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NY A08606
Bill
Status
1/12/2024
Primary Sponsor
Jenifer Rajkumar
Click for details
AI Summary
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Authorizes cities with populations of one million or more to adopt local laws imposing a 20 percent surcharge on real property tax rates for certain properties.
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Applies surcharge to commercial or residential property with majority ownership by residents or businesses from states determined by the city's finance department to have financed transportation of persons into the city to become public charges within the past three years.
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Prohibits properties subject to the surcharge from receiving tax abatements, reductions, credits, or payment-in-lieu agreements, except for tax overpayment refunds, reassessment refunds, low-income housing construction credits, or energy and water efficiency improvement credits.
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Requires the city finance department to annually determine which states financed such person transportation in coordination with the state Department of Taxation and Finance, and to promulgate implementing rules.
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Takes effect immediately upon enactment.
Legislative Description
Imposes a surcharge of twenty percent additional tax on properties owned by persons or businesses from states which have financed the transportation of persons into such city for the purpose of making them a public charge; applies to cities with a population of one million or more.
Last Action
referred to real property taxation
1/12/2024