Bill > S07780

This bill amends the Private Housing Finance Law to modify tax exemption rules for mutual redevelopment companies located in cities with populations of one million or more (which effectively means New York City). Specifically, the bill changes the calculation of taxes paid during an extended tax exemption period by replacing the requirement to pay taxes based on the "greater" amount with a requirement to pay based on the "lesser" amount. It reduces the percentage from ten percent to five percent of annual rent or carrying charges for the residential portion of a project. The bill also allows local legislative bodies to grant an additional tax exemption period of up to fifty years after the maximum initial exemption period, with the new tax calculation method applying to this extended period. This modification provides more favorable tax treatment for mutual redevelopment companies, potentially reducing their tax burden while still ensuring some level of tax payment. The act would take effect immediately upon passage.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S7780