New York Governor Signs Law Increasing Childcare Center Tax Abatements

The New York Governor signed a law that amends the real property tax law, to significantly increase the maximum childcare center tax abatement amounts for eligible buildings in cities having a population of one million or more. The law increases standard abatements from $100,000 to $350,000, and enhanced abatements in childcare deserts rising from $225,000 to $750,000, for tax abatements initially taken on or after July 1, 2025. Applications for these tax abatements must be filed by March 15, 2027. The law takes effect immediately, and shall be deemed to have been in full force and effect on and after ...