S 7780: 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.
The bill aims to amend the private housing finance law to provide tax exemptions for cooperative housing projects in cities with a population of one million or more. In such cities, a local legislative body can grant an additional tax exemption period of up to fifty years for a mutual redevelopment company, provided the amount of taxes to be paid during this period is not less than a certain threshold. The threshold is calculated as the lesser of five percent of the annual rent or carrying charges of the project minus utilities for the residential portion, or the taxes payable by the company for the residential portion during a specific tax year. The grant of an additional tax exemption period takes effect upon the expiration of the maximum period provided for in the current law. The bill takes effect immediately.
- What is the current status of S 7780?
- As of September 28, 2025, S 7780 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on June 10, 2025, was "SUBSTITUTED BY A8651A".
- Did S 7780 pass?
- Not yet. S 7780 has been introduced and has not passed either house.
- Who wrote S 7780, and where is it now?
- S 7780 was authored by Sen. Brad Hoylman-Sigal.
| Jun. 10, 2025 | SUBSTITUTED BY A8651A |
| Jun. 10, 2025 | ORDERED TO THIRD READING CAL.1775 |
| Jun. 10, 2025 | COMMITTEE DISCHARGED AND COMMITTED TO RULES |
| Jun. 03, 2025 | PRINT NUMBER 7780B |
| Jun. 03, 2025 | AMEND AND RECOMMIT TO FINANCE |
STATE OF NEW YORK ________________________________________________________________________ 7780 2025-2026 Regular Sessions IN SENATE May 6, 2025 ___________ Introduced by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development 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 taxes to be paid by a cooperative shall not be less than five per 5 centum of the annual shelter rent or carrying charges of such rehabili- 6 tation project. 7 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11932-01-5