NY S07815

Extends deadline for tax exemptions on multiple dwelling alterations and improvements from June 2011 to January 2015, and reduces completion timeframe from 36 to 30 months for most projects, with 60-month option for housing development fund companies with government assistance.

Creates tiered partial tax abatement for condominium and cooperative dwelling units based on average assessed value per unit (ranging from 17.5% to 28.1% abatement) for fiscal years 2012-2014, limited to unit owners with no more than three units per property.

Allows individual dwelling unit owners to apply for tax abatements in addition to board applications, requires electronic filing of exemption and abatement applications, and grants authority to deny abatements for late application submissions.

Establishes tax credit against city income tax for residents receiving pro rata share of income from New York S-corporations or qualified subchapter S subsidiaries, phased based on taxable income ($0 at $100,000+ income), effective 2014-2015.

Expands "interim multiple dwelling" definition in loft law to include buildings occupied residentially for 12 consecutive months during 2008-2009 with minimum 400 square feet (reduced from 550), requires loft board compliance within 30 months of 2012, and sunsets relevant provisions June 30, 2015.