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NY S07798
Bill
Status
12/8/2023
Primary Sponsor
John Liu
Click for details
AI Summary
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Removes tax-exempt status for educational institutions whose real property tax exemptions exceeded $100 million during the prior fiscal year.
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Applies to corporations or associations organized exclusively for educational purposes that have been used exclusively for such purposes.
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Directs all property tax revenue collected from affected private higher education facilities to the City University of New York.
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Takes effect upon passage of a concurrent constitutional resolution amending Article 16, Section 1 of the New York State Constitution regarding educational property tax exemptions.
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 LOCAL GOVERNMENT
1/3/2024