NY S08430

Clarifies that "first building permit" means the permit that allows actual construction work to commence, excluding permits for only site preparation work, for tax abatement eligibility purposes.

Reduces the time limit for meeting minimum required expenditures from an unspecified period to no later than four years from issuance of the qualifying first building permit or commencement of construction if no permit is required.

Maintains the five-year construction completion deadline from the date of the qualifying first building permit, with failure to meet this deadline resulting in termination of inflation protection benefits.

Requires preliminary applications to be filed on or before issuance of the qualifying first building permit, or within thirty days of construction commencement for projects not requiring permits.

Takes effect immediately and applies to projects currently under contested review by courts or state and city departments of finance.