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NY A08788
Bill
Status
6/9/2009
Primary Sponsor
Richard Gottfried
Click for details
AI Summary
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Allows mutual redevelopment companies with 2,800 or more dwelling units to receive tax exemptions and abatements for replacing and improving heating, ventilation, and air cooling systems and associated asbestos abatement or removal.
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Exempts increases in assessed valuation from these improvements for 30 years, then reduces the exemption by 20 percent annually until fully taxable.
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Caps total tax abatement at $28 million, limits annual abatement to 8.33 percent of total granted amount, and restricts abatement to no more than 20 years.
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Exemption applies only to alterations and improvements completed before December 31, 2015.
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Prevents exemptions from triggering equalization increases in assessed valuation for other dwellings in the same mutual redevelopment company.
Legislative Description
Provides that multiple dwellings owned and operated by a mutual redevelopment company established pursuant to article five of the private housing finance law which contains a total of 2,800 or more dwelling units shall be eligible for tax exemption and abatement for improvements to eliminate fire and health hazards.
Last Action
held for consideration in ways and means
7/1/2010