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A04963 Summary:

BILL NOA04963
 
SAME ASNo Same As
 
SPONSORO'Donnell
 
COSPNSR
 
MLTSPNSR
 
Add 497, RPT L
 
Relates to prohibiting exemptions for owners of vacant or unoccupied storefront properties.
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A04963 Actions:

BILL NOA04963
 
02/06/2019referred to real property taxation
01/08/2020referred to real property taxation
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A04963 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A4963
 
SPONSOR: O'Donnell
  TITLE OF BILL: An act to amend the real property tax law, in relation to prohibiting exemptions for owners of vacant or unoccupied storefront properties   PURPOSE OR GENERAL IDEA OF BILL: To revitalize communities by prohibiting exemptions for owners of vacant storefront properties that have been vacant for at least two years.   SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends the real property tax law by adding a new section 497, which prohibits exemptions for owners of vacant or unoccupied storefront properties if such property has been vacant or unoccupied for at least two years. Section 2 establishes the effective date.   JUSTIFICATION: The proliferation of vacant storefronts in New York City is increasing at an alarming pace-many of which have stood vacancy for years now. These vacancies threaten the survival and safety of community members. Further, little progress has been made to fill these vacancies, conse- quently diminishing the commercial activity, employment opportunities, and industrious vibrancy of our neighborhoods. By filling vacant storefronts, we can counteract community deterioration and revitalize economic development-emphatically benefitting the every- day lives of the individuals who live, work, and shop in this neighbor- hood. Prohibiting exemptions for owners of vacant or unoccupied store- front properties swill expedite and facilitate the process of filling these vacancies as quickly as possible.   PRIOR LEGISLATIVE HISTORY: A.10132 (2017-18).   FISCAL IMPLICATIONS: Net savings as fewer exemptions will be granted.   EFFECTIVE DATE: Immediately.
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