Bill Text: NY S04750 | 2017-2018 | General Assembly | Introduced

New York Senate Bill 4750 (Prior Session Legislation)

Introduced

Bill Title: Relates to establishing a property tax credit for class 2 cooperative and condominium buildings that are designated safe after a facade safety program inspection.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S04750 Detail]

Download: New_York-2017-S04750-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          4750
                               2017-2018 Regular Sessions
                    IN SENATE
                                    February 27, 2017
                                       ___________
        Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development
        AN  ACT  to  amend  the  administrative code of the city of New York, in
          relation to establishing a property tax credit for class 2 cooperative
          and condominium buildings that are  designated  safe  after  a  facade
          safety program inspection
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The administrative code of the city of New York is  amended
     2  by adding a new section 11-242.1 to read as follows:
     3    §   11-242.1   Exemption  for  buildings  designated  safe  by  facade
     4  inspection safety program. a. As used in this section, "eligible proper-
     5  ty" shall mean any class two cooperative and/or condominium building  as
     6  defined  by  section  eighteen hundred two of the real property tax law,
     7  that has been designated safe after a facade safety  program  inspection
     8  pursuant to article three hundred two of chapter three of this code.
     9    b.  The  taxes upon any eligible property, shall be abated and reduced
    10  by an amount equal to all costs of such inspection pursuant  to  article
    11  three hundred two of chapter three of title twenty-eight of this code.
    12    c. Such abatement as described in subdivision b of this section, shall
    13  be  reevaluated  every  five  years  after  such inspection is performed
    14  pursuant to article three hundred two of chapter three of title  twenty-
    15  eight of this code.
    16    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01751-01-7