The purpose of this article is to adopt the
business investment exemptions provided for by § 485-b of
the Real Property Tax Law, except as herein modified. The statutory
authority for this article is contained in § 485-b, Subdivision
7, of the Real Property Tax Law.
This article shall take effect immediately in
accordance with law. Nothing contained herein shall be deemed to effect
exemptions existing prior in time to the passage of this article.