or economic uncertainty, especially in a time of shifting economic conditions, giving them additional time to qualify for financial relief.
Policy continuity like this can provide greater predictability for the real estate market and developers, which may encourage investment and planning stability in targeted neighborhoods or property types.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Extend Tax Break Deadlines
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to cities
- Returned to senate
- Died in assembly
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 58–5
- Ordered to third reading cal.2090
- Referred to rules
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6712
2017-2018 Regular Sessions
IN SENATE
June 14, 2017
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to amend the real property tax law and the administrative code of the city of New York, in relation to extending certain provisions relating to applications for abatement of tax payments
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraph (a) of subdivision 1 of section 489-dddddd of the real property tax law, as amended by section 57 of part A of chapter 20 of the laws of 2015, is amended to read as follows:
(a) Application for benefits pursuant to this title may be made immediately following the effective date of a local law enacted pursuant to this title and continuing until March first, two thousand [nineteen] twenty-one.
§ 2. Subdivision 3 of section 489-dddddd of the real property tax law, as amended by section 58 of part A of chapter 20 of the laws of 2015, is amended to read as follows:
3. (a) No benefits pursuant to this title shall be granted for construction work performed pursuant to a building permit issued after April first, two thousand [nineteen] twenty-one.
(b) If no building permit was required, then no benefits pursuant to this title shall be granted for construction work that is commenced after April first, two thousand [nineteen] twenty-one.
§ 3. Paragraph 1 of subdivision a of section 11-271 of the administrative code of the city of New York, as amended by section 59 of part A of chapter 20 of the laws of 2015, is amended to read as follows:
(1) Application for benefits pursuant to this part may be made immediately following the effective date of the local law that added this section and continuing until March first, two thousand [nineteen] twenty-one.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13198-01-7
S. 6712 2
§ 4. Subdivision c of section 11-271 of the administrative code of the city of New York, as amended by section 60 of part A of chapter 20 of the laws of 2015, is amended to read as follows:
c. (1) No benefits pursuant to this part shall be granted for construction work performed pursuant to a building permit issued after April first, two thousand [nineteen] twenty-one.
(2) If no building permit was required, then no benefits pursuant to this part shall be granted for construction work that is commenced after April first, two thousand [nineteen] twenty-one.
§ 5. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the real property tax law and the administrative code of the city of New York, in relation to extending certain provisions relating to applications for abatement of tax payments
Summary of provisions
Section 1 of the bill would amend subdivision 1 of section 489-dddddd of the real property to extend the generally applicable deadline for benefits from the current date of March 1, 2019 to March 1, 2021.
Section 2 of the bill would amend subdivision 3 of section 489-dddddd of the real property to extend benefits from the current date of April 1, 2019 to April 1, 2021.
Sections 3 & 4 of the bill would make corresponding amendments to the Administrative Code of the City of New York.
Section 5 of the bill provides for an immediate effective date.
Justification
The Industrial & Commercial Abatement Program (ICAP) replaced the Industrial Commercial Exemption Program (ICIP) in 2008. ICAP is an abatement of real property taxes for the construction, alteration or improvement of certain industrial or commercial properties in specified areas of New York City. ICAP has been an important economic development tool used to encourage businesses to boost local job creation throughout New York City.
Legislative history
Chapter 20 of 2015 Chapter 59 of 2014 Chapter 28 of 2011 Chapter 119 of 2008
Fiscal implications
To be determined.
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.