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A07106 Summary:

BILL NOA07106
 
SAME ASSAME AS S04298
 
SPONSORBichotte Hermelyn
 
COSPNSRSeawright, Walker, Hyndman, Cook, Davila
 
MLTSPNSR
 
Amd §421-a, RPT L
 
Relates to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation.
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A07106 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7106
 
SPONSOR: Bichotte Hermelyn
  TITLE OF BILL: An act to amend the real property tax law, in relation to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation for the purpose of fixing economic disparity   PURPOSE OR GENERAL IDEA OF BILL: To increase economic opportunities of Minority Women-Owned Business Enterprises by having them participate in real estate development � related projects.   SUMMARY OF SPECIFIC PROVISIONS: Section 1. Subdivision 2 of section 421-a of the real property tax law is amended by adding a new closing paragraph to read as follows: any new multiple dwelling otherwise eligible for an exemption from taxation under this section must also be in compliance with the goals from minor- ity and women-owned business enterprise.   JUSTIFICATION: Currently, affordable housing developers profit from being able to take advantage of the 421-a tax exemption program. The proposed amendment for the real property tax law would significantly increase the ability of MWBEs to benefit from this program.   PRIOR LEGISLATIVE HISTORY: 01/03/24 referred to real property taxation 02/08/23 referred to real property taxation 2021-22: A05948, referred to real property taxation 2019-2020: A2168, Referred to real property taxation 2017-2018: A279, Referred to real property taxation   FISCAL IMPLICATIONS: None   EFFECTIVE DARE: This act shall take effect immediately
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