New York A 1524: Relates to the applicability of local laws of certain cities to buildings owned, leased or operated by the state or its agencies

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A01524 Summary:

BILL NOA01524 

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SAME ASNo Same As

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SPONSORRosenthal

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COSPNSR

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MLTSPNSR

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Amd §581, RPT L

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Relates to financial statements for assessments of condos, cooperative buildings and cooperative communities; requires financial statements to be prepared using GAAP; requires auditing for certain buildings by CPAs.

Go to top A01524 Actions:

BILL NOA01524 

&nbsp

01/10/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA01524 Committee&nbspVotes:

Go to topA01524 Floor&nbspVotes:

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

Go to topA01524 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1524

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 10, 2025
 ___________

 Introduced by M. of A. ROSENTHAL -- read once and referred to the
 Committee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to financial
 statements for assessments of condominiums, cooperative buildings and
 cooperative communities

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

 1 Section 1. Subdivision 2 of section 581 of the real property tax law
 2 is amended by adding a new paragraph (f) to read as follows:
 3 (f) (i) Notwithstanding any other provision of law, all financial
 4 statements prepared in the course of assessing the value of a condomin-
 5 ium building, cooperative building or cooperative community shall be
 6 prepared using generally accepted accounting principles.
 7 (ii) All financial statements provided annually to shareholders or to
 8 prospective purchasers of units or shares must be prepared using the
 9 accrual basis of accounting.
 10 (iii) For purposes of this subdivision, "generally accepted accounting
 11 principles" shall mean the principles of either governmental accounting
 12 standards (GAS) or GAAP as specified by authoritative national stan-
 13 dard-setting bodies.
 14 (iv) Should International Financial Reporting Standards accounting
 15 standards (IFRS) be adopted for use in the United States of America by
 16 the U.S. Securities and Exchange Commission, these same standards shall
 17 constitute using generally accepted accounting principles for the
 18 purpose of this subdivision.
 19 (v) For the purpose of this section, condominium buildings, cooper-
 20 ative buildings or cooperative communities with over ten units must have
 21 their financial statements annually audited by a fully licensed New York
 22 state certified public accountant.
 23 (vi) The attorney general's office shall have the appropriate authori-
 24 ty to enforce the provisions of this paragraph.
 25 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04440-01-5

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