New York S 4284: Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to certain high density area in Kings county

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S04284 Summary:

BILL NOS04284 

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SAME ASNo Same As

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SPONSORPARKER

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Establishes a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manufacturing space to co-located work space and residential units in certain high density areas in Kings county.

Go to top S04284 Actions:

BILL NOS04284 

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02/03/2025REFERRED TO LOCAL GOVERNMENT

01/07/2026REFERRED TO LOCAL GOVERNMENT

Go to topS04284 Committee&nbspVotes:

Go to topS04284 Floor&nbspVotes:

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

Go to topS04284 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4284

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 AN ACT to establish a demonstration program extending the J-51 tax
 exemption to the conversion and rehabilitation of commercial and manu-
 facturing space to co-located work space and residential units in
 certain high density areas in Kings county; and providing for the
 repeal of such provisions upon expiration thereof

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

 1 Section 1. There is hereby established a demonstration program to
 2 extend the provisions of the J-51 tax exemption to the conversion and
 3 rehabilitation of commercial and manufacturing space to co-located work
 4 space and residential units in certain high density, underutilized M-1
 5 zoned properties in Kings county. For purposes of this section, J-51 is
 6 a property tax exemption and abatement for renovating a residential
 7 apartment building in certain counties of the city of New York. Such
 8 credit varies depending on the building's location and the type of
 9 improvements and shall be extended to the county of Kings.
 10 § 2. This act shall take effect immediately and shall expire and be
 11 deemed repealed five years after such effective date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08042-01-5

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