New York Senate Bill S04284 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4284 2025-2026 Regular Sessions  IN SENATE February 3, 2025 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to establish a demonstration program extending the J-51 tax exemption to the conversion and rehabilitation of commercial and manu- facturing space to co-located work space and residential units in certain high density areas in Kings county; and providing for the repeal of such provisions upon expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. There is hereby established a demonstration program to 2 extend the provisions of the J-51 tax exemption to the conversion and 3 rehabilitation of commercial and manufacturing space to co-located work 4 space and residential units in certain high density, underutilized M-1 5 zoned properties in Kings county. For purposes of this section, J-51 is 6 a property tax exemption and abatement for renovating a residential 7 apartment building in certain counties of the city of New York. Such 8 credit varies depending on the building's location and the type of 9 improvements and shall be extended to the county of Kings. 10 § 2. This act shall take effect immediately and shall expire and be 11 deemed repealed five years after such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08042-01-5