NY A02424

Amends Real Property Tax Law section 412-a to modify the tax exemption for property owned by industrial development agencies in counties with a population between 1.49 million and 1.51 million (as determined by latest federal decennial census).

Property owned by industrial development agencies in specified counties remains subject to taxation by fire districts, fire protection districts, and ambulance districts.

Takes effect immediately and applies to assessment rolls prepared on or after the effective date.

Does not apply to projects where an industrial development agency has previously authorized assistance through bond issuance, lease execution, or passage of an inducement or bond resolution before the law takes effect.