New York Senate Bill S07798 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 7798 2023-2024 Regular Sessions  IN SENATE December 8, 2023 ___________ Introduced by Sens. LIU, CLEARE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the real property tax law, in relation to repealing the tax exempt status of educational institutions costing one hundred million dollars or more a year in real property tax exemptions The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 1 of section 420-a of the real property tax law 2 is amended by adding a new paragraph (c) to read as follows: 3 (c) (i) Real property owned by a corporation or association organized 4 or conducted exclusively for educational purposes, and which has been 5 used exclusively for educational purposes, shall not be exempt from 6 taxation pursuant to paragraph (a) of this subdivision if the amount of 7 real property taxes exempted for such property during the prior fiscal 8 year costs one hundred million dollars or more. 9 (ii) Moneys from property taxes imposed on private higher education 10 facilities pursuant to subparagraph (i) of this paragraph shall be used 11 for the city university of New York, as established by article one 12 hundred twenty-five of the education law. 13 § 2. This act shall take effect on the same date as a concurrent 14 resolution amending the constitution, entitled "CONCURRENT RESOLUTION OF 15 THE SENATE AND ASSEMBLY proposing an amendment to section 1 of article 16 16 of the constitution, in relation to real property tax exemptions for 17 educational institutions", takes effect. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13497-04-3