New York S 1122: Establishes a fuel cell incentive program

Bill Text

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S01122 Summary:

BILL NOS01122 

&nbsp

SAME ASNo Same As

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SPONSOROBERACKER

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COSPNSRBORRELLO, RHOADS

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MLTSPNSR

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Amd §425, RPT L

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Relates to extending the benefits of the STAR program to small businesses; defines small business as a business which employs one hundred persons or less.

Go to top S01122 Actions:

BILL NOS01122 

&nbsp

01/08/2025REFERRED TO LOCAL GOVERNMENT

01/07/2026REFERRED TO LOCAL GOVERNMENT

Go to topS01122 Committee&nbspVotes:

Go to topS01122 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01122 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1122

 2025-2026 Regular Sessions

 IN SENATE

 January 8, 2025
 ___________

 Introduced by Sens. OBERACKER, BORRELLO, RHOADS -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Local Government

 AN ACT to amend the real property tax law, in relation to extending the
 benefits of the STAR program to small businesses

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 3 of section 425 of the real property tax law,
 2 as added by section 1 of part B of chapter 389 of the laws of 1997,
 3 paragraph (a) as amended by chapter 264 of the laws of 2000, paragraph
 4 (b-1) as amended by section 1 of part RR of chapter 59 of the laws of
 5 2019, paragraph (d) as amended by chapter 564 of the laws of 2015 and
 6 paragraph (e) as added by section 2 of part W of chapter 57 of the laws
 7 of 2008, is amended to read as follows:
 8 3. Eligibility requirements. (a) Property use. To qualify for
 9 exemption pursuant to this section, the property must be a one, two or
 10 three family residence, a farm dwelling, small business or residential
 11 property held in condominium or cooperative form of ownership. If the
 12 property is not an eligible type of property, but a portion of the prop-
 13 erty is partially used by the owner as a primary residence, that portion
 14 which is so used shall be entitled to the exemption provided by this
 15 section; provided that in no event shall the exemption exceed the
 16 assessed value attributable to that portion.
 17 (b) Primary residence. The property must serve as the primary resi-
 18 dence of one or more of the owners thereof, unless such property is
 19 owned by a small business as defined in paragraph (f) of this subdivi-
 20 sion.
 21 (b-1) Income. For final assessment rolls to be used for the levy of
 22 taxes for the two thousand eleven-two thousand twelve through two thou-
 23 sand eighteen-two thousand nineteen school years, the parcel's affil-
 24 iated income may be no greater than five hundred thousand dollars, as

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03497-01-5

 S. 1122 2

 1 determined by the commissioner pursuant to subdivision fourteen of this
 2 section or section one hundred seventy-one-u of the tax law, in order to
 3 be eligible for the basic exemption authorized by this section. Begin-
 4 ning with the two thousand nineteen-two thousand twenty school year, for
 5 purposes of the exemption authorized by this section, the parcel's
 6 affiliated income may be no greater than two hundred fifty thousand
 7 dollars, as so determined. As used herein, the term "affiliated income"
 8 shall mean the combined income of all of the owners of the parcel who
 9 resided primarily thereon on the applicable taxable status date, and of
 10 any owners' spouses residing primarily thereon. For exemptions on final
 11 assessment rolls to be used for the levy of taxes for the two thousand
 12 eleven-two thousand twelve school year, affiliated income shall be
 13 determined based upon the parties' incomes for the income tax year
 14 ending in two thousand nine. In each subsequent school year, the appli-
 15 cable income tax year shall be advanced by one year. The term "income"
 16 as used herein shall have the same meaning as in subdivision four of
 17 this section.
 18 (c) Trusts. If legal title to the property is held by one or more
 19 trustees, the beneficial owner or owners shall be deemed to own the
 20 property for purposes of this subdivision.
 21 (d) Farm