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NY A06654
Bill
Status
3/6/2025
Primary Sponsor
Micah Lasher
Click for details
AI Summary
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Exempts limited-profit housing company projects (Mitchell-Lama) located in New York City (population of one million or more) from local and municipal taxes based on shelter rent assessments
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Allows municipalities with populations under one million to reduce the minimum tax payment below the current 10% of annual shelter rent, with approval from the local legislative body
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Applies the tax exemption changes to standard limited-profit housing projects, state urban development corporation projects, and federally-financed housing projects under the Private Housing Finance Law
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Extends the same provisions to mutual companies organized for resident acquisition of buildings, including those involving rehabilitation financing
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Takes effect immediately upon passage
Legislative Description
Relates to authorizing a reduction of taxes pursuant to shelter rent; provides that such taxes shall not be assessed on projects located in New York City.
Last Action
print number 6654a
2/2/2026