Bill Text: NY A09129 | 2021-2022 | General Assembly | Introduced
Bill Title: Provides an additional twenty-seven months to complete construction for certain building projects due to the COVID-19 pandemic; provides for the calculation of abatement.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2022-05-10 - reported referred to ways and means [A09129 Detail]
Download: New_York-2021-A09129-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9129 IN ASSEMBLY January 31, 2022 ___________ 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 providing an extension of time to complete construction for certain building projects due to the COVID-19 pandemic The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 2 of section 489-cccccc of the real property 2 tax law, as added by chapter 119 of the laws of 2008, is amended to read 3 as follows: 4 2. Time limit for completion of construction. (a) Construction of 5 buildings or structures for which benefits have been approved shall be 6 completed no later than five years from the date of issuance of the 7 first building permit, or if no permit was required, the commencement of 8 construction. Failure to meet this requirement shall result in termi- 9 nation of any inflation protection provided under subdivision three of 10 section four hundred eighty-nine-bbbbbb of this title for any tax year 11 that begins following the date by which completion of construction is 12 required under this paragraph. 13 (b) (i) Notwithstanding the provisions of paragraph (a) of this subdi- 14 vision, an additional twenty-seven month extension shall be provided for 15 all projects where such five year period would have terminated between 16 March seventh, two thousand twenty and June twenty-fifth, two thousand 17 twenty-one, to provide relief for (A) the fifteen-month period during 18 which a state disaster emergency was declared by the governor pursuant 19 to executive order two hundred two of two thousand twenty in response to 20 the COVID-19 pandemic and the issuance by the governor of executive 21 order two hundred ten of two thousand twenty-one which rescinded all 22 previous pandemic related executive orders and lifted such state of 23 emergency, plus (B) an additional twelve months for projects to complete 24 construction after the expiration of such executive orders. 25 (ii) For such projects, the amount of abatement shall be calculated as 26 provided herein. The first year of the abatement shall be the tax year 27 with the first taxable status date that follows the sooner of (A) the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13065-01-1A. 9129 2 1 completion of construction, or (B) four years from the date the first 2 building permit was issued, or if no permit was required, the commence- 3 ment of construction. In the event that the first year of the abatement 4 occurred prior to the current tax year, the property owner shall be 5 entitled to a refund of the amount of the abatement for any year occur- 6 ring after the abatement commenced. 7 § 2. This act shall take effect immediately.