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NY S02450

Bill

Official Source

Status

Engrossed

6/11/2015

Primary Sponsor

Hugh Farley

Click for details

Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends Real Property Tax Law Section 458 to extend veteran property tax exemptions to real property owned by a limited liability company if the LLC is owned by the veteran(s) who would qualify for the exemption
  • Amends Real Property Tax Law Section 458-a to expand the definition of "qualified owner" to include a limited liability company owned by veterans, spouses of veterans, or unremarried surviving spouses of veterans
  • Allows 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

REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

1/6/2016

Committee Referrals

Veterans, Homeland Security and Military Affairs1/6/2016
Veterans' Affairs6/11/2015
Veterans, Homeland Security and Military Affairs1/23/2015

Full Bill Text

No bill text available