Bill Text: NY A08402 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to extending certain provisions relating to exemption from taxation of alterations and improvements to multiple dwellings.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-06-18 - reported referred to rules [A08402 Detail]

Download: New_York-2019-A08402-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          8402

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 16, 2019
                                       ___________

        Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
          tee on Real Property Taxation

        AN  ACT  to  amend  the  real property tax law, in relation to extending
          certain provisions relating to exemption from taxation of  alterations
          and improvements to multiple dwellings

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The opening paragraph of paragraph (a) of subdivision 1  of
     2  section  489  of  the real property tax law, as amended by section 19 of
     3  part A of chapter 20 of the laws of 2015, is amended to read as follows:
     4    Any city to which the multiple  dwelling  law  is  applicable,  acting
     5  through  its local legislative body or other governing agency, is hereby
     6  authorized and empowered, to and including January first,  two  thousand
     7  [nineteen] twenty, to adopt and amend local laws or ordinances providing
     8  that any increase in assessed valuation of real property shall be exempt
     9  from taxation for local purposes, as provided herein, to the extent such
    10  increase results from:
    11    §  2.  The  closing  paragraph  of  subparagraph 6 of paragraph (a) of
    12  subdivision 1 of section 489 of the real property tax law, as amended by
    13  section 20 of part A of chapter 20 of the laws of 2015,  is  amended  to
    14  read as follows:
    15    Such conversion, alterations or improvements shall be completed within
    16  thirty  months after the date on which same shall be started except that
    17  such thirty month limitation shall not apply to conversions of  residen-
    18  tial  units  which are registered with the loft board in accordance with
    19  article seven-C of the multiple dwelling law  pursuant  to  subparagraph
    20  one  of  this  paragraph.  Notwithstanding  the foregoing, a sixty month
    21  period for completion shall be available for alterations or improvements
    22  undertaken by a housing development fund company organized  pursuant  to
    23  article eleven of the private housing finance law, which are carried out
    24  with  the  substantial assistance of grants, loans or subsidies from any

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13375-01-9

        A. 8402                             2

     1  federal, state or local governmental agency or instrumentality or  which
     2  are  carried out in a property transferred from such city if alterations
     3  and improvements are completed within seven  years  after  the  date  of
     4  transfer.  In  addition, the local housing agency is hereby empowered to
     5  grant an extension of the period of completion for any  project  carried
     6  out  with  the substantial assistance of grants, loans or subsidies from
     7  any federal, state or local governmental agency or  instrumentality,  if
     8  such  alterations or improvements are completed within sixty months from
     9  commencement of construction. Provided, further, that  such  conversion,
    10  alterations  or  improvements  shall  in any event be completed prior to
    11  June thirtieth, two thousand [nineteen] twenty.   Exemption for  conver-
    12  sions,  alterations  or  improvements pursuant to subparagraph one, two,
    13  three or four of this paragraph shall  continue  for  a  period  not  to
    14  exceed  fourteen  years and begin no sooner than the first quarterly tax
    15  bill immediately following the completion  of  such  conversion,  alter-
    16  ations or improvements. Exemption for alterations or improvements pursu-
    17  ant  to  this  subparagraph or subparagraph five of this paragraph shall
    18  continue for a period not to exceed thirty-four years and shall begin no
    19  sooner than the first  quarterly  tax  bill  immediately  following  the
    20  completion  of such alterations or improvements. Such exemption shall be
    21  equal to the increase in the valuation which is subject to exemption  in
    22  full  or  proportionally under this subdivision for ten or thirty years,
    23  whichever is applicable. After such period of time, the amount  of  such
    24  exempted  assessed  valuation  of  such improvements shall be reduced by
    25  twenty percent in each succeeding year until the assessed value  of  the
    26  improvements  are  fully taxable.   Provided, however, exemption for any
    27  conversion, alterations or improvements which are aided  by  a  loan  or
    28  grant  under  article eight, eight-A, eleven, twelve, fifteen or twenty-
    29  two of the private housing finance law, section six hundred ninety-six-a
    30  or section ninety-nine-h of the general municipal law, or section  three
    31  hundred  twelve  of  the  housing act of nineteen hundred sixty-four (42
    32  U.S.C.A. 1452b), or the Cranston-Gonzalez  national  affordable  housing
    33  act (42 U.S.C.A. 12701 et.  seq.), or started after July first, nineteen
    34  hundred  eighty-three  by  a  housing development fund company organized
    35  pursuant to article eleven of the private housing finance law which  are
    36  carried  out  with the substantial assistance of grants, loans or subsi-
    37  dies from any federal, state or local governmental agency or  instrumen-
    38  tality  or which are carried out in a property transferred from any city
    39  and where alterations and improvements are completed within seven  years
    40  after  the  date  of  transfer  may commence at the beginning of any tax
    41  quarter subsequent to the  start  of  such  conversion,  alterations  or
    42  improvements and prior to the completion of such conversion, alterations
    43  or improvements.
    44    § 3. This act shall take effect immediately.
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