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Bill > A06073
NY A06073
NY A06073Provides that a certain time limit for purposes of filing a final application for a tax abatement shall not apply to certain construction projects.
summary
Introduced
03/09/2021
03/09/2021
In Committee
06/10/2021
06/10/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the real property tax law and the administrative code of the city of New York, in relation to providing that a certain time limit for purposes of qualifying for a tax abatement shall not apply to certain brand-new from the ground up construction sited on property purchased from the city of New York
AI Summary
This bill amends the real property tax law and the administrative code of the city of New York to provide that the time limit for filing a final application for a tax abatement shall not apply to certain brand-new construction projects from the ground up located on property purchased from the city of New York. The key requirements are that the property was purchased from the city for an eligible development, the sales agreement includes a restriction preventing the sale or transfer of the property for at least 5 years, and the first property tax valuation and assessment occurred within that 5-year period, provided the project meets the other requirements of the law. This change applies to projects for which a final application for benefits was filed on or after January 1, 2018.
Committee Categories
Budget and Finance
Sponsors (10)
N. Nick Perry (D)*,
Khaleel Anderson (D),
Andrew Hevesi (D),
Alicia Hyndman (D),
Victor Pichardo (D),
Diana Richardson (D),
Al Taylor (D),
Clyde Vanel (D),
Latrice Walker (D),
Stefani Zinerman (D),
Last Action
substituted by s5882a (on 06/10/2021)
Official Document
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