Repeals the tax exempt status of private universities that received real property tax exemptions of one hundred million dollars or more during the prior fiscal year.

This bill proposes to eliminate the tax-exempt status of private universities in New York that received real property tax exemptions totaling one hundred million dollars or more in the previous fiscal year. Essentially, if a private university benefits from significant tax breaks, it would no longer qualify for those exemptions under this legislation.

Supporters of the bill argue that it promotes fairness in the tax system by ensuring that wealthy private universities contribute their fair share to local communities. They believe that this measure could help generate additional revenue for public services and support for education.

Critics of the bill contend that removing tax exemptions from private universities could lead to financial strain on these institutions, potentially resulting in increased tuition costs for students. They also argue that it may discourage private investment in education and harm the overall quality of higher education in the state.