Establishes a tax on certain vacant land in New York City and a tax credit for renovations to rent-stabilized properties.

The bill amends the tax law to require cities with a population of one million or more to impose a tax on vacant land that has been vacant for at least 180 days, unless a building permit has been issued. The tax applies to residential and commercial zones. The bill also amends the real property tax law to establish a tax credit for renovations to rent-stabilized properties, which can be up to 100% of the renovation cost. The tax credit is processed by the Department of Housing Preservation and Development. The bill is known as the "repairs to apartments act.

Establishes a tax on certain vacant land in New York City and a tax credit for renovations to rent-stabilized properties.

The bill amends the tax law to require cities with a population of one million or more to impose a tax on vacant land that has been vacant for at least 180 days, unless a building permit has been issued. The tax applies to residential and commercial zones. The bill also amends the real property tax law to establish a tax credit for renovations to rent-stabilized properties, which can be up to 100% of the renovation cost. The tax credit is processed by the Department of Housing Preservation and Development. The bill is known as the "repairs to apartments act.