Bill > A06705

This bill provides a tax abatement related to the removal of leaded paint in certain residential rental buildings in cities within New York State. The key provisions include: 1. Cities may adopt a local law to grant a tax abatement to residential rental buildings where lead-based paint remediation is completed after the effective date of the local law. The abatement amount would equal the cost of the lead-based paint remediation, subject to any maximum limits set by the city. 2. The abatement would be paid over a maximum period of two years, but cannot exceed the building's tax liability in the year the abatement is taken. 3. To qualify, the remediation must be performed by certified firms and personnel, and the building must not have any delinquent city taxes. 4. Owners must apply for the abatement within one year of completing the remediation, providing required documentation such as proof of payment and certification of the firm that performed the work. 5. The information provided in the application is not subject to public disclosure. 6. The act takes effect immediately and applies to assessment rolls prepared on or after January 1, 2020.