Committee on Finance

This bill would create a task force to study the potential for a public bank sponsored by the city, recommend a draft plan of governance and charter requirements proposed under New York Senate Bill S.1754 for the year 2023, and issue a report on their findings. The task force shall consist of three members appointed by the mayor, one of whom shall be the commissioner of finance or their designee, one of whom shall be the commissioner of consumer and worker protection or their designee, and one of whom shall be a representative of a labor organization; three members appointed by the comptroller, one of whom must have community banking experience; and three members appointed by the speaker of the council, one of whom must be a representative of a small business association and one of whom must be a member of a community-based organization responsible for community development, economic development, and/or consumer protection. The chair of the task force shall be named from the speaker’s appointees. The task force final report shall be due no later than one year from its first meeting and disband 180 days after submission of the report.

a feasibility study on a program to make bridge loans available to awardees of capital funding from the city a feasibility study on a program to make bridge loans available to awardees of capital funding from the city A feasibility study on a program to make bridge loans available to awardees of capital funding from the city

This bill would require the Commissioner of Finance to provide notice of intent to sell tax liens by certified mail, return receipt requested, as well as by email, phone or in person. The Commissioner would be required to document all attempts to provide notice and to retain any receipts of notice for no less than 5 years. In the event that a receipt of notice is not received, the Department of Finance would be required to notify the relevant Council Member by email prior to the date of sale.

The bill would increase the base income threshold for SCHE and DHE from $50,000 to $75,000, beginning July 1, 2027, and update the existing sliding-scale exemption schedules to reflect the increased threshold. The bill would also incorporate an increase in the maximum SCHE exemption from 50 percent to 65 percent, as proposed in Int. 934. Under the new schedules, eligible homeowners with annual incomes below $72,000 would receive a 65 percent exemption under SCHE, while eligible homeowners with incomes of $75,000 or less would receive a 50 percent exemption under DHE. Both programs would provide progressively smaller exemptions at higher income levels, with a five percent exemption available to homeowners with incomes of $82,500 or more but less than $83,400.

This local law would require every City agency that manages capital projects to submit a monthly report to the Mayor, or an office or agency designated by the Mayor, which would detail all construction work scheduled in the ensuing three months and provide a status update on all construction work that had been scheduled during the prior six months. The Mayor, or office or agency designated by the Mayor, would be required to compile the reports of the managing agencies into a citywide which would be reviewed to promote coordination between managing agencies and to ensure that work on capital projects is being scheduled and conducted in an efficient and effective manner. The citywide report would be submitted to the Council, gas and electrical utility companies in the City, and the Empire City Subway Company, as well as be posted on the City’s website, in a machine-readable format.

This bill would require the Commissioner of Finance to automatically enroll individuals in a Department of Finance-administered residential property tax payment plan that requires an individual to pay the lowest total amount. The Commissioner would have to notify an eligible individual about automatic enrollment at least 60 days before the first payment is due under the applicable plan, the types of plans for which the individual is eligible and their costs, the plan in which the individual is enrolled, and any steps necessary to complete enrollment. Additionally, the Commissioner would have to establish a plainly and conspicuously communicated opt-out mechanism that would allow an individual to decline automatic enrollment at the time the individual receives the notice. The Commissioner would be required to make the automatic enrollment system available in the designated citywide languages.

This bill would provide an exemption from real property taxes for surviving spouses of police officers killed in the line of duty. Real property owned by a surviving spouse and constituting the primary residence of such spouse would be exempt up to 50% of the assessed valuation of the property. The exemption would be available beginning July 1, 2027.

This bill would amend existing law to require the Department of Finance to record tax liens on property in the city in the ACRIS database once the lawful debt on such property exceeds $5,000 past due for a period of three or more years.

This bill would opt in to state legislation authorizing a ten percent property tax exemption for owners of real property who are enrolled members of an incorporated volunteer fire company, fire department, or incorporated voluntary ambulance service. To qualify for the exemption, such property owner must live within the service area of the volunteer fire or ambulance service with which they volunteer and must have at least two years of service with such volunteer fire or ambulance service. The exemption may only be used for a primary residence used exclusively for residential purposes.