Bill Text: NY A04740 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relates to the green roof tax abatement; authorizes a tax abatement for any tax year commencing on or after July 1, 2019 and ending on or before June 30, 2024, which shall be fifteen dollars per square foot of a green roof; provides that the amount of such tax abatement shall not exceed $200,000.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Passed) 2019-07-03 - SIGNED CHAP.79 [A04740 Detail]
Download: New_York-2019-A04740-Introduced.html
Bill Title: Relates to the green roof tax abatement; authorizes a tax abatement for any tax year commencing on or after July 1, 2019 and ending on or before June 30, 2024, which shall be fifteen dollars per square foot of a green roof; provides that the amount of such tax abatement shall not exceed $200,000.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Passed) 2019-07-03 - SIGNED CHAP.79 [A04740 Detail]
Download: New_York-2019-A04740-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4740 2019-2020 Regular Sessions IN ASSEMBLY February 5, 2019 ___________ Introduced by M. of A. ROZIC -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to the green roof tax abatement The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 499-bbb of the real property tax law, as added by 2 chapter 461 of the laws of 2008 and subdivision 1 as amended by chapter 3 524 of the laws of 2013, is amended to read as follows: 4 § 499-bbb. Real property tax abatement. An eligible building shall 5 receive an abatement of real property taxes as provided in this title 6 and the rules promulgated hereunder. 7 1. (a) [The amount of such tax abatement for any tax year commencing8on or after July first, two thousand nine and ending on or before June9thirtieth, two thousand fourteen shall be four dollars and fifty cents10per square foot of a green roof pursuant to an approved application for11tax abatement; provided, however, that the amount of such tax abatement12shall not exceed the lesser of (i) one hundred thousand dollars or (ii)13the tax liability for the eligible building in the tax year in which the14tax abatement is taken.15(b) The amount of such tax abatement for any tax year commencing on or16after July first, two thousand fourteen and ending on or before June17thirtieth, two thousand nineteen, shall be five dollars and twenty-three18cents per square foot of a green roof pursuant to an approved applica-19tion for tax abatement; provided, however, that the amount of such tax20abatement shall not exceed the lesser of (i) two hundred thousand21dollars or (ii) the tax liability for the eligible building in the tax22year in which the tax abatement is taken.23(c) Notwithstanding paragraph (b) of this subdivision, the aggregate24amount of tax abatements allowed under this subdivision for the tax year25commencing July first, two thousand fourteen and ending June thirtiethEXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07591-01-9A. 4740 2 1two thousand fifteen shall be a maximum of seven hundred fifty thousand2dollars, and the aggregate amount of tax abatements allowed under this3subdivision for any tax year commencing on or after July first, two4thousand fifteen and ending on or before June thirtieth, two thousand5nineteen shall be a maximum of one million dollars. No tax abatements6shall be allowed under this subdivision for any tax year commencing on7or after July first, two thousand nineteen.] The amount of such tax 8 abatement for any tax year commencing on or after July first, two thou- 9 sand nineteen and ending on or before June thirtieth, two thousand thir- 10 ty-one, shall be fifteen dollars per square foot of a green roof pursu- 11 ant to an approved application for tax abatement; provided, however, 12 that the amount of such tax abatement shall not exceed the lesser of (i) 13 one million dollars or (ii) five times the tax liability for the eligi- 14 ble building recorded as of the tax year in which the tax abatement is 15 taken. 16 (b) Such aggregate amount of tax abatements shall be allocated by the 17 department of finance on a pro rata basis among applicants whose appli- 18 cations have been approved by a designated agency. If such allocation is 19 not made prior to the date that the real property tax bill, statement of 20 account or other similar bill or statement is prepared, then the depart- 21 ment of finance shall, as necessary, after such allocation is made, 22 submit an amended real property tax bill, statement of account or other 23 similar bill or statement to any applicant whose abatement must be 24 adjusted to reflect such allocation. Nothing in this paragraph shall be 25 deemed to affect the obligation of any taxpayer under applicable law 26 with respect to the payment of any installment of real property tax for 27 the fiscal year as to which such allocation is made, which was due and 28 payable prior to the date such amended real property tax bills are sent, 29 and the department of finance shall be authorized to determine the date 30 on which amended bills are to be sent and the installments of real prop- 31 erty tax which are to be reflected therein. 32 2. Such tax abatement shall commence on July first following the 33 approval of an application for tax abatement by a designated agency, and 34 shall not exceed [one year] five years. The abatement should be struc- 35 tured to account for as much as seventy-five percent of any fiscal 36 year's tax liability until the total abatement is exhausted. 37 3. With respect to any eligible building held in the condominium form 38 of ownership that receive a tax abatement pursuant to this title, such 39 tax abatement benefits shall be apportioned among all of the condominium 40 tax lots within such eligible building. 41 4. If, as a result of application to the tax commission or a court 42 order or action by the department of finance, the billable assessed 43 value for the fiscal year in which the tax abatement is taken is reduced 44 after the assessment roll becomes final, the department of finance shall 45 recalculate the abatement so that the abatement granted shall not exceed 46 the annual tax liability as so reduced. The amount equal to the differ- 47 ence between the abatement originally granted and the abatement as so 48 recalculated shall be deducted from any refund otherwise payable or 49 remission otherwise due as a result of such reduction in billable 50 assessed value. 51 5. The abatement shall only be offered to buildings located within as 52 many as three specifically designated New York city community districts, 53 chosen by the New York city department of environmental protection. No 54 building located outside of a designated area shall be eligible to 55 receive an abatement. The New York city department of environmental 56 protection shall select community districts on a rolling three yearA. 4740 3 1 basis. In selecting community districts, the New York city department of 2 environmental protection shall prioritize areas in the priority combined 3 sewage overflow tributary areas identified by the city, with particular 4 emphasis on those portions of the city that the New York city department 5 of environmental protection identifies as lacking green space. 6 § 2. This act shall take effect immediately.