§ 60-05 Amount of the Tax Abatement.
RCNY § 60-05
a. Abatement amount. The Department shall provide the childcare center tax abatement or the enhanced childcare center tax abatement to an eligible building in the amount and manner, and subject to the applicable limitations, as provided in title 6 of article 4 of the RPTL and this section, including the limitation on the aggregate amount of all childcare center tax abatements and all enhanced childcare center tax abatements in any tax year set forth in paragraph (c) of subdivision 2 of section 499-bbbbb of the RPTL. b. In accordance with section 499-bbbbb of the RPTL, if the amount of the childcare center tax abatement or enhanced childcare center tax abatement exceeds the real property tax liability of the eligible building for any tax year during the abatement period, any amount of the abatement remaining may be applied to the real property tax liability for the eligible building for a succeeding tax year, provided the abatement must be applied in one or more of the four such succeeding tax years. c. Any abatement that requires adjustment as a result of an allocation required by paragraph (b) of subdivision 2 of section 499-bbbbb of the RPTL shall be final and shall be reflected in the amended real property tax bill, statement of account or other similar bill or statement that is prepared. (Added City Record 2/24/2023, eff. 2/24/2023)
