Bill Text: NY S02450 | 2015-2016 | General Assembly | Introduced

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Bill Title: Concerns primary residences owned by limited liability companies that are occupied by veterans.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2016-01-06 - REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS [S02450 Detail]

Download: New_York-2015-S02450-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2450
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 23, 2015
                                      ___________
       Introduced  by  Sen.  FARLEY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Veterans, Homeland Securi-
         ty and Military Affairs
       AN ACT to amend the real property tax law, in relation to veteran  occu-
         pied primary residences 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. Section 458 of the real property  tax  law  is  amended  by
    2  adding a new subdivision 7-a to read as follows:
    3    7-A.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE
    4  PROVISIONS OF THIS SECTION SHALL APPLY TO ANY REAL PROPERTY OWNED  BY  A
    5  LIMITED  LIABILITY COMPANY, AS DEFINED BY SUBDIVISION (M) OF SECTION ONE
    6  HUNDRED TWO OF THE  LIMITED  LIABILITY  COMPANY  LAW,  IF  SUCH  LIMITED
    7  LIABILITY  COMPANY  IS  OWNED  BY  SUCH  PERSON  OR  PERSONS TO WHOM THE
    8  EXEMPTION WOULD BE GRANTED HAD SUCH PERSON OR  PERSONS  OWNED  THE  REAL
    9  PROPERTY IN QUESTION RATHER THAN THE LIMITED LIABILITY COMPANY.
   10    S 2. Paragraph (c) of subdivision 1 of section 458-a of the real prop-
   11  erty  tax law, as amended by chapter 100 of the laws of 1988, is amended
   12  to read as follows:
   13    (c) "Qualified owner" means a veteran, the spouse of a  veteran  [or],
   14  the  unremarried  surviving  spouse of a veteran, OR A LIMITED LIABILITY
   15  COMPANY, AS DEFINED BY SUBDIVISION (M) OF SECTION ONE HUNDRED TWO OF THE
   16  LIMITED LIABILITY COMPANY LAW, IF  SUCH  LIMITED  LIABILITY  COMPANY  IS
   17  OWNED  BY  SUCH PERSON OR PERSONS TO WHOM THE EXEMPTION WOULD BE GRANTED
   18  HAD SUCH PERSON OR PERSONS OWNED THE REAL PROPERTY  IN  QUESTION  RATHER
   19  THAN THE LIMITED LIABILITY COMPANY. Where property is owned by more than
   20  one  qualified  owner,  the  exemption  to which each is entitled may be
   21  combined. Where a veteran is also the unremarried surviving spouse of  a
   22  veteran,  such  person  may  also  receive  any  exemption  to which the
   23  deceased spouse was entitled.
   24    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03611-02-5