Application Process: Only initial application required
Geographic Requirements: Programs limited to designated geographic areas meeting specific criteria
Local Option in Adoption of Program: Local government must take action to opt in
Description of Local Option Regarding Adoption or Program Features : A county, city, town, village, and school district may, after holding a public hearing, adopt a local law, ordinance, or resolution, allowing the exemption within their taxing districts through a governing board of the municipal corporation.
A local government, in conjunction with a bank, trust company, or national bank, may issue an application to the superintendent of banks for the designation of a Banking Development District.
The designation of the Banking Development District is valid for 14 years. Before the designation expires, the superintendent has the authority to extend the designation for multiple 5 to 10 year periods.
Incentive Description: Any real property altered, constructed, installed, or improved for use as a branch of a bank may receive a 10-year exemption in an amount decreasing by 5% each year from an exemption of 50% of the exemption base (i.e. increase in assessed value attributable to the investment).
Eligibility Criteria: Incentives Restricted to Certain Industries or Uses
Incentives Tied to Investment
Description of Eligibility Criteria: Additional banking services would hold the potential for economic development in the district.
Local Government Actions: Local Public Hearing
Local Legislative Body Approval
Description of Eligible Property Type: Banking development districts are those areas in need of banking services.
Eligible activities include real property altered, constructed, installed, or improved for use as a branch of a bank, trust company, or national bank in a designated banking development district.
Geographic Area Type: Business and Industry Specific Districts
Description of Geographic Area Criteria: The area designated for this program must be within localities with a demonstrated need for banking services. The bank or thrift institution originating the application must be located in a community that either does not have a local bank or does not have a local bank branch with a sufficient deposit base to further the area's economic development activity.
The maximum initial term will be 2 years (with optional one-year renewals; the renewal to be determined by the Banking Commission).
Source State Statutes: N.Y. Bank. Law § 96-D;
N.Y. R.P.T Law § 485-F (in effect for 2020)
Data Collection Notes: Legislative changes -- New york laws 2019 ch. 629 Section 1 (SB 727) -- changes effective 12/12/19
Revision Notes: 12/17/21 WP verified
9/28/21 VO complete
12/21/20 MT verified
3/18/20 AG updated
12/16/19 YP verified
11/8/19 LA complete
6/26/18 GM: completed record
9/12/17 nr: no new changes
12/2/16 nr: no new changes
3/19/15 ND: no new updates
5/7/14 GIR: copied 2012 record
6/23/14 GIR: checked, uploaded source webpg, marked as complete
12/20/2014 PA vets 2013 record