New York S 4794: Alters tax exemption programs for the development of new and affordable housing

Bill Text

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S04794 Summary:

BILL NOS04794 

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SAME ASNo Same As

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SPONSORSANDERS

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COSPNSRPARKER

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MLTSPNSR

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Amd §421-a, add §421-r, RPT L; amd §11-245, NYC Ad Cd; add §1808, NYC Chart

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Alters tax exemption programs for the development of new and affordable housing; defines "initial construction period" and "extended construction period"; makes related changes.

Go to top S04794 Actions:

BILL NOS04794 

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02/12/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS04794 Committee&nbspVotes:

Go to topS04794 Floor&nbspVotes:

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

Go to topS04794 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4794

 2025-2026 Regular Sessions

 IN SENATE

 February 12, 2025
 ___________

 Introduced by Sens. SANDERS, PARKER -- read twice and ordered printed,
 and when printed to be committed to the Committee on Housing,
 Construction and Community Development

 AN ACT to amend the real property tax law, the administrative code of
 the city of New York and the New York city charter, in relation to
 changing tax exemption programs for the development of new and afford-
 able housing

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

 1 Section 1. Subdivision 1 of section 421-a of the real property tax law
 2 is amended by adding two new paragraphs e and f to read as follows:
 3 e. "Initial Construction Period." The period of time needed for the
 4 construction of a new multiple dwelling or the period of three years
 5 immediately following commencement of construction, whichever expires
 6 sooner, provided that construction must be completed upon the expiration
 7 of this period in order for such multiple dwelling to remain eligible
 8 for the exemption provided in this section.
 9 f. "Extended Construction Period." The period of time immediately
 10 following the initial construction period needed to complete the
 11 construction of a new multiple dwelling or the period of three years,
 12 whichever expires sooner.
 13 § 2. Paragraph (a) of subdivision 2 of section 421-a of the real prop-
 14 erty tax law, as amended by chapter 288 of the laws of 1985, subpara-
 15 graph (i), clause (A) of subparagraph (ii) and clause (A) of subpara-
 16 graph (iii) as amended by chapter 4 of the laws of 2013, clause (E) of
 17 subparagraph (iii) as added by chapter 618 of the laws of 2007, subpara-
 18 graph (iv) as added by chapter 832 of the laws of 1992, clause (A) of
 19 subparagraph (iv) as amended by section 63-a of part A of chapter 20 of
 20 the laws of 2015, is amended to read as follows:
 21 (a) (i) (A) Within a city having a population of one million or more,
 22 new multiple dwellings, except hotels, shall be exempt from taxation for

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09609-01-5

 S. 4794 2

 1 local purposes, other than assessments for local improvements, for the
 2 tax year or years immediately following taxable status dates occurring
 3 subsequent to the commencement and prior to the completion of the
 4 initial construction period, but not to exceed three such tax years, and
 5 shall continue to be exempt from such taxation in tax years immediately
 6 following the taxable status date first occurring after the expiration
 7 of the exemption herein conferred during the initial construction [so
 8 long as used at the completion of construction for dwelling purposes]
 9 period for a period not to exceed ten years in the aggregate after the
 10 taxable status date immediately following the completion [thereof] of
 11 the initial construction period and during the extended construction
 12 period if such period is needed, as follows:
 13 [(A)] a. except as otherwise provided herein there shall be full
 14 exemption from taxation during the [period of construction or the period
 15 of three years immediately following commencement of construction,
 16 whichever expires sooner] initial construction period, and for two years
 17 following such period;
 18 [(B)] b. followed by two years of exemption from eighty [per