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NY S07780

Bill

Official Source

Status

Introduced

5/6/2025

Primary Sponsor

Brad Hoylman-Sigal

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • Reduces the minimum tax payment for mutual redevelopment companies (cooperatives) in cities with populations over one million from the greater of two calculations to the lesser of the two options
  • Lowers the percentage-based tax calculation from 10% to 5% of annual rent or carrying charges minus utilities for residential portions
  • Applies to additional 50-year tax exemption periods granted by local legislative bodies after the maximum exemption under existing law expires
  • The alternative tax floor remains tied to taxes paid during the July 2000-June 2001 tax year
  • 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

SUBSTITUTED BY A8651A

6/10/2025

Committee Referrals

Rules6/10/2025
Finance5/19/2025
Housing, Construction, and Community Development5/6/2025

Full Bill Text

No bill text available