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Committee advances bill extending shelter-rent tax reduction to Article 5 cooperatives
Summary
The committee reported S 77 80 a, a bill to extend the shelter-rent tax reduction enacted in the budget to certain Article 5 cooperatives, bringing them under the same 5% tax treatment afforded to Mitchell-Lama developments in New York City and giving localities the option to adopt the lower rate.
The New York State Senate Committee on Housing, Construction and Community Development reported S 77 80 a, a measure described in the transcript as sponsored by Royalman Segal, which would amend the Private Housing Finance Law to extend a reduced shelter-rent tax treatment to specified Article 5 cooperative developments that are similar to Mitchell-Lama housing.
Committee members said the bill mirrors a provision…
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