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NY S01053
Bill
Status
1/8/2025
Primary Sponsor
John Liu
Click for details
AI Summary
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Removes real property tax exemptions for educational institutions whose exempted property taxes totaled $100 million or more in the prior fiscal year
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Directs all property tax revenue collected from these private higher education facilities to the City University of New York (CUNY)
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Requires that funds received must supplement, not replace, existing state funding to CUNY, prohibiting the governor from reducing other state funding accounts in response
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Takes effect only upon passage of a concurrent constitutional amendment resolution related to real property tax exemptions for educational institutions
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
1/7/2026