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NY S09471
Bill
Status
12/15/2022
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
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Amends Real Property Tax Law Section 467-c to modify tax abatement provisions for properties with dwelling units in cities with populations of one million or more
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Removes the requirement that regulatory agreements be with "a federal, state, or local governmental entity or instrumentality"
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Authorizes rent increase exemption orders and tax abatement certificates with an effective date of May 31, 2022 for applicants found eligible within 180 days of the subdivision taking effect
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Applies to properties formerly subject to Article II of the Private Housing Finance Law that are subject to regulatory agreements limiting rent increases to amounts established by the Rent Guidelines Board or other amounts in the regulatory agreement
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Takes effect on the same date as the related legislation proposed in S. 6903 and A. 7986
Legislative Description
Relates to authorizing tax abatements for certain properties containing dwelling units; provides that in a city having a population of one million or more, a local law, ordinance, or resolution that may provide that the effective date of a rent increase exemption order and tax abatement certificate shall be May thirty-first, two thousand twenty-two for certain applicants.
Last Action
SIGNED CHAP.687
12/15/2022