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NY A05348
Bill
Status
Introduced
2/16/2011
Primary Sponsor
Fred Thiele
Click for details
AI Summary
- Exempts conveyances of real property to tax-exempt corporations from real estate transfer taxes in Peconic Bay region towns when the conveyance is for affordable housing purposes
- Applies to corporations incorporated under the not-for-profit corporation law or private housing finance law that are organized to provide housing opportunities
- Redefines "affordable housing" to mean housing exclusively for eligible persons determined by each town under local law with income at or below the town's median income
- Changes eligibility from "town residents" to "eligible persons as determined by the town" through local law
- Takes effect immediately upon enactment
Legislative Description
Exempts certain conveyances of real property to any tax exempt corporation incorporated pursuant to the not-for-profit corporation law or the private housing finance law from the tax on real estate transfers in towns in the Peconic Bay region, where such conveyance is for the purposes of providing affordable housing opportunities within the towns and such corporation is incorporated for the purposes of providing housing opportunities.
Last Action
held for consideration in ways and means
6/19/2012
Committee Referrals
Ways and Means2/16/2011
Full Bill Text
No bill text available