Bill > A01346

This bill introduces a new school impact tax in New York City that requires developers of new or converted non-senior housing to pay a per-unit tax to support public school construction. The tax will be assessed when developers receive their certificate of occupancy, with the specific amount to be determined by the city commissioner. All funds collected from this tax will be specifically designated for constructing new public kindergarten through twelfth grade schools. Developers who fail to comply with the tax requirements, or who make false statements, may be personally responsible for the taxes owed and could face additional penalties. The Department of Finance will have the authority to create rules governing the implementation of this tax, including details about timing, form, and distribution of the collected funds. The tax aims to address the potential strain on public school infrastructure caused by new housing developments by requiring developers to contribute financially to school construction efforts. The bill will take effect immediately upon passage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A1346