Asm. Grace Lee

Enacts the "New York state agency BIPOC asset management and financial institution strategy act" to ensure the promotion of equity, diversity, and inclusion within the state pension system and the New York city pension system's investments by mandating a minimum allocation of assets to BIPOC asset managers, BIPOC financial institutions, and BIPOC financial or professional service firms; addresses disparities in investment opportunities and fosters economic growth within BIPOC communities, aligning with best practices in investment management and bolstering the financial well-being of New York City and state and residents thereof (Part A); relates to fair investment practices by investment advisers within the state of New York (Part B).

Regulates an artificial person's contributions towards election and ballot-issue activity; provides limitations on the general powers of a corporation.

Maddy summaryThis bill (A 4932) designates January 30th each year as "Fred Korematsu Day of Civil Liberties and the Constitution" in New York State. It adds this date to the state's list of official commemorative days, honoring Fred Korematsu - a Japanese American whose legal challenge to WWII internment policies became a landmark civil liberties case. The bill has no legal effect beyond recognizing this day for public observance. It is purely ceremonial, with no new requirements or direct impacts on residents or government operations.

Establishes the New York State social housing development authority as a public benefit corporation to increase the supply of permanently affordable housing in the state through the acquisition of land and renovation or rehabilitation of existing real property, and through the construction of new, permanently affordable housing.

Maddy summaryThis bill imposes an additional tax on New York residents' long-term investment profits, specifically targeting income from capital gains, dividends, and other low-taxed investments. It applies to higher earners: individuals with taxable income over $400,000 (or $500,000 for married couples filing jointly) face a 7.5% tax on capital gains above those thresholds, with a higher 15% rate kicking in above $800,000 (or $1 million for couples). The tax phases in gradually over the first $50,000 or $100,000 of income exceeding the thresholds. It functions as an add-on to existing income tax, not a replacement, and will be administered by New York’s tax department.

Enacts the "Empowering People in Rights Enforcement (EMPIRE) Worker Protection Act"; relates to the delegation of state enforcement authority to private actors; authorizes an affected employee, whistleblower, representative organization or an organizational deputy to initiate a public enforcement action on behalf of the commissioner for certain provisions of the labor law, or any regulation promulgated thereunder.

Provides that real property held in the cooperative form of ownership by a minister of the gospel, priest or rabbi of any denomination, an actual resident and inhabitant of this state, who is engaged in the work assigned by the church or denomination of which such person is a member, or who is unable to perform such work due to impaired health or is over seventy years of age, shall be exempt from taxation to the extent of fifteen hundred dollars; provides that certain properties receiving a tax exemption pursuant to the clergy property tax exemption are eligible to receive a partial abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.

Repeals the tax exempt status of private universities that received real property tax exemptions of one hundred million dollars or more during the prior fiscal year.

Maddy summaryThis bill prohibits landlords, lessors, sub-lessors, and grantors from requiring tenants to pay broker fees. It directly affects residential tenants by preventing landlords from charging them for brokerage services related to lease applications or tenancy. The law allows landlords to still charge for background and credit checks, but bans all other upfront fees like broker commissions. Exceptions apply to certain senior living communities and cooperative housing corporations under specific conditions.

Maddy summaryThis bill amends the state constitution to allow lawmakers to change or remove tax exemptions for private colleges and universities. Currently, exemptions for properties used by educational institutions are protected, but this bill specifically removes that protection for private higher education. The key provision changes constitutional language to state that exemptions for private college real estate "may be altered or repealed." This would directly affect private colleges and universities that currently receive property tax breaks on their buildings and land. The bill is a constitutional amendment requiring Senate approval and a future legislative session before taking effect.