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NY A04782

Bill

Official Source

Status

Introduced

2/6/2015

Primary Sponsor

Marc Butler

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • Allows veteran-occupied primary residences owned by limited liability companies to qualify for real property tax exemptions if the LLC is owned by the veteran(s) who would qualify for the exemption
  • Amends Section 458 of the Real Property Tax Law to apply exemption provisions to LLCs owned by eligible persons rather than requiring direct individual ownership
  • Expands the definition of "qualified owner" in Section 458-a to include LLCs owned by veterans, spouses of veterans, or unremarried surviving spouses of veterans
  • Permits exemptions to be combined when property is owned by multiple qualified owners
  • Takes effect immediately upon enactment

Legislative Description

Concerns primary residences owned by limited liability companies that are occupied by veterans.

Last Action

held for consideration in veterans' affairs

5/17/2016

Committee Referrals

Veterans' Affairs2/6/2015

Full Bill Text

No bill text available