NY A10798

Extends the deadline for tax exemptions on alterations and improvements to multiple dwellings from June 1, 2011 to January 1, 2015, and reduces the completion period from thirty-six to thirty months for most projects.

Establishes partial tax abatements for eligible condominium and cooperative dwelling units based on average assessed value per unit, ranging from 17.5% to 28.1% for fiscal years 2012-2014, with restrictions on sponsor eligibility and maximum three units per owner.

Adds new requirements for tax exemption eligibility including restrictions on condominiums and cooperatives with average assessed values over $30,000 per unit unless improvements involve substantial governmental assistance, and denies exemptions for non-residential conversions without such assistance.

Modifies interim multiple dwelling regulations to reduce minimum unit size from 550 square feet to 400 square feet, allows loft board to exempt certain unit categories from use incompatibility determinations, and reduces rent adjustment percentages during compliance periods.

Establishes a general corporation tax credit for city residents whose income includes pro rata shares from New York S-corporations or certain Qualified Subchapter S Subsidiaries, effective January 1, 2014 through June 30, 2015, with income-based phase-out beginning at $35,000.