Eliminates state sales and compensating use taxes on motor fuels and diesel motor fuels; authorizes localities to eliminate such taxes at the local level; establishes various exemptions from New York's sales and use tax; provides for a sales tax exemption for housekeeping supplies and for ready-to-eat foods.
Relates to the purchase of community land mortgages; defines a community land mortgage as a mortgage that is secured by a first lien on a leasehold estate in real property that is improved by a residential structure wherein title to the real property is retained by a not-for-profit housing company or housing development fund company; authorizes the state of New York mortgage agency to purchase community land mortgages from banks within the state; ensures not-for-profit housing remains as affordable housing.
Includes mixed residential and commercial property within the provisions of the affordable home ownership development program thus authorizing the affordable housing corporation to fund the construction or rehabilitation of housing that also contains a commercial retailing business.
Relates to establishing the lump sum allocation advisory committee (Part A); relates to requiring transparency, identification and disclosure of certain appropriations (Part B); relates to withholding the salaries of the governor, agency commissioners and deputy commissioners for failing to meet certain reporting deadlines (Part C); relates to creating a tax rate reduction board to look at personal income tax and corporate franchise tax rates (Part D); relates to conducting an audit of all state economic development programs (Part E); relates to prohibiting certain political contributions by individuals appointed to entities that oversee lump sum appropriations (Part F); relates to prohibiting certain third party contracts (Part G).
Authorizes the establishment of the home equity protection insurance program directing the agency to issue a commitment to insure and insure the full value of certain residences which are owner-occupied by persons who meet certain income qualifications.
Authorizes the state of New York mortgage agency to purchase rehabilitation mortgages from banks within the state during periods when there is an inadequate supply of credit available for new residential mortgages or available for such loans at carrying charges within the financial means of persons and families of low and moderate income.
Relates to improper employer practices relating to the continuation of pay, vacation and health care benefits; relates to eligible employees for retirement plans; relates to compensation items in disputed agreements.
Extends provisions relating to affordable housing development loans to all municipalities of the state of New York; assists private sector in development of residential housing.
Provides for an alternative hardship allowance for landlords in New York city rent controlled apartments which allows a hardship rent increase where a building's annual net income is less than 8.5 percent of the equalized assessed value.