S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6578

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              March 6, 2009
                               ___________

Introduced  by  M. of A. BURLING, ERRIGO, WALKER, McKEVITT, FINCH, BALL,
  RAIA -- Multi-Sponsored by -- M. of A. CROUCH,  HAWLEY,  KOLB,  SPANO,
  THIELE, TOWNSEND -- read once and referred to the Committee on Housing

AN  ACT  to  amend  the  private housing finance law and the tax law, in
  relation to granting tax credit to business  firms  for  contributions
  made to not-for-profit housing companies

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The private housing finance law is amended by adding a  new
section 1134 to read as follows:
  S  1134.  RENTAL  HOUSING  AND  HOME  OWNERSHIP  ASSISTANCE TRUST FUND
PROGRAM. 1. (A) AS USED IN THIS SECTION, THE TERM "BUSINESS FIRM"  SHALL
MEAN  ANY  BUSINESS ENTITY AUTHORIZED TO DO BUSINESS IN THE STATE OF NEW
YORK AND WHICH IS SUBJECT TO THE CORPORATION FRANCHISE TAX IMPOSED UNDER
ARTICLE NINE-A OF THE TAX LAW,  OR  ANY  BANKING  CORPORATION  WHICH  IS
SUBJECT TO THE FRANCHISE TAX UNDER ARTICLE THIRTY-TWO OF THE TAX LAW, OR
ANY  INSURANCE  CORPORATION  WHICH IS SUBJECT TO THE FRANCHISE TAX UNDER
ARTICLE THIRTY-THREE OF THE TAX LAW.
  (B) AS USED IN THIS SECTION, THE TERM "LOW INCOME PERSONS OR FAMILIES"
SHALL MEAN THOSE PERSONS OR FAMILIES FOR WHOM THERE ARE NO OTHER REASON-
ABLE  AND  AFFORDABLE  HOMEOWNERSHIP,  RENTAL,  REHABILITATION  OR  HOME
IMPROVEMENT ALTERNATIVES, AS THE CASE MAY BE, IN THE PRIVATE MARKET.
  2.  THE  COMMISSIONER  OF  TAXATION  AND  FINANCE SHALL GRANT A CREDIT
AGAINST ANY TAX DUE UNDER THE PROVISIONS OF ARTICLES NINE-A,  THIRTY-TWO
AND  THIRTY-THREE OF THE TAX LAW IN AN AMOUNT EQUAL TO THE AMOUNT SPECI-
FIED BY THE COMMISSIONER OF HOUSING AND COMMUNITY  RENEWAL  IN  ANY  TAX
CREDIT  VOUCHER  ISSUED  BY  SUCH  COMMISSIONER OF HOUSING AND COMMUNITY
RENEWAL PURSUANT TO SUBDIVISION THREE OF THIS SECTION.
  3. THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL SHALL ESTABLISH A
SYSTEM OF TAX CREDIT VOUCHERS FOR BUSINESS  FIRMS  MAKING  CONTRIBUTIONS
FOR  CAPITAL  PURPOSES  TO HOUSING PROGRAMS OR PROJECTS DEVELOPED, SPON-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06274-01-9
              

A. 6578                             2

SORED OR MANAGED BY ANY NOT-FOR-PROFIT NEIGHBORHOOD PRESERVATION  COMPA-
NY,  RURAL  PRESERVATION  COMPANY,  OR  HOUSING DEVELOPMENT FUND COMPANY
WHICH BENEFIT LOW INCOME PERSONS OR FAMILIES WHICH  HAVE  BEEN  APPROVED
PRIOR  TO THE DATE OF ANY SUCH CONTRIBUTION BY THE COMMISSIONER OF HOUS-
ING AND COMMUNITY RENEWAL. SUCH VOUCHERS MAY BE USED AS A CREDIT AGAINST
ANY OF THE TAXES TO WHICH SUCH BUSINESS FIRM IS SUBJECT  AND  WHICH  ARE
ENUMERATED IN SUBDIVISION TWO OF THIS SECTION.
  4.  NOTHING  IN THIS SECTION SHALL BE CONSTRUED TO PREVENT TWO OR MORE
BUSINESS FIRMS FROM PARTICIPATING JOINTLY IN ONE OR MORE PROGRAMS  UNDER
THE PROVISIONS OF THIS SECTION.
  5.  THE  SUM  OF ALL TAX CREDITS GRANTED PURSUANT TO THE PROVISIONS OF
THIS SECTION SHALL NOT EXCEED FIVE HUNDRED THOUSAND DOLLARS ANNUALLY PER
BUSINESS FIRM AND NO TAX CREDIT SHALL BE GRANTED TO  ANY  BUSINESS  FIRM
FOR AN INDIVIDUAL AMOUNT CONTRIBUTED OF LESS THAN FIVE HUNDRED DOLLARS.
  6. NO TAX CREDIT SHALL BE GRANTED TO ANY BANK, BANK AND TRUST COMPANY,
INSURANCE COMPANY, TRUST COMPANY, NATIONAL BANK, SAVINGS ASSOCIATION, OR
BUILDING  AND  LOAN  ASSOCIATION OR ANY OTHER BUSINESS ENTITY FOR ACTIV-
ITIES THAT ARE A PART OF ITS ORDINARY COURSE OF BUSINESS.
  7. ANY TAX CREDIT NOT USED DURING THE PERIOD WITHIN WHICH THE CONTRIB-
UTION WAS MADE MAY BE CARRIED FORWARD OR BACKWARD FOR  THE  FIVE,  IMME-
DIATELY SUCCEEDING OR PRECEDING, CALENDAR OR FISCAL YEARS UNTIL THE FULL
CREDIT HAS BEEN ALLOWED.
  8.  IN  NO  EVENT SHALL THE TOTAL AMOUNT OF THE TAX CREDITS ALLOWED TO
BUSINESS FIRMS, PURSUANT TO THE PROVISIONS OF THIS SECTION,  EXCEED  TEN
MILLION DOLLARS IN ANY ONE FISCAL YEAR.
  9.  NO  NEIGHBORHOOD PRESERVATION COMPANY, RURAL PRESERVATION COMPANY,
OR HOUSING DEVELOPMENT FUND COMPANY, CONDUCTING  A  HOUSING  PROGRAM  OR
PROJECT  ELIGIBLE  FOR FUNDING, WITH RESPECT TO WHICH TAX CREDITS MAY BE
ALLOWED UNDER THIS SECTION, SHALL BE ALLOWED  TO  RECEIVE  AN  AGGREGATE
AMOUNT  OF  SUCH  FUNDING  FOR  ANY PROGRAM OR PROJECT IN EXCESS OF FIVE
HUNDRED THOUSAND DOLLARS FOR ANY FISCAL YEAR.
  10. NOTHING IN THIS SECTION SHALL BE CONSTRUED TO PREVENT  A  BUSINESS
FIRM  FROM  MAKING  ANY  CONTRIBUTION TO A HOUSING PROGRAM OR PROJECT TO
WHICH TAX CREDITS MAY BE APPLIED, WHICH CONTRIBUTION MAY RESULT  IN  THE
BUSINESS  FIRM  HAVING  A  LIMITED  EQUITY  INTEREST  IN  THE PROGRAM OR
PROJECT.
  11. THE COMMISSIONER  OF  HOUSING  AND  COMMUNITY  RENEWAL,  WITH  THE
APPROVAL  OF THE COMMISSIONER OF TAXATION AND FINANCE, SHALL ADOPT REGU-
LATIONS TO IMPLEMENT THE PROVISIONS OF THIS SECTION.
  S 2. Section 606 of the tax law is amended by adding a new  subsection
(qq) to read as follows:
  (QQ)  CREDIT  FOR CONTRIBUTIONS MADE TO CERTAIN NOT-FOR-PROFIT HOUSING
COMPANIES. A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX  IMPOSED
BY ARTICLES NINE-A, THIRTY-TWO AND THIRTY-THREE OF THIS CHAPTER PURSUANT
TO  THE  PROVISIONS OF SECTION ELEVEN HUNDRED THIRTY-FOUR OF THE PRIVATE
HOUSING FINANCE LAW.
  S 3. This act shall take effect on the one hundred twentieth day after
it shall have become a law.