§ 489-EEEEE — Reporting requirement; termination of benefits

New York § 489-EEEEE

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 2-E: Tax Exemption For Certain Construction Work On Mixed-use Property In Cities Having a Population of One Million or More
• Art. 4: Exemptions

Text

§ 489-eeeee. Reporting requirement; termination of benefits. 1. Upon\napproval of the department of buildings of the plans submitted in\nconnection with the building permit and any amendments to such plans,\nthe recipient shall file with the department of finance a narrative\ndescription of such approved plans describing the residential\nconstruction work or combination of residential construction work and\ncommercial construction work for which the recipient seeks benefits\npursuant to this title.\n 2. For the duration of the benefit period, the recipient shall file\nannually with the department of finance, on or before the taxable status\ndate, a certificate of continuing use. Such certificate of continuing\nuse shall be on a form prescribed by the department of finance. The\ndepartment of finance shall have the authority to require such\ninformation as it deems necessary to enable it to determine whether the\nrecipient has established continuing eligibility for benefits. The\ndepartment of finance shall have the authority to terminate benefits\npursuant to this title upon failure of the recipient to file such\ncertificate by the taxable status date. The burden of proof shall be on\nthe recipient to establish continuing eligibility for benefits and the\ndepartment of finance shall have the authority to require that\nstatements made in such certificate shall be made under oath.\n 3. A recipient shall file an amendment to the latest certificate of\ncontinuing use prior to (a) converting square footage within property\nwhich is the subject of a certificate of eligibility from the\nresidential and commercial uses described in such certificate of\ncontinuing use where such conversion results in twenty-five per centum\nor less of the aggregate floor area being used or held out for use as\ncommercial, community facility or accessory use space; or (b) converting\nany portion of property which is the subject of a certificate of\neligibility to use for any restricted activity.\n 4. Not later than eighteen months after the effective date of a\ncertificate of eligibility, with an effective date of July first,\nnineteen hundred ninety-five or after, the recipient shall present\nevidence to the department of finance demonstrating that the recipient\nhas made one-half the minimum required expenditure. Not later than\nthirty-six months after the effective date of such certificate, such\nrecipient shall present evidence to such department demonstrating that\nthe recipient has made the minimum required expenditure. Such evidence\nshall be presented in the form and manner prescribed by such department.\nThe burden of proof shall be on the recipient to show by clear and\nconvincing evidence that the required expenditures have been made.\n