Vote: Committee vote · Housing, Construction And Community Development
Senate Housing, Construction And Community DevelopmentMar 3, 2025Result: passed
(11) (0) (0) (0)
Senate bill · S2320 (2025-26)
Changes the amount of the exemption permitted for capital improvements to residential buildings
Latest action May 15, 2026
New York State Senate
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.
Summary from NY Open Legislation. How we handle summaries
Amends the Real Property Tax Law.
From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 31, 2026. About our data
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Purpose, from the sponsor's memo
To increase the amount permitted for capital improvements to residential buildings from eighty thousand dollars to two hundred thousand dollars
Filed with the bill. Read it on nysenate.gov (opens in a new tab)
Where it stands
Out of committee and scheduled for a vote by the full chamber.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
Housing, Construction And Community Development · New York State Senate
The sponsor's argument
Why Patricia Fahy says this is needed
This bill addresses the critical need to update the capital improvement exemption threshold to reflect current economic realities in New York State's residential real estate market. The existing $80,000 cap, which has remained unchanged for years, no longer adequately accounts for the substantial increase in construction costs, material prices, and overall property values across the state. Rising inflation and supply chain challenges have significantly increased the cost of home improvements, making the current exemption limit insufficient for many necessary renovation projects. By increasing the threshold to $200,000, this amendment will encourage homeowners to invest in meaningful improvements to their properties, which will help maintain and enhance the state's housing stock. This update will particularly benefit middle-class homeowners who wish to modernize aging homes, improve energy efficiency, or make necessary structural improvements. The increased exemption will also stimulate local economies by encouraging construction projects, supporting skilled labor jobs, and generating economic activity in related industries.
This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.
Recorded votes
Full history
- May 15, 2026
Amend and Recommit to Housing, Construction and Community Development
AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
NY Senate
- Jan 7, 2026
Referred to committee
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
NY Senate
- Mar 3, 2025
Reported out of committee
REPORTED AND COMMITTED TO FINANCE
NY Senate
- Jan 16, 2025
Referred to committee
REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT
NY Senate