New York A 3286: Establishes a tax on certain vacant land in the city of New York

Bill Text

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A03286 Summary:

BILL NOA03286 

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SAME ASNo Same As

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SPONSORBores

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COSPNSR

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MLTSPNSR

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Add §1201-f, Tax L; add §421-r, RPT L

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Establishes a tax on certain vacant land in the city of New York; provides exemptions for certain vacant land; establishes a tax credit for certain renovations to certain rent-stabilized properties.

Go to top A03286 Actions:

BILL NOA03286 

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01/27/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03286 Committee&nbspVotes:

Go to topA03286 Floor&nbspVotes:

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

Go to topA03286 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3286

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. BORES -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to requiring any city having a
 population of one million or more to impose and collect taxes on
 certain vacant land; and to amend the real property tax law, in
 relation to establishing a tax credit for certain renovations to rent-
 stabilized properties

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "repairs to apartments act".
 3 § 2. The tax law is amended by adding a new section 1201-f to read as
 4 follows:
 5 § 1201-f. Vacant land tax. (a) Notwithstanding any other provision of
 6 law to the contrary, in any city having a population of one million or
 7 more, the property taxes on property that is zoned as residential zoned
 8 class one or commercially zoned class four which has been vacant for a
 9 period of not less than one hundred eighty days, unless a building
 10 permit has been issued for such vacant land, shall be taxed based on a
 11 full market value assessment.
 12 (b) Any such local law may provide for exclusions or exemptions from
 13 such tax other than those specified in this section.
 14 (c) In the case of a willfully false or fraudulent return with intent
 15 to evade the tax, an additional fee of two percent of the market value
 16 of the property shall be imposed.
 17 (d) Revenues resulting from the imposition of tax authorized by this
 18 section shall be paid into the treasury of any such city and shall be
 19 credited to and deposited in the general fund of any such city for the
 20 purpose of the creation of:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04195-01-5

 A. 3286 2

 1 (i) a tax credit for rent-stabilized properties within such city which
 2 undergo certain renovations pursuant to section four hundred
 3 twenty-one-r of the real property tax law; and
 4 (ii) insofar as revenues exceed the amount spent on the tax credit
 5 pursuant to paragraph (i) of this subdivision, for a program or programs
 6 to encourage development of vacant properties. Such program may take the
 7 form of a tax break, direct subsidy, or other mechanism that such city
 8 may define in local law.
 9 § 3. The real property tax law is amended by adding a new section
 10 421-r to read as follows:
 11 § 421-r. Rent-stabilized unit and building renovation tax credit. 1.
 12 An owner of real property in a city with a population of one million or
 13 more may be eligible for a tax credit for renovations that are required
 14 to be made to the property to get the property up to city-level or
 15 state-level building code or housing requirements when such renovations
 16 are entirely contained within a rent regulated unit or, when at least
 17 fifty percent of the units within such real property are rent regulated
 18 units, or when such renovations are to the common areas or infrastruc-
 19 ture of the property itself (such as elevator repairs or installation or
 20 heating, cooling, plumbing or electrical work).
 21 2. The amount of such credit shall be determined by the department of
 22 finance within such city and may be up to one hundred percent of the
 23 total cost of the renovations; provided, however, that such determi-
 24 nation shall be based upon the previous year's vacancy and vacant land
 25 tax re