Assembly BillChaptered/Signed
A 8651: Relates to the extension of a tax exemption for a mutual redevelopment company in a city having a population of one million or more persons.
What A 8651 does, verified October 14, 2025
The bill aims to amend the Private Housing Finance Law to provide tax exemptions for certain cooperative projects. It allows cities with a population of one million or more to grant additional tax exemptions for up to 50 years. The exemption amount is determined by the lesser of the annual rent or carrying charges of the project minus utilities, or the taxes payable by the company for the residential portion of the project in the previous tax year. The exemption period takes effect immediately after the maximum period provided for in the existing law.
Bill journey
✓IntroducedComplete
✓In CommitteeComplete
✓First Chamber FloorComplete
✓Second ChamberComplete
✓GovernorComplete
6ChapteredCurrent
Last action: signed chap.430 (2025-10-14)Alert me
Quick answers about A 8651
- What is the current status of A 8651?
- As of October 14, 2025, A 8651 is recorded as "Chaptered/Signed": it has been signed by the Governor and chaptered into law. The last recorded action, on October 14, 2025, was "signed chap.430".
- Did A 8651 pass?
- Yes. A 8651 passed both houses and was signed into law (last action October 14, 2025). New York laws take effect on the date written into the bill, often immediately on signing or a set number of days afterward.
- Who wrote A 8651, and where is it now?
- A 8651 was authored by Asm. Tony Simone with 1 coauthor.
Author and sponsors
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| Oct. 14, 2025 | signed chap.430 |
| Oct. 09, 2025 | delivered to governor |
| Jun. 10, 2025 | RETURNED TO ASSEMBLY |
| Jun. 10, 2025 | PASSED SENATE |
| Jun. 10, 2025 | 3RD READING CAL.1775 |
Latest bill textIntroduced version, May 22, 2025 · 200 words
STATE OF NEW YORK ________________________________________________________________________ 8651 2025-2026 Regular Sessions IN ASSEMBLY May 22, 2025 ___________ Introduced by M. of A. SIMONE -- read once and referred to the Committee on Housing AN ACT to amend the private housing finance law, in relation to the amount of taxes paid by a cooperative 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 125 of the private housing finance 2 law is amended by adding a new paragraph (a-6) to read as follows: 3 (a-6) In a city having a population of one million or more, the amount 4 of real estate taxes to be paid by a cooperative shall be the lesser of 5 (i) five per centum of the annual shelter rent or carrying charges of 6 such rehabilitation project or (ii) such amount as is set forth in a 7 regulatory agreement to which the cooperative is a party. 8 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11932-03-5
Text of A 8651 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions