NY S07480

Requires condominium and cooperative dwelling units to be the primary residence of the owner to receive partial real property tax abatement beginning in fiscal year 2013, eliminating the previous limit of three units per property.

Allows married couples with multiple residences to receive abatement on only one residence unless legally separated.

Establishes new abatement rates for fiscal years 2013-2015 based on average unit assessed value, ranging from 25 percent for properties valued at $30,000 or less to 17.5 percent for the first $100,000 of assessed value for properties exceeding $40,000.

Creates a credit for S corporations with tax liability between $25 and $1,600 for taxable years beginning January 1, 2013 and thereafter.

Increases the commercial rent or occupancy tax reduction for Manhattan south of 96th Street from 35 percent to 40 percent for periods beginning June 1, 2013, and modifies tenant credits under the commercial occupancy tax effective June 1, 2013.