This local law shall be known and may be cited
as the "Taxation: Business Investment Exemption."
This local law shall apply to the increase in
assessed value attributable to construction, alteration, installation
or improvement of commercial, business or industrially used real property
which is eligible for partial exemption from taxation, special ad
valorem levies and services to the extent provided in § 485-b
of the Real Property Tax Law of the State of New York.
The per centum of exemption otherwise allowed
pursuant to § 485-b is reduced to zero percent (0%).
If any clause, sentence, paragraph, section
or part of this local law shall be adjudged by any court of competent
jurisdiction to be invalid, the judgment shall not affect or impair
or invalidate the remainder of this local law, but shall be confined
in its operation to the clause, sentence, paragraph, section or part
of this local law that shall be directly involved in the case or controversy
in which such judgment shall have been rendered.
This local law shall take effect January 1,
1987.