NY A02363

Amends Real Property Tax Law Section 489-cccccc to clarify that "first building permit" means the permit allowing actual construction work on the proposed project, not merely site preparation.

Requires applicants to meet minimum required expenditures no later than four years from issuance of the qualifying first building permit and complete construction no later than five years from such permit issuance.

Requires preliminary applications be filed on or before the date of issuance of the first building permit that allows actual construction work to commence, with allowances for architect or engineer notification if no permit is required.

Requires final applications be filed no later than one year from issuance of the qualifying first building permit for benefits to be granted.

Applies retroactively to construction projects delayed by Hurricane Sandy environmental damage in fall 2012 that are currently under contested review by a court or the New York City Department of Finance.