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House Bill 1270

House Bill 1270

ARCHIVE (2011)

Latest Information

DIGEST OF HB1270 (Updated February 21, 2011 2:55 pm - DI 84)

Property taxes. Provides that the property tax exemption for fraternity or sorority property applies to property used for administrative purposes including property owned by a national or international headquarters, fraternity or sorority foundations, and housing corporations. Establishes standards for determining when a cooperative housing corporation is eligible for a standard deduction or a 1% circuit breaker credit. Specifies the terms that a contract for the purchase of real property must include to qualify the buyer for certain property tax deductions. Defines a contract containing the required terms as a qualified installment contract. Provides that a person who: (1) owns property subject to taxation; (2) misrepresents a residential lease as a qualified installment contract; and (3) through the person's misrepresentation causes another individual to improperly claim a deduction that is made available to a buyer under a qualified installment contract; is liable for any additional taxes that would have been due on the property if the person had leased the property to the purported contract buyer, plus a civil penalty equal to 10% of the additional taxes due. Provides for the retroactive application of a property tax exemption to a taxpayer that owns real and personal property used as part of or in connection with a men's cooperative house.
Current Status:
In Committee - 2nd House
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