§ 499-bbbbb. Real property tax abatement. 1. The department of finance\nshall provide an abatement of real property taxes pursuant to this\nsection to an eligible building in which construction, conversion,\nalteration or improvement that is completed on or after April first, two\nthousand twenty-two has resulted in the creation of a premises of a\nchildcare center or in an increase in the maximum number of children\nallowed on the premises of an existing childcare center when such center\nis in operation, as such number is specified in the permit issued by the\ndepartment of health and mental hygiene to operate such center. The\ndepartment of finance may only grant one such abatement to any eligible\nbuilding.\n 2. (a) (i) Beginning in the tax year commencing on or after July\nfirst, two thousand twenty-three, the amount of such tax abatement\nprovided to an eligible building described in subdivision one of this\nsection shall be equal to the costs incurred in the construction,\nconversion, alteration or improvement that has resulted in the creation\nof a premises of a childcare center or in an increase in the maximum\nnumber of children allowed on the premises of an existing childcare\ncenter, provided that such costs are certified in accordance with\nparagraph (d) of subdivision two of section four hundred\nninety-nine-ccccc of this title, and provided further that, during the\nabatement period: (A) the amount of such abatement shall not exceed\nthirty-five dollars for each square foot of the premises, nor exceed one\nhundred thousand dollars, for a tax abatement initially taken in a tax\nyear commencing prior to July first, two thousand twenty-five; and (B)\nthe amount of such abatement shall not exceed thirty-five dollars for\neach square foot of the premises, nor exceed three hundred fifty\nthousand dollars, for a tax abatement initially taken in a tax year\ncommencing on or after July first, two thousand twenty-five.\n (ii) For any tax year, such abatement shall not exceed seven dollars\nfor each square foot of the premises, provided that such amount may be\nreduced as a result of an allocation of available funds for such\nabatement pursuant to paragraph (d) of this subdivision; and provided,\nfurther, that: (A) the amount of such tax abatement in any tax year\nshall not exceed the lesser of (I) twenty thousand dollars, or (II) the\nreal property tax liability for the eligible building in the tax year in\nwhich such tax abatement is taken, for a tax abatement initially taken\nin a tax year commencing prior to July first, two thousand twenty-five;\nand (B) the amount of a tax abatement in any tax year shall not exceed\nthe lesser of (I) seventy thousand dollars, or (II) the real property\ntax liability for the eligible building in the tax year in which such\ntax abatement is taken, for a tax abatement initially taken in a tax\nyear commencing on or after July first, two thousand twenty-five.\n (iii) To the extent the amount of such tax abatement exceeds: (A) the\nlesser of (I) twenty thousand dollars, or (II) the real property tax\nliability of the eligible building in any tax year, for a tax abatement\ninitially taken in a tax year commencing prior to July first, two\nthousand twenty-five; or (B) the lesser of (I) seventy thousand dollars,\nor (II) the real property tax liability of the eligible building in any\ntax year, for a tax abatement initially taken in a tax year commencing\non or after July first, two thousand twenty-five, any amount of such tax\nabatement that remains may be applied to the real property tax liability\nof such building in succeeding tax years, provided that such abatement\nmust be applied to the real property tax liability of such building in\none or more of the four tax years succeeding the tax year in which such\ntax abatement was initially taken.\n (b) (i) Notwithstanding paragraph (a) of this subdivision, an enhanced\ntax abatement shall be provided to an eligible building described in\
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