Bill Text: NY A08566 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments.

Spectrum: Strong Partisan Bill (Democrat 11-1)

Status: (Introduced - Dead) 2014-01-23 - referred to real property taxation [A08566 Detail]

Download: New_York-2013-A08566-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8566
                                 I N  A S S E M B L Y
                                   January 23, 2014
                                      ___________
       Introduced  by  M.  of  A.  BRAUNSTEIN  -- read once and referred to the
         Committee on Real Property Taxation
       AN ACT to amend the real property tax law, in relation to the  eligibil-
         ity for J-51 tax abatements to reflect cost of living adjustments
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision 17 of section 489 of the real property tax law,
    2  as added by chapter 4 of the  laws  of  2013,  is  amended  to  read  as
    3  follows:
    4    17.  (a)  For  purposes of this subdivision, "substantial governmental
    5  assistance" shall mean:
    6    (i) grants, loans or subsidies from any federal, state or local agency
    7  or instrumentality in furtherance of a program for  the  development  of
    8  affordable  housing  approved  by  the  local housing agency, including,
    9  without limitation, financing or insurance provided by the state of  New
   10  York mortgage agency of the New York city residential mortgage insurance
   11  corporation; or
   12    (ii)  a  written  agreement  between a housing development fund corpo-
   13  ration and the local housing agency  limiting  the  incomes  of  persons
   14  entitled to purchase shares or rent housing accommodations therein.
   15    (b) Any local law or ordinance providing for benefits pursuant to this
   16  section  must  also  provide  the following with respect to conversions,
   17  alterations or improvements completed on or after December thirty-first,
   18  two thousand eleven:
   19    (i) except as otherwise provided  in  this  section  with  respect  to
   20  multiple  dwellings,  buildings and structures owned and operated either
   21  by limited-profit housing companies established pursuant to article  two
   22  of  the  private  housing  finance law or redevelopment companies estab-
   23  lished pursuant to article five of the private housing finance  law,  or
   24  with  respect  to  a group of multiple dwellings that was developed as a
   25  planned community  and  that  is  owned  as  two  separate  condominiums
   26  containing  a total of ten thousand or more dwelling units, any multiple
   27  dwelling, building or structure that is owned  as  a  cooperative  or  a
   28  condominium  that  has  an  average  assessed  value [of thirty thousand
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13451-01-4
       A. 8566                             2
    1  dollars or more] per dwelling unit THAT EXCEEDS THE  ASSESSED  VALUATION
    2  LIMITATION  AS  PROVIDED IN PARAGRAPH (C) OF THIS SUBDIVISION shall only
    3  be eligible for such benefits if the  alterations  or  improvements  for
    4  which  such multiple dwelling, building or structure has applied for the
    5  benefits pursuant to this section  were  carried  out  with  substantial
    6  governmental assistance; and
    7    (ii)  no  benefits  pursuant  to this section shall be granted for the
    8  conversion of any non-residential building or structure into a  class  A
    9  multiple  dwelling  unless such conversion was carried out with substan-
   10  tial governmental assistance.
   11    (C) ASSESSED VALUE LIMITATION. (I) FOR FINAL ASSESSMENT  ROLLS  TO  BE
   12  COMPLETED  PRIOR  TO TWO THOUSAND FIFTEEN, THE ASSESSED VALUE LIMITATION
   13  SHALL BE THIRTY THOUSAND DOLLARS.
   14    (II) FOR THE FINAL ASSESSMENT ROLL TO BE  COMPLETED  IN  TWO  THOUSAND
   15  FIFTEEN THE ASSESSED VALUE LIMITATION SHALL BE THE PREVIOUSLY APPLICABLE
   16  ASSESSED  VALUE  LIMITATION  OF THIRTY THOUSAND DOLLARS INCREASED BY THE
   17  COST-OF-LIVING ADJUSTMENT PERCENTAGE OF TWO THOUSAND  FIFTEEN.  FOR  THE
   18  PURPOSES  OF  THIS COMPUTATION, THE COST-OF-LIVING ADJUSTMENT PERCENTAGE
   19  OF TWO THOUSAND FIFTEEN SHALL  BE  EQUAL  TO  THE  "APPLICABLE  INCREASE
   20  PERCENTAGE" USED BY THE UNITED STATES COMMISSIONER OF SOCIAL SECURITY TO
   21  DETERMINE  THE  MONTHLY SOCIAL SECURITY BENEFITS PAYABLE IN TWO THOUSAND
   22  FIFTEEN TO INDIVIDUALS, AS PROVIDED BY SUBSECTION (I)  OF  SECTION  FOUR
   23  HUNDRED FIFTEEN OF TITLE FORTY-TWO OF THE UNITED STATES CODE.
   24    (III) FOR FINAL ASSESSMENT ROLLS TO BE COMPLETED IN EACH ENSUING YEAR,
   25  THE  APPLICABLE  ASSESSED  VALUE  LIMITATION,  COST-OF-LIVING ADJUSTMENT
   26  PERCENTAGE AND APPLICABLE INCREASE PERCENTAGE SHALL ALL BE  ADVANCED  BY
   27  ONE  YEAR, AND THE ASSESSED VALUATION LIMITATION SHALL BE THE PREVIOUSLY
   28  APPLICABLE ASSESSED VALUE LIMITATION INCREASED BY THE NEW COST-OF-LIVING
   29  ADJUSTMENT PERCENTAGE. IF THERE SHOULD BE A YEAR FOR WHICH THERE  IS  NO
   30  APPLICABLE  INCREASE  PERCENTAGE  DUE  TO  A GENERAL BENEFIT INCREASE AS
   31  DEFINED BY SUBDIVISION THREE OF SUBSECTION (I) OF SECTION  FOUR  HUNDRED
   32  FIFTEEN  OF  TITLE  FORTY-TWO  OF THE UNITED STATES CODE, THE APPLICABLE
   33  INCREASE PERCENTAGE FOR PURPOSES OF THIS COMPUTATION SHALL BE DEEMED  TO
   34  BE  THE  PERCENTAGE  WHICH  WOULD  HAVE  YIELDED  THAT  GENERAL  BENEFIT
   35  INCREASE.
   36    S 2. This act shall take effect immediately.