NY S05050

Authorizes New York City to accept a late tax exemption application from Foundation for Sephardic Studies, Inc., a not-for-profit corporation, for assessment rolls from 2003 through 2008.

The exemption applies to a specific Brooklyn parcel identified as block 07089, lot 07 in the borough of Brooklyn.

The NYC Department of Finance Commissioner may grant the exemption and cancel all unpaid taxes, fines, penalties, and interest on the property if the corporation would have qualified for the exemption under real property tax law section 420-a had it filed timely.

City Council approval is required before the Commissioner can grant the exemption and correct the assessment rolls.

The act takes effect immediately upon passage.