Relates to a minority and women-owned business enterprise participation goal requirement in order to receive exemption of new multiple dwellings from local taxation.
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