What's happening
This bill delays the effective date of section one of the 2018 real property tax freeze law to April 15, 2025.
Why it matters
Delaying the effective date of section one of the 2018 real property tax freeze law gives local governments and taxpayers an additional five years to prepare for any changes or financial impacts that the law would bring. This could affect budgeting, tax planning, and municipal services.
The postponement may help avoid immediate disruptions, especially if local governments are still adapting to other fiscal pressures or reforms, including those triggered by the 2011 property tax cap law referenced in the bill.
By pushing the implementation to 2025, the state is allowing more time for evaluation of the law’s potential consequences, potentially opening the door for further amendments or a reassessment based on changing economic conditions.
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 Property Tax Freeze
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 8
No co-sponsors yet.
History
- Referred to budget and revenue
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7793
IN SENATE
February 21, 2020
Introduced by Sen. BROOKS -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue
AN ACT to amend part E of chapter 59 of the laws of 2018 relating to the repeal of subsection (bbb) of section 606 of the tax law, in relation to the real property tax freeze
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 9 of part E of chapter 59 of the laws of 2018 relating to the repeal of subsection (bbb) of section 606 of the tax law, is amended to read as follows:
§ 9. This act shall take effect immediately; provided, however, that sections [one,] one-a, one-b, two and three of this act shall take effect April 15, 2020; provided further, however, that section one of this act shall take effect April 15, 2025; provided further, however, that section 3-d of the general municipal law, as added by section two of this act, shall expire and be deemed repealed on the same date and in the same manner as section 1 of part A of chapter 97 of the laws of 2011, expires and is deemed repealed, and provided that section 2023-b of the education law, as added by section three of this act, shall expire and be deemed repealed on the same date and in the same manner as section 2 of part A of chapter 97 of the laws of 2011, expires and is deemed repealed, and provided further that the amendments to paragraph 6 of subsection (eee) of section 606 of the tax law made by section eight of this act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2016.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15456-01-0
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend part E of chapter 59 of the laws of 2018 relating to the repeal of subsection (bbb) of section 606 of the tax law, in relation to the real property tax freeze
Purpose
The purpose of this bill is to extend the STAR property tax freeze cred- it through 2025.
Summary of provisions
Section 1. amends section 606 of the tax law to change the effective date of the repeal of subsection bbb, extending the STAR property tax freeze credit through April 15th, 2025.
Section 2. is the enacting clause.
Justification
The STAR tax freeze credit is an important program which last year provided qualifying homeowners an average of $490 in property tax relief. The credit was left out of the governor's 2020-21 budget proposal and is set to expire in 2020.
Allowing the STAR Property Tax Freeze Credit to lapse would amount to a sizable tax hike for more than two million middle-income homeowners. Furthermore, this program benefited many of the same families who are already struggling to afford the increased costs they face from the Trump 'tax cuts' which effectively raised taxes by $15 billion for home- owners in New York.
The STAR program has a long history of success and enjoys broad based popularity among New Yorkers. It is for these reasons we believe this worthy program should be preserved through 2025.
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.