Repeals tax exemption for private universities with real property tax exemptions over $100 million.

This bill repeals the tax-exempt status for private universities that received real property tax exemptions of $100 million or more in the prior fiscal year. The revenue generated from taxing these properties will supplement state funding for the City University of New York. The governor is prohibited from reducing other state funding to the City University of New York in response to this new revenue.

Repeals tax exemption for private universities with real property tax exemptions over $100 million.

This bill repeals the tax-exempt status for private universities that received real property tax exemptions of $100 million or more in the prior fiscal year. The revenue generated from taxing these properties will supplement state funding for the City University of New York. The governor is prohibited from reducing other state funding to the City University of New York in response to this new revenue.