New York S 1718: Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income households

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 Speaker Carl E. Heastie

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S01718 Summary:

BILL NOS01718B

&nbsp

SAME ASSAME AS A00355-C

&nbsp

SPONSORHINCHEY

&nbsp

COSPNSRROLISON, WEBB

&nbsp

MLTSPNSR

&nbsp

Add §457-a, RPT L

&nbsp

Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income households; sets forth conditions for the discontinuance of such exemption.

Go to top S01718 Actions:

BILL NOS01718B

&nbsp

01/13/2025REFERRED TO LOCAL GOVERNMENT

02/10/2025AMEND (T) AND RECOMMIT TO LOCAL GOVERNMENT

02/10/2025PRINT NUMBER 1718A

04/07/2025AMEND AND RECOMMIT TO LOCAL GOVERNMENT

04/07/2025PRINT NUMBER 1718B

04/15/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

04/15/2025ORDERED TO THIRD READING CAL.682

04/29/2025SUBSTITUTED BY A355C

&nbspA00355 AMEND=C Barrett

&nbsp01/08/2025referred to real property taxation

&nbsp02/05/2025amend (t) and recommit to real property taxation

&nbsp02/05/2025print number 355a

&nbsp03/12/2025amend (t) and recommit to real property taxation

&nbsp03/12/2025print number 355b

&nbsp03/18/2025reported referred to ways and means

&nbsp03/18/2025reported referred to rules

&nbsp03/18/2025reported 

&nbsp03/18/2025rules report cal.108

&nbsp03/18/2025ordered to third reading rules cal.108

&nbsp03/18/2025passed assembly

&nbsp03/18/2025delivered to senate

&nbsp03/18/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

&nbsp04/08/2025recalled from senate

&nbsp04/08/2025RETURNED TO ASSEMBLY

&nbsp04/08/2025vote reconsidered - restored to third reading

&nbsp04/08/2025amended on third reading 355c

&nbsp04/28/2025repassed assembly

&nbsp04/28/2025returned to senate

&nbsp04/28/2025RECOMMITTED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

&nbsp04/29/2025SUBSTITUTED FOR S1718B

&nbsp04/29/20253RD READING CAL.682

&nbsp04/29/2025REPASSED SENATE

&nbsp04/29/2025RETURNED TO ASSEMBLY

&nbsp10/09/2025delivered to governor

&nbsp10/16/2025signed chap.432

Go to topS01718 Committee&nbspVotes:

Go to topS01718 Floor&nbspVotes:

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

Go to topS01718 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1718--B

 2025-2026 Regular Sessions

 IN SENATE

 January 13, 2025
 ___________

 Introduced by Sens. HINCHEY, ROLISON -- read twice and ordered printed,
 and when printed to be committed to the Committee on Local Government
 -- committee discharged, bill amended, ordered reprinted as amended
 and recommitted to said committee -- committee discharged, bill
 amended, ordered reprinted as amended and recommitted to said commit-
 tee

 AN ACT to amend the real property tax law, in relation to partially
 exempting from taxation certain residential real property transferred
 to low-income households

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

 1 Section 1. The real property tax law is amended by adding a new
 2 section 457-a to read as follows:
 3 § 457-a. Exemption for eligible residential property transferred to a
 4 low-income household. 1. As used in this section:
 5 (a) "Nonprofit housing organization" means a nonprofit organization
 6 exempt from certain taxes pursuant to section 501(c)(3) or section
 7 501(c)(4) of the United States internal revenue code and/or that is
 8 incorporated under the not-for-profit corporation law whose primary
 9 purpose is the construction or renovation of residential affordable
 10 housing for conveyance to households that meet certain income require-
 11 ments.
 12 (b) "Community land trust" means a nonprofit organization exempt from
 13 certain taxes pursuant to section 501(c)(3) or section 501(c)(4) of the
 14 United States internal revenue code and/or that is incorporated under
 15 the not-for-profit corporation law whose primary purpose is to provide
 16 affordable housing by owning land and leasing or selling residential
 17 housing situated on that land to households that meet certain income
 18 requirements.
 19 (c) "Land bank" means an entity created in accordance with article
 20 sixteen of the not-for-profit corporation law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is ol