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NY A08479
Bill
Status
12/29/2023
Primary Sponsor
Zohran Kwame Mamdani
Click for details
AI Summary
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Removes tax-exempt status from educational institutions owned by corporations or associations if the value of real property tax exemptions for that institution exceeded $100 million in the prior fiscal year.
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Property tax revenues collected from newly-taxed private higher education facilities must be directed to the City University of New York as established by Education Law Article 125.
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Applies only to institutions that have been used exclusively for educational purposes and are organized or conducted exclusively for educational purposes.
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Requires passage of a concurrent resolution to amend Section 1 of Article 16 of the New York Constitution before the act takes effect.
Legislative Description
Repeals the tax exempt status of private universities that received real property tax exemptions of one hundred million dollars or more during the prior fiscal year.
Last Action
referred to real property taxation
1/3/2024