The following nonprofit policy news concerning newly introduced New York State bills is provided by the National Council of Nonprofits:
NY Weakening Property Tax Exemption
AB 742 would provide New York City the ability to levy a property tax on certain nonprofit organizations including arts organizations, animal benefit organizations, science focused organizations, interdenominational organizations and others.
NY Seven Year Limit on Certain Property Tax Exemptions
AB 981 would amend property tax exemption laws for mandatory class nonprofit organizations on property that does not generate revenue and is not in use. Currently, such property is exempt as long as the nonprofit is constructing a building or considering in good faith constructing a building. This bill would set a seven year limit on the exemption from the date of the acquisition of the property.
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