NY S01708

Adds a new exemption to the municipal tax cap for tax levies funding capital projects (roads, sewers, waterlines, bridges) approved by 60 percent affirmative vote of local electors.

Requires the governing body of a county, city, town, or village to enact a local law by majority vote that is subject to mandatory referendum before adopting a capital projects tax levy.

Makes the local law operative only upon approval by 60 percent affirmative vote of qualified electors at a general or special election pursuant to municipal home rule law.

Directs the Department of Taxation and Finance to establish guidelines within 60 days of the act's effective date identifying any additional capital projects eligible for the tax cap exemption.

Takes effect immediately upon enactment, but is subject to the repeal of section 3-c of the general municipal law.