Relates to the tax exemption of a mutual redevelopment company, the official text

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8651--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 22, 2025
                                ___________
 
 Introduced by M. of A. SIMONE -- read once and referred to the Committee
   on Housing -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 AN  ACT  to  amend  the  private housing finance law, in relation to the
   amount of taxes paid by a cooperative

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph  (a-4)  of  subdivision 1 of section 125 of the
 private housing finance law, as added by chapter  531  of  the  laws  of
 2014, is amended to read as follows:
   (a-4)  Any  inconsistent  provision  of law notwithstanding, in a city
 having a population of one million or more, where  a  local  legislative
 body  has  acted  to  extend the tax exemption of a mutual redevelopment
 company for the maximum period provided for in paragraph (a-2)  of  this
 subdivision,  the  local  legislative  body  may grant an additional tax
 exemption for a period of up to fifty years, provided that the amount of
 taxes to be paid during any such period of tax exemption  shall  be  not
 less  than an amount equal to the [greater] LESSER of (i) [ten] FIVE per
 centum of the annual rent or carrying charges of the project minus util-
 ities for the residential portion of the  project,  or  (ii)  the  taxes
 payable  by  such  company  for  the  residential portion of the project
 during the tax year commencing July first, two thousand  and  ending  on
 June  thirtieth,  two  thousand  one.  Such  grant  of an additional tax
 exemption period shall take effect upon the expiration  of  the  maximum
 period provided for in paragraph (a-2) of this subdivision.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11932-07-5