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Speaker Carl E. Heastie
 
     
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A07943 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)




 
BILL NUMBER: A7943
 
SPONSOR: Kay

 
TITLE OF BILL:
 
An act to amend the real property tax law, in relation to a real proper-
ty tax exemption for property owned by certain limited liability compa-
nies
 
 
PURPOSE:
 
This bill would provide a real property tax exemption for property owned
by certain limited liability companies.
 
 
SUMMARY OF PROVISIONS:
 
Section 1 Amends subdivision 3 of section 425 of the real property tax
law by adding a new paragraph (e-1).
 
Section 2 establishes the effective date.
 
 
JUSTIFICATION:

Single member LLCs are essentially individual property owners. There is
no reason that single member LLCs, if they meet the same qualifications
as individual owners, should not qualify for the STAR exemption.
 
 
PRIOR LEGISLATIVE HISTORY:
 
New Bill.
 
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENT:
 
Undetermined.
 
 
EFFECTIVE DATE:
Shall take effect immediately.
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