What's happening
This bill amends real property tax law to allow nonprofit organizations promoting future economic development to qualify for property tax exemptions.
Why it matters
Expands property tax exemptions to nonprofits focused on economic development. , which could encourage more organizations to acquire and hold property for future business, commercial, or industrial projects—potentially leading to increased economic activity and job creation in the long term.
May shift local tax burdens. by reducing the taxable property base, especially in communities where economic development nonprofits acquire significant property, which could impact municipal revenues and local services.
Gives municipalities local control. by allowing them to override the exemption through a public hearing and local law, ordinance, or resolution, ensuring that communities can balance economic development goals with fiscal needs.
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Who cares
Headline styles
Tax Breaks for Nonprofits
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Held for consideration in real property taxation
- Referred to real property taxation
- Referred to real property taxation
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1923
2019-2020 Regular Sessions
IN ASSEMBLY
January 18, 2019
Introduced by M. of A. CROUCH, MORINELLO -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to the exemption for non-profit organizations
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 420-b of the real property tax law, as added by chapter 919 of the laws of 1981, is amended to read as follows:
(a) Real property owned by a corporation or association which is organized exclusively for bible, tract, benevolent, missionary, infirmary, public playground, scientific, literary, bar association, medical society, library, patriotic or historical purposes, for the development of good sportsmanship for persons under the age of eighteen years through the conduct of supervised athletic games, for the purpose of promoting future economic development by means of the acquisition of real property for business, commercial, or industrial development purposes, for the enforcement of laws relating to children or animals, or for two or more such purposes, and used exclusively for carrying out thereupon one or more of such purposes either by the owning corporation or association, or by another such corporation or association as hereinafter provided, shall be exempt from taxation; provided, however, that such property shall be taxable by any municipal corporation within which it is located if the governing board of such municipal corporation, after public hearing, adopts a local law, ordinance or resolution so providing. None of the following subdivisions of this section providing that certain properties shall be exempt under circumstances or conditions set forth in such subdivisions shall exempt such property from taxation by a municipal corporation whose governing board has adopted a local law, ordinance or resolution providing that such property shall be taxable pursuant to this subdivision.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02995-01-9
A. 1923 2
§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on or after such date.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.