New York bill S01053 repeals tax exemptions for private universities with real property tax exemptions over $100 million annually.

New York bill S01053 amends the real property tax law to remove tax exemptions for private universities that had real property tax exemptions costing $100 million or more in the previous fiscal year. The bill specifies that the revenue from these taxes will be used to supplement funding for the City University of New York, and prohibits the governor from reducing other state funding to the City University of New York in response to these tax revenues. The changes will take effect on the same date as a concurrent resolution amending the constitution.

New York bill S01053 repeals tax exemptions for private universities with real property tax exemptions over $100 million annually.

New York bill S01053 amends the real property tax law to remove tax exemptions for private universities that had real property tax exemptions costing $100 million or more in the previous fiscal year. The bill specifies that the revenue from these taxes will be used to supplement funding for the City University of New York, and prohibits the governor from reducing other state funding to the City University of New York in response to these tax revenues. The changes will take effect on the same date as a concurrent resolution amending the constitution.