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NY A09129
Bill
Status
Introduced
1/31/2022
Primary Sponsor
Edward Braunstein
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AI Summary
- Extends the construction completion deadline by 27 months for building projects with tax benefits where the original five-year deadline would have ended between March 7, 2020 and June 25, 2021
- The 27-month extension covers the 15-month period of the state disaster emergency declared by the governor in response to COVID-19 (Executive Order 202) plus an additional 12 months for post-emergency completion
- Establishes that the first year of tax abatement begins on the tax year with the first taxable status date following either project completion or four years from the initial building permit issuance, whichever is sooner
- Entitles property owners to refunds of abatement amounts for any tax years occurring after the abatement commenced if the first abatement year occurred prior to the current tax year
- Failure to meet the extended deadline results in termination of inflation protection benefits for tax years beginning after the completion deadline
Legislative Description
Provides an additional twenty-seven months to complete construction for certain building projects due to the COVID-19 pandemic; provides for the calculation of abatement.
Last Action
reported referred to ways and means
5/10/2022
Committee Referrals
Ways and Means5/10/2022
Real Property Taxation1/31/2022
Full Bill Text
No bill text available