Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to housing, construction and community development |
Apr 27, 2009 |
referred to housing, construction and community development |
Senate Bill S4808
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S4808 (ACTIVE) - Details
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Public Housing Law
- Laws Affected:
- Amd ยงยง21, 22 & 23, Pub Hous L
- Versions Introduced in 2011-2012 Legislative Session:
-
S757
2009-S4808 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4808 TITLE OF BILL : An act to amend the public housing law, in relation to expanding the New York state low income housing tax credit program to certain one to four family residences PURPOSE : To expand the State's low income housing tax credit program to include the development of one to four family residences. SUMMARY OF PROVISIONS : The bill amends the Public Housing Law to expand the definition of "eligible low-income building" for purposes of the New York State Low Income Housing Tax Credit Program to include a one to four family residence, including a cooperative or a condominium unit, the owners of which would be eligible to qualify as persons and families of low or moderate income as defined in subdivision (14) of Section 2402 of the Public Authorities Law which governs SONYMA forward commitment mortgages. It further amends Section 22 of such law to authorize a taxpayer who develops or constructs an eligible or low-income building that is a one to four family residence, including a cooperative or condominium unit, to be allowed a credit against the tax imposed by either
2009-S4808 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4808 2009-2010 Regular Sessions I N S E N A T E April 27, 2009 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the public housing law, in relation to expanding the New York state low income housing tax credit program to certain one to four family residences THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions 6 and 7 of section 21 of the public housing law, as added by section 1 of part CC of chapter 63 of the laws of 2000, are amended and four new subdivisions 8, 9, 10 and 11 are added to read as follows: 6. "Qualified basis" of an eligible low-income building means the qualified basis of such building determined under section 42(c) of the internal revenue code, or which would be determined under such section if the 40-90 test specified in paragraph (b) of subdivision five of this section applied under such section 42 to determine if such building were part of a qualified low-income housing project OR IN THE CASE OF A QUAL- IFIED RESIDENCE, MEANS ITS ADJUSTED BASIS (EXCLUDING LAND) IMMEDIATELY BEFORE THE SALE OF SUCH RESIDENCE. 7. References in this article to [section] SECTIONS 5, 42 AND 143 of the internal revenue code shall mean such section as amended from time to time. 8. "QUALIFIED RESIDENCE" MEANS ANY RESIDENCE (A) WHICH IS LOCATED: (I) IN A CENSUS TRACT WHICH HAS A MEDIAN GROSS INCOME WHICH DOES NOT EXCEED EIGHTY PERCENT OF THE GREATER OF AREA OR STATEWIDE MEDIAN GROSS INCOME, AS DETERMINED BY SECTION 143 OF THE INTERNAL REVENUE CODE, (II) IN A RURAL AREA (DEFINED UNDER SECTION 520 OF THE FEDERAL HOUSING ACT OF 1949), (III) ON A RESERVATION FOR A FEDERALLY RECOGNIZED INDIAN TRIBE, OR EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07128-01-9
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