What's happening
This bill extends the expiration date of property tax abatements and exemptions for rent-regulated homes for seniors and people with disabilities from 2020 to 2022.
Why it matters
Prevents disruption in housing stability. for low-income seniors and people with disabilities by ensuring that property tax abatements and exemptions for their rent-regulated homes do not lapse for two more years, reducing the risk of rent increases or evictions.
Offers financial predictability to landlords. of rent-regulated properties, as the continuation of these tax incentives helps offset reduced rental income from regulated tenants, potentially encouraging continued participation in these programs.
Signals legislative intent to maintain support. for vulnerable tenants during a period of ongoing economic uncertainty, indicating that lawmakers recognize these groups’ ongoing need for housing affordability protections.
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Who cares
Headline styles
Extend Rent Tax Breaks
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to aging
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
9999
IN ASSEMBLY
March 4, 2020
Introduced by M. of A. DenDEKKER -- read once and referred to the Committee on Aging
AN ACT to amend chapter 55 of the laws of 2014, amending the real property tax law relating to the tax abatement and exemption for rent regulated and rent controlled property occupied by senior citizens, in relation to the effectiveness thereof; and to amend chapter 129 of the laws of 2014, amending the real property tax law relating to the tax abatement and exemption for rent regulated and rent controlled property occupied by persons with disabilities, in relation to the effectiveness thereof
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 4 of part U of chapter 55 of the laws of 2014, amending the real property tax law relating to the tax abatement and exemption for rent regulated and rent controlled property occupied by senior citizens, as amended by section 1 of part EE of chapter 54 of the laws of 2016, is amended to read as follows:
§ 4. This act shall take effect July 1, 2014, and sections one and two of this act shall expire and be deemed repealed June 30, [2020] 2022; provided that the amendment to section 467-b of the real property tax law made by section one of this act shall not affect the expiration of such section and shall be deemed to expire therewith.
§ 2. Section 4 of chapter 129 of the laws of 2014, amending the real property tax law relating to the tax abatement and exemption for rent regulated and rent controlled property occupied by persons with disabilities, as amended by section 3 of part EE of chapter 54 of the laws of 2016, is amended to read as follows:
§ 4. This act shall take effect July 1, 2014 provided, however, that:
(a) the amendments to paragraph b of subdivision 3 of section 467-b of the real property tax law made by section one of this act shall be subject to the expiration and reversion of such subdivision pursuant to section 17 of chapter 576 of the laws of 1974, as amended, when upon such date the provisions of section two of this act shall take effect; and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15258-01-0
A. 9999 2
(b) nothing contained in this act shall be construed so as to extend the provisions of this act beyond June 30, [2020] 2022, when upon such date this act shall expire and the provisions contained in this act shall be deemed repealed.
§ 3. This act shall take effect immediately.
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.