This bill allows the Top Community Development Corporation to apply for a real property tax exemption for a specific building in Brooklyn that it recently acquired. The legislation authorizes the city finance commissioner to review and approve this application retroactively, treating it as if it had been filed on time. If approved, the corporation could receive a refund of taxes already paid and have any associated fines or penalties canceled, provided the refund falls within a three-year limit. Essentially, the law creates a special pathway for this specific organization to correct a missed filing deadline and potentially recover past tax payments.
Extends the tangible property credit component of the brownfield redevelopment tax credit for certain qualified sites which contain 40% open space and 25% affordable housing units.
Extends the tangible property credit component of the brownfield redevelopment tax credit for certain qualified sites which contain 40% open space and 25% affordable housing units.
This bill extends tax credits for a specific brownfield cleanup project located at 1800 Park Avenue in East Harlem. It allows developers working on this site to claim financial incentives for site preparation, groundwater remediation, and tangible property placement that would otherwise expire. The legislation ensures these credits remain available for costs incurred before 2031 and extends the benefit period for the remediated brownfields credit to ten consecutive tax years. Directly affected parties are developers who have already completed cleanup agreements for this location and are planning to place property or purchase the site by the 2031 tax year.
This bill extends tax credits for the redevelopment and cleanup of a specific brownfield site located at 1800 Park Avenue in East Harlem. It applies only to the property that had a cleanup agreement started before January 21, 2005, and received a completion certificate on or before October 24, 2016. The legislation allows developers to claim these financial incentives for eligible costs incurred up to the 2031 tax year, covering both site preparation and groundwater remediation. Additionally, the bill permits a ten-year benefit period for claiming credits once qualified property is placed in service at the location.
This bill requires the state tax commissioner to publish an annual report on brownfields redevelopment tax credits by June 30th each year. The report will list the names of entities that claimed these credits, along with the specific amounts awarded for site cleanup and property improvements. Additionally, the document will detail the number of construction jobs created, worker wage rates, apprenticeship participation, and the involvement of minority and women-owned businesses. This change aims to increase transparency regarding how these tax incentives are utilized and the resulting economic impacts of brownfields redevelopment projects.
This bill extends the Economic Transformation and Facility Redevelopment Program until December 31, 2031, allowing correctional facilities selected for closure between 2011 and 2031 to continue receiving tax credits. The program provides financial incentives to help these facilities transition or redevelop after they are no longer needed for housing inmates. By updating the expiration date, the legislation ensures that eligible correctional facilities can access these tax benefits for a longer period than previously allowed.
This bill creates a new program within the New York State Urban Development Corporation to provide funding for housing designed for people with mental and developmental disabilities. It authorizes the corporation to use up to $25 million from its community development financial institutions fund to support community development financial institutions that help build supportive and supervised living facilities. The program requires the corporation to work with state mental health and disability offices to create rules for how the money will be distributed. The changes will take effect 180 days after the bill becomes law, allowing time for necessary regulations to be prepared.
Expands the eligibility of the brownfield redevelopment tax credit; reduces the population numbers to make more qualified sites eligible for such tax credit.
This bill expands the residential redevelopment inhibited property exemption to all cities, towns, and villages in the state, removing a current restriction that limited it to one specific city. It allows any municipality to adopt local laws designating properties as "redevelopment inhibited" if they are neglected, abandoned, or have conditions (like long vacancy or zoning violations) preventing private redevelopment. Property owners in designated areas can then receive an exemption from taxes on the increased value of their property after redevelopment, provided they own a one- to four-unit residence, maintain owner-occupancy, and file annual residency affidavits. The exemption covers only the incremental tax increase from redevelopment, not the base property value, and requires compliance with building and zoning codes.
