Bill > A02130

This bill repeals the tax-exempt status for private universities that receive more than $100 million in real property tax exemptions during the prior fiscal year. Specifically, the legislation amends the real property tax law to remove tax exemptions for educational institutions that meet this high-cost threshold. Any property taxes collected from these newly taxable institutions would be directed to the City University of New York (CUNY), with a provision ensuring that these additional funds supplement rather than replace existing state funding for CUNY. The bill is contingent upon a concurrent constitutional amendment, meaning it will only take effect if a related constitutional amendment is also approved. By targeting large private universities with significant tax exemptions, the bill aims to redirect substantial tax revenues to support public higher education in New York City, potentially creating a new funding mechanism for CUNY while challenging the tax-exempt status of wealthy private educational institutions.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2130