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NY A10458
Bill
Status
3/26/2010
Primary Sponsor
Daniel Burling
Click for details
AI Summary
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Amends Section 452 of the Real Property Tax Law to expand the tax exemption for veterans' organizations to include property occupied by tenants who are not exempt entities.
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Changes the exemption requirement from "actually and exclusively used and occupied" to a standard where all net income from the property is applied to carrying, maintenance, and depreciation charges, with remainder going to charitable, educational, or veterans' programs.
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Eliminates the previous provision that limited exemptions when non-exempt organizations rented space, allowing veterans' organizations to rent to any person while maintaining tax-exempt status.
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Takes effect immediately and applies retroactively to April 1, 2010.
Legislative Description
Extends the real property tax exemption for veterans organizations to include property so owned which is occupied by any person although not also entitled to exemption.
Last Action
held for consideration in veterans' affairs
5/18/2010