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NY S05110
Bill
Status
2/23/2023
Primary Sponsor
Peter Oberacker
Click for details
AI Summary
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Amends the real property tax law to expand STAR program eligibility to include properties owned by small businesses, defined as businesses employing 100 or fewer persons.
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Modifies the primary residence requirement to allow small business-owned properties to qualify for STAR exemption without needing to serve as the owner's primary residence.
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Adds "small business" as an eligible property type alongside one, two or three family residences, farm dwellings, and residential condominiums or cooperatives.
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Effective immediately and applies to all taxable years beginning January 1, 2023.
Legislative Description
Relates to extending the benefits of the STAR program to small businesses; defines small business as a business which employs one hundred persons or less.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/3/2024