Budget & Taxes

Establishes eligibility for a tax exemption on real property for enrolled members of ocean rescue squads in certain municipalities; repeals a section of law relating to the eligibility of enrolled members of Southampton Village Ocean Rescue for a tax exemption on real property.

This bill creates a new "I Love NY Historic Small Business" niche brand to promote small businesses listed on New York's historic business registry. It requires the state tourism department to develop marketing guidelines, provide the brand at no cost to eligible tourism organizations, and issue annual reports tracking the brand's use and effectiveness. The bill also establishes a grant program offering up to $50,000 annually to counties or thematic business groups for coordinated tourism campaigns using the brand. It directly affects small businesses certified as historic under state law, aiming to integrate them into the state's tourism marketing efforts.

This bill raises the New York State Housing Finance Agency's (HFA) borrowing limit for bonds from $31 billion to $36.28 billion. It directly affects the HFA by allowing it to issue more bonds for housing programs, including affordable housing, health facilities, and senior services projects. The increase applies to bonds issued for these purposes, excluding those used to refinance existing debt. This change enables the agency to expand housing financing without requiring new legislative approval for each project.