Skip to main content

AgoraSign in
Agora
Sign in

Senate bill · S7780 (2025-26)

Relates to the tax exemption of a mutual redevelopment company

Latest action Oct 14, 2025

Summary

Relates to the extension of a tax exemption for a mutual redevelopment company in a city having a population of one million or more persons.

Your position on this bill

Not chosen yet

Sign in to choose

Where it stands

Signed into law.

  1. Introduced
  2. In committee
  3. Up for a vote
  4. Passed one chamber
  5. Passed
  6. Enacted

New York State Senate

Same as A8651, the matching bill in the Assembly.

Passed as A8651, the matching Assembly bill.

Amends the Private Housing Finance Law.

Committee

Housing · New York State Assembly

Also referred to Housing, Construction And Community Development · New York State Senate, Rules · New York State Assembly, Rules · New York State Senate.

Purpose, from the sponsor's memo

Section 1 of the bill amends section 125 of the private housing finance law to ensure that the shelter tax minimum rate for article five co-ops is no greater than five percent Section 2 is the effective date

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

  • Vote: Floor vote

    NY SenateJun 10, 2025Result: passedSenate vote on A8651, the matching Assembly bill.

    (41) (17) (0) (5)

  • Vote: Committee vote · Rules

    Senate RulesJun 10, 2025Result: passed

    (17) (2) (0) (2)

  • Vote: Committee vote · Housing, Construction And Community Development

    Senate Housing, Construction And Community DevelopmentMay 19, 2025Result: passed

    (10) (0) (0) (1)

Cosponsors

Linda Rosenthal

  • Democratic1
See the full list on nysenate.gov (opens in a new tab)

The sponsor's argument

Why the sponsor says this is needed

This bill would provide relief to Penn South, the only remaining Article V co-op property. Penn South faces rising operational costs, which threaten to impact building quality and financial health. There is an acute shortage of affordable housing and this legislation would ensure the viability of what already exists. Additionally, this bill would ensure that Penn South receives equal tax treatment compared to Article II Mitchell Lama developments. These properties were previously treated similarly and this bill would restore that equal treatment.

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.

Full history

  1. Oct 14, 2025

    Signed

    SIGNED CHAP.430

    NY Assembly

  2. Oct 9, 2025

    Sent to the executive

    DELIVERED TO GOVERNOR

    NY Assembly

  3. Jun 10, 2025

    In committee

    COMMITTEE DISCHARGED AND COMMITTED TO RULES

    NY Senate

  4. Jun 10, 2025

    Ordered to Third Reading CAL.1775

    ORDERED TO THIRD READING CAL.1775

    NY Senate

  5. Jun 10, 2025

    Passed a chamber

    PASSED SENATE

    NY Senate

Show full history (14 earlier events)
  1. Jun 10, 2025

    Substituted

    SUBSTITUTED BY A8651A

    NY Senate

  2. Jun 9, 2025

    Sent to the executive

    DELIVERED TO SENATE

    NY Assembly

  3. Jun 9, 2025

    Passed a chamber

    PASSED ASSEMBLY

    NY Assembly

  4. Jun 9, 2025

    Referred to committee

    REFERRED TO RULES

    NY Senate

  5. Jun 9, 2025

    Reported out of committee

    REPORTED

    NY Assembly

  6. Jun 9, 2025

    Rules Report CAL.539

    RULES REPORT CAL.539

    NY Assembly

  7. Jun 6, 2025

    Reported out of committee

    REPORTED REFERRED TO RULES

    NY Assembly

  8. Jun 5, 2025

    Reference Changed to Ways and Means

    REFERENCE CHANGED TO WAYS AND MEANS

    NY Assembly

  9. Jun 3, 2025

    Amend and Recommit to Finance

    AMEND AND RECOMMIT TO FINANCE

    NY Senate

  10. Jun 3, 2025

    Amend and Recommit to Housing

    AMEND AND RECOMMIT TO HOUSING

    NY Assembly

  11. May 22, 2025

    Referred to committee

    REFERRED TO HOUSING

    NY Assembly

  12. May 19, 2025

    Reported out of committee

    REPORTED AND COMMITTED TO FINANCE

    NY Senate

  13. May 14, 2025

    Amend and Recommit to Housing, Construction and Community Development

    AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

    NY Senate

  14. May 6, 2025

    Referred to committee

    REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

    NY Senate

About this record

Summary

The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.

Cosponsors

The list shows the cosponsors who are on Agora, A to Z. The official record may list more.

Party colors

Parties are shown in the same neutral colors.

Source

From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 22, 2026. About our data

Read the record

Your position
Follow