New York A 2509: Places a moratorium on tax lien sales in N.Y. city due to the financial hardships placed on property owners as a result of the COVID-19 pandemic

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A02509 Summary:

BILL NOA02509 

&nbsp

SAME ASSAME AS S05617

&nbsp

SPONSORBendett

&nbsp

COSPNSRBrabenec, Smullen, DeStefano, Brown K

&nbsp

MLTSPNSR

&nbsp

Add §54-n, St Fin L

&nbsp

Provides for state reimbursement for lost tax revenue due to devaluation of land as a result of toxic contamination.

Go to top A02509 Actions:

BILL NOA02509 

&nbsp

01/17/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02509 Committee&nbspVotes:

Go to topA02509 Floor&nbspVotes:

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

Go to topA02509 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2509

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 17, 2025
 ___________

 Introduced by M. of A. BENDETT -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT to amend the state finance law, in relation to providing state
 reimbursement for lost tax revenue due to devaluation of land subject
 to toxic contamination

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

 1 Section 1. The state finance law is amended by adding a new section
 2 54-n to read as follows:
 3 § 54-n. Reimbursement for lost tax revenue due to toxic contamination.
 4 1. As used in this section, "municipality" shall mean any city, village,
 5 town or fire district located in the county of Rensselaer.
 6 2. Any municipality subject to contamination either directly or indi-
 7 rectly from the state hazardous waste site known as the Dewey Loeffel
 8 Landfill, that has reduced its tax levy on properties affected by such
 9 hazardous waste site, shall be eligible for reimbursement of such lost
 10 tax revenue by the state. For purposes of this section, "lost tax reven-
 11 ue" shall mean the difference between the actual valuation of such real
 12 property and the reduced assessed value due to contamination as certi-
 13 fied by the chief fiscal officer of the municipality in which such prop-
 14 erties are located.
 15 3. Such reimbursement shall be made annually to the municipality
 16 following application by the chief fiscal officer of the municipality to
 17 the comptroller in a manner approved and prescribed by the comptroller.
 18 4. Such system of reimbursement shall continue until such time as the
 19 Dewey Loeffel Landfill has been removed from the inventory of state
 20 hazardous waste sites.
 21 § 2. This act shall take effect on the first of April next succeeding
 22 the date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03584-01-5

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