Bill > A07066

This bill addresses the enforcement of the School Tax Relief (STAR) exemption for cooperative apartment corporations, establishing penalties and remedies when these corporations fail to properly credit the STAR exemption to their tenant-stockholders. Specifically, the bill allows for a civil penalty of up to $500 for each violation, which can be recovered by county attorneys or city corporation counsel. If a cooperative apartment corporation does not credit the STAR exemption, tenant-stockholders are permitted to withhold monthly payments to the corporation until they have fully recouped the exemption amount. The bill includes important protections and exceptions, such as staying potential legal actions if the cooperative apartment corporation contests the tax bill, and exempting cases where the failure to credit the exemption is due to an error by an assessor or taxing authority. The provisions will take effect immediately and apply to the STAR exemption beginning with the 2025-2026 school year, providing a clear mechanism for tenant-stockholders to ensure they receive their rightful tax exemption and holding cooperative apartment corporations accountable for proper exemption implementation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7066