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S 7780 New York Senate · 2025 Regular Session

Relates to the tax exemption of a mutual redevelopment company

S 7780 would allow cities with a population of over one million to grant mutual redevelopment companies an additional 50 years of tax exemption, following the initial maximum period. The exemption requires that the company pays at least 5% of annual rent (minus utilities) for residential units or the taxes paid during 2000-2001, whichever is lower. This applies only to companies already operating under the existing tax exemption framework in large cities.
Issues: ✗ Budget & TaxesOpposes Budget & TaxesExtends tax exemptions for redevelopment companies, reducing government tax revenue and weakening fiscal management through prolonged tax breaks.95% confidence ✓ HousingSupports HousingExtends tax exemptions for redevelopment companies with 5% rent payment requirement, incentivizing affordable housing development under existing framework.85% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
May 2025
Committee Review
Floor Vote
Governor
Introduced May 6, 2025 Last action Jun 10, 2025
Maddy AI version diff · 2 comparisons

What changed between versions

S7780A → S7780B · 4 edits
MODERATE
The bill was amended to reflect committee actions and substantive changes to tax exemption rules for cooperative housing projects. The version now includes additional committee reports and modifies the tax calculation method for cooperatives in large cities, adjusting the minimum tax payment threshold from ten percent to five percent of annual rent or carrying charges.
Scope change
The bill's scope was expanded to include additional committee review steps (Finance Committee) and the tax exemption eligibility criteria were modified to apply to mutual redevelopment companies that have already received maximum tax exemption periods.
TIMELINE

Added committee discharge and favorable report from the Committee on Finance, indicating the bill has passed additional legislative review stages.

ELIGIBILITY

Changed the tax exemption eligibility to apply specifically to mutual redevelopment companies that have already received the maximum tax exemption period under paragraph (a-2).

REQUIREMENT

Adjusted the minimum tax payment requirement from ten percent to five percent of annual rent or carrying charges (minus utilities) for the residential portion of the project.

DEFINITION

Added language clarifying that the tax exemption applies where a local legislative body has acted to extend tax exemptions for mutual redevelopment companies.

Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
9
Key actions
4
Committee
3
Amendments
4
Jun 10, 2025
Committee
COMMITTEE DISCHARGED AND COMMITTED TO RULES
upper
Jun 3, 2025
Upper · Passed
PRINT NUMBER 7780B
upper
Jun 3, 2025
Upper · Passed
AMEND AND RECOMMIT TO FINANCE
upper
May 19, 2025
Committee
REPORTED AND COMMITTED TO FINANCE
upper
May 14, 2025
Upper · Passed
PRINT NUMBER 7780A
upper
May 14, 2025
Upper · Passed
AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
upper
May 6, 2025
Committee
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Brad Hoylman-Sigal
Brad Hoylman-Sigal
DDemocratic/Working Families
NY
47