Bill > A02257

This bill clarifies the definition of "first building permit" for purposes of filing requirements to qualify for an abatement of tax payments for certain industrial and commercial properties located in a city of one million or more persons. The key provisions of the bill are: 1. It amends the real property tax law to specify that the "first building permit" that triggers the time limits for meeting minimum required expenditures and completing construction refers to the permit that allows actual construction work on the proposed project to commence, not merely site preparation. 2. It extends the one-year deadline to file a final application for benefits in cases where the property was purchased from the city of New York and has a restriction preventing the sale or transfer of the property for at least five years. 3. The bill applies to construction projects that were delayed due to environmental damage from Hurricane Sandy and are under contested review by a court or the New York City Department of Finance.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2023/A2257