(i) For any tax year, such abatement shall not exceed seven dollars
for each square foot of the premises, provided that such amount may be
reduced as a result of an allocation of available funds for such
abatement pursuant to paragraph (d) of this subdivision; and provided,
further, that the amount of such tax abatement in any tax year shall not
exceed the lesser of (A) twenty thousand dollars or (B) the real
property tax liability for the eligible building in the tax year in
which such tax abatement is taken.
(ii) To the extent the amount of such tax abatement exceeds the lesser
of (A) twenty thousand dollars or (B) the real property tax liability of
the eligible building in any tax year, any amount of such tax abatement
that remains may be applied to the real property tax liability of such
building in succeeding tax years, provided that such abatement must be
applied to the real property tax liability of such building in one or
more of the four tax years succeeding the tax year in which such tax
abatement was initially taken.
(b) Notwithstanding paragraph (a) of this subdivision, an enhanced tax
abatement shall be provided to an eligible building described in
subdivision one of this section that is located within a childcare
desert as described in this title and in any rules promulgated
hereunder. Beginning in the tax year commencing on or after July first,
two thousand twenty-three, the amount of such enhanced tax abatement
shall be equal to the costs incurred in the construction, conversion,
alteration or improvement that has resulted in the creation of a
premises of a childcare center or in an increase in the maximum number
of children allowed on the premises of an existing childcare center,
provided that such costs are certified in accordance with paragraph (d)
of subdivision two of section four hundred ninety-nine-ccccc of this
title, and provided further that, during the abatement period, the
amount of such abatement shall not exceed seventy-five dollars for each
square foot of the premises nor exceed two hundred twenty-five thousand
dollars.
(i) For any tax year, such abatement shall not exceed fifteen dollars
for each square foot of the premises, provided that such amount may be
reduced as a result of an allocation of available funds for such
abatement pursuant to paragraph (d) of this subdivision; and provided
further that the amount of such enhanced tax abatement in any tax year
shall not exceed the lesser of (A) forty-five thousand dollars or (B)
the real property tax liability for the eligible building in the tax
year in which such tax abatement is taken.
(ii) To the extent the amount of such enhanced tax abatement exceeds
the lesser of (A) forty-five thousand dollars or (B) the real property
tax liability of the eligible building in any tax year, any amount of
such tax abatement that remains may be applied to the real property tax
liability of such building in succeeding tax years, provided that such
abatement must be applied to the real property tax liability of such
building in one or more of the four tax years succeeding the tax year in
which the tax abatement was initially taken.
(c) Notwithstanding paragraph (a) or (b) of this subdivision, the
aggregate amount of tax abatements authorized pursuant to this section
for any tax year shall be a maximum of twenty-five million dollars. No
tax abatements shall be authorized pursuant to this section for any tax
year commencing on or after July first, two thousand thirty.
(d) Such aggregate amount of tax abatements, including the tax
abatement described in paragraph (a) of this subdivision and the
enhanced tax abatement described in paragraph (b) of this subdivision,
shall be allocated by the department of finance on a pro rata basis
among applicants whose applications have been approved by the designated
agency. If such allocation is not made prior to the date that the real
property tax bill, statement of account or other similar bill or
statement is prepared, the department of finance shall, as necessary,
after such allocation is made, submit an amended real property tax bill,
statement of account or other similar bill or statement to any applicant
whose abatement requires adjustment to reflect such allocation. Nothing
in this paragraph shall be deemed to affect the obligation of any
taxpayer under applicable law with respect to the payment of any
installment of real property tax for the fiscal year as to which such
allocation is made, which was due and payable prior to the date such
amended real property tax bills are sent, and the department of finance
shall be authorized to determine the date on which any such amended
bills be sent and the installments of real property tax be reflected
therein.
(e) Notwithstanding any law to the contrary, any abatement granted to
an eligible building pursuant to this section shall be in addition to
any other abatement or exemption granted to such building, provided that
any abatement granted under this section shall be applied after any
other abatement or exemption granted to such building, and provided
further that the application of this abatement after any other such
exemption or abatement shall not exceed the real property tax liability
due on such eligible property.
3. Such abatement shall commence on the first of July following the
approval of an application for abatement by the designated agency.
4. If, as a result of application to the tax commission or a court
order or action by the department of finance, the billable assessed
value of the eligible building for the fiscal year in which the tax
abatement is taken is reduced after the assessment roll becomes final,
the department of finance shall recalculate such abatement so that the
abatement granted shall not exceed the annual tax liability of such
building as so reduced. The amount equal to the difference between the
initial abatement granted by the department and the abatement as so
recalculated shall be deducted from any refund otherwise payable or
remission otherwise due as a result of such reduction in billable
assessed value.