Application Process: Geographic Requirements:
Only initial application required
Local Option in Adoption of Program:
Programs limited to designated geographic areas meeting specific criteria
Description of Local Option Regarding Adoption or Program Features :
Local government must take action to opt in
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.
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).
Description of Eligibility Criteria:
Incentives Restricted to Certain Industries or Uses
Incentives Tied to Investment
Local Government Actions:
Additional banking services would hold the potential for economic development in the district.
Description of Eligible Property Type:
Local Public Hearing
Local Legislative Body Approval
Geographic Area 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.
Description of Geographic Area Criteria:
Business and Industry Specific Districts
Source State Statutes:
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).
Data Collection Notes:
N.Y. Bank. Law § 96-D;
N.Y. R.P.T Law § 485-F (in effect for 2020)
Legislative changes -- New york laws 2019 ch. 629 Section 1 (SB 727) -- changes effective 12/12/19
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