Bill Text: NY A04488 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to wealth ratio adjustments for school districts with higher than average assessed value holdings of real property which are exempt from taxation under the real property tax law.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2020-07-14 - held for consideration in education [A04488 Detail]

Download: New_York-2019-A04488-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4488
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 4, 2019
                                       ___________
        Introduced  by  M.  of A. B. MILLER, BLANKENBUSH, FINCH -- read once and
          referred to the Committee on Education
        AN ACT to amend the education law, in relation to wealth  ratio  adjust-
          ments  for  school  districts  with higher than average assessed value
          holdings of real property exempt from taxation under the real property
          tax law
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subdivision  3  of  section  3602 of the education law is
     2  amended by adding a new paragraph a-1 to read as follows:
     3    a-1. Wealth  ratio  adjustment  formula  for  school  districts  which
     4  contain  not-for-profit corporations in excess of the state average. (1)
     5  As used in this section the following terms  shall  have  the  following
     6  meanings: "Not-for-profit corporation" shall mean any entity exempt from
     7  real property taxes under the real property tax law. (2) "State average"
     8  shall  mean the average assessed value of property owned by not-for-pro-
     9  fit-corporations throughout the state. (3) "Wealth ratio" shall  include
    10  the  combined  wealth ratio and the combined wealth ratio for foundation
    11  aid as defined in this  article.  The  commissioner  shall  develop  and
    12  implement an adjustment to the wealth ratio formula for school districts
    13  which  contain  non-profit  corporations in excess of the state average.
    14  Such formula shall adjust the wealth ratio downward by a  percentage  or
    15  portion  of  a percentage, based upon the percent of non-taxable proper-
    16  ties  owned  by  not-for-profit  corporations  located  in  the   school
    17  district, which exceed the state average. The goal of such adjustment is
    18  to  keep school districts whole when local incomes are strong, but there
    19  is a concentration of not-for-profit corporations exempt from real prop-
    20  erty taxes under the real property tax law.
    21    § 2. This act shall take effect on the three hundred  sixty-fifth  day
    22  after it shall have become a law, provided, however that the commission-
    23  er  of education shall have the authority to promulgate any rules neces-
    24  sary for the implementation of this act on or before such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06593-01-9
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