Bill > S01053

This bill proposes to remove property tax exemptions for private universities that receive more than $100 million in real property tax exemptions during the previous fiscal year. Specifically, the bill amends the real property tax law to eliminate tax-exempt status for educational institutions that meet this high-cost threshold. The revenue generated from taxing these properties would be directed to the City University of New York (CUNY), a public university system. The bill includes a critical provision ensuring that these new tax revenues would supplement, not replace, existing state funding for CUNY, preventing the state from reducing current funding levels in response to the new tax income. The bill is contingent on a concurrent constitutional amendment, meaning it will only take effect if that amendment is also approved, which suggests this is part of a broader legislative strategy to change how educational property tax exemptions are handled in New York State.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S1053