NY S05555

Amends Real Property Tax Law Section 489-cccccc to allow the New York City Department of Finance discretion to accept late final applications for tax benefits filed after the one-year deadline from commencement of construction.

Department of Finance may consider late applications as timely filed if it determines there was no harm from the late filing or no fault on the part of the applicant in missing the deadline.

Maintains the standard one-year filing deadline from the date of the first building permit issuance or commencement of construction, but removes the absolute bar to late filings.

Takes effect immediately upon enactment.