Editor’s Note: The web article published on 7/14/16 “Give Me a J-51” by John Zurz on legislation sponsored by State Sen. Tony Avella and Assemblyman Edward Braunstein on the J-51 tax abatement program, has been corrected to clarify that the bills have not yet been signed into law by Gov. Andrew Cuomo. The bills received unanimous legislative support and await Cuomo’s signature or veto. Additionally, New York City Mayor Bill de Blasio recently approved separate legislation to extend the program to June 30, 2019.
Described as a thoroughly unsexy issue, the J-51 tax abatement for co-ops and condos is proposed to be expanded to $32,000, thanks to bills sponsored by New York State State Assemblyman Edward Braunstein (D-26) and Senator Tony Avella (D-11).
The legislation has passed the State Senate and Assembly, and now awaits Gov. Andrew Cuomo's signature or veto, although there is every indication he will sign it into law.