S 2320 New York Senate · 2025 Regular Session

Changes the amount of the exemption permitted for capital improvements to residential buildings

Summary

Changes the amount of the exemption permitted for capital improvements to residential buildings to $200,000 where a local law or resolution is adopted on or after January 1, 2026.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 16, 2025 Last action May 15, 2026

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What changed between versions

S2320 → S2320A · 4 edits

MODERATE

This bill amends the real property tax law to update the legal citation and streamline the text regarding tax exemptions for capital improvements to residential buildings. The primary substantive change is the removal of a specific provision that previously limited exemptions in special assessing units to $750,000, replacing it with a uniform $200,000 limit for all properties with improvements authorized after January 1, 2026. Additionally, the bill deletes a redundant Section 2 and simplifies the effective date language.

Scope change

The bill's scope of applicability remains focused on residential property tax exemptions, but the specific financial thresholds for special assessing units were altered by removing a higher limit and standardizing the rule.

ELIGIBILITY

Removed a specific exemption limit of $750,000 for special assessing units and standardized the limit to $200,000 for all properties with improvements authorized on or after January 1, 2026.

TECHNICAL

Updated the legal citation for the underlying tax law from 'part WW of chapter 55 of the laws of 2021' to 'chapter 590 of the laws of 1994'.

Deleted a redundant Section 2 that repeated the text of Section 1 and removed the expiration clause regarding the temporary nature of the tax law amendments.

TIMELINE

Simplified the effective date language, removing the conditional clause about the expiration of the underlying tax law provisions.

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 15, 2026

Upper · Passed

PRINT NUMBER 2320A

upper

May 15, 2026

Upper · Passed

AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

upper

Jan 7, 2026

Committee

REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

upper

Mar 3, 2025

Committee

REPORTED AND COMMITTED TO FINANCE

upper

Jan 16, 2025

Committee

REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

upper

1 primary · 0 co-sponsors