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NY A08651
Bill
Status
Passed
10/14/2025
Primary Sponsor
Tony Simone
Click for details
AI Summary
- Reduces the minimum tax payment calculation for cooperative housing projects in cities with populations over one million (New York City) from the "greater of" to the "lesser of" two calculation methods
- Lowers the percentage of annual rent or carrying charges used to calculate minimum taxes from 10% to 5% for the residential portion of projects
- Applies to mutual redevelopment companies that have already received the maximum tax exemption period and are granted an additional exemption of up to 50 years
- The alternative calculation method remains unchanged: taxes payable during the tax year from July 1, 2000 to June 30, 2001
- Takes effect immediately upon enactment
Legislative Description
Relates to the extension of a tax exemption for a mutual redevelopment company in a city having a population of one million or more persons.
Last Action
signed chap.430
10/14/2025
Committee Referrals
Rules6/9/2025
Rules6/6/2025
Ways and Means6/5/2025
Housing5/22/2025
Full Bill Text
No bill text available