BILL NUMBER: S4298
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to a minority and
women-owned business enterprise participation goal requirement in order
to receive exemption of new multiple dwellings from local taxation for
the purpose of fixing economic disparity
 
PURPOSE OR GENERAL IDEA OF BILL:
To increase economic opportunities of Minority Women-Owned Business
Enterprises by having them participate in real estate development
related projects.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Subdivision 2 of section 421-a of the real property tax law
is amended by adding a new closing paragraph to read as follows: any new
multiple dwelling otherwise eligible for an exemption from taxation
under this section must also be in compliance with the goals from minor-
ity and women-owned business enterprise.
 
JUSTIFICATION:
Currently, affordable housing developers profit from being able to take
advantage of the 421-a tax exemption program. The proposed amendment for
the real property tax law would significantly increase the ability of
MWBEs to benefit from this program.
 
PRIOR LEGISLATIVE HISTORY:
2023-24: S6773- REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOP-
MENT
2021-22: S. 5285 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY
DEVELOPMENT
2019-20: S.4871 - Referred to Housing, Construction and Community Devel-
opment
2017-18: S.2843 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVEL-
OPMENT
2015-16: S.7243 - Referred to Housing, Construction and Community Devel-
opment
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S4298: 421-a real property tax law, 421-a(2) real property tax law, 421-a(3) real property tax law