Repeals the tax exempt status of private universities that received real property tax exemptions of one hundred million dollars or more during the prior fiscal year.
STATE OF NEW YORK
________________________________________________________________________
7798
2023-2024 Regular Sessions
IN SENATE
December 8, 2023
___________
Introduced by Sens. LIU, CLEARE -- read twice and ordered printed, and
when printed to be committed to the Committee on Rules
AN ACT to amend the real property tax law, in relation to repealing the
tax exempt status of educational institutions costing one hundred
million dollars or more a year in real property tax exemptions
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 420-a of the real property tax law
2 is amended by adding a new paragraph (c) to read as follows:
3 (c) (i) Real property owned by a corporation or association organized
4 or conducted exclusively for educational purposes, and which has been
5 used exclusively for educational purposes, shall not be exempt from
6 taxation pursuant to paragraph (a) of this subdivision if the amount of
7 real property taxes exempted for such property during the prior fiscal
8 year costs one hundred million dollars or more.
9 (ii) Moneys from property taxes imposed on private higher education
10 facilities pursuant to subparagraph (i) of this paragraph shall be used
11 for the city university of New York, as established by article one
12 hundred twenty-five of the education law.
13 § 2. This act shall take effect on the same date as a concurrent
14 resolution amending the constitution, entitled "CONCURRENT RESOLUTION OF
15 THE SENATE AND ASSEMBLY proposing an amendment to section 1 of article
16 16 of the constitution, in relation to real property tax exemptions for
17 educational institutions", takes effect.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13497-04-3
