Bill Text: NY A04805 | 2015-2016 | General Assembly | Introduced

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Bill Title: Permits a STAR exemption for property owned by a limited liability company where the limited liability company is owned by a person to whom the exemption would have otherwise been granted.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2016-05-10 - held for consideration in real property taxation [A04805 Detail]

Download: New_York-2015-A04805-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4805
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 6, 2015
                                      ___________
       Introduced by M. of A. BUTLER -- read once and referred to the Committee
         on Real Property Taxation
       AN ACT to amend the real property tax law, in relation to a real proper-
         ty tax exemption for property owned by a limited liability company
         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 425 of the real property  tax  law
    2  is amended by adding a new paragraph (e-1) to read as follows:
    3    (E-1)  DWELLINGS  OWNED BY A LIMITED LIABILITY COMPANY. IF LEGAL TITLE
    4  TO A DWELLING IS HELD BY A  LIMITED  LIABILITY  COMPANY,  THE  EXEMPTION
    5  SHALL  BE GRANTED IF THE PROPERTY SERVES AS THE PRIMARY RESIDENCE OF ONE
    6  OR MORE OF THE MEMBERS OF THE LIMITED LIABILITY COMPANY,  PROVIDED  THAT
    7  THE MEMBER OR MEMBERS WHO PRIMARILY RESIDE THEREON PERSONALLY PAY ALL OF
    8  THE  REAL  PROPERTY TAXES AND OTHER COSTS ASSOCIATED WITH THE PROPERTY'S
    9  OWNERSHIP.
   10    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03598-01-5