NY A04045

Amends Real Property Tax Law Section 420-a to establish a seven-year time limit for tax exemptions on nonprofit organization property lacking suitable buildings or improvements, with construction in progress or contemplated.

For property acquired before the bill's effective date, the seven-year period begins on the effective date; for property acquired after, the period begins on the acquisition date.

Exempts children's overnight camps, summer day camps (as defined in Public Health Law Section 1892), and not-for-profit conservation organizations from the seven-year limitation.

Takes effect on January 1 following enactment.