Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 11, 2010 |
held for consideration in housing |
Apr 13, 2010 |
referred to housing |
Assembly Bill A10650
2009-2010 Legislative Session
Sponsored By
MONTESANO
Archive: Last Bill Status - In Assembly 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
co-Sponsors
William A. Barclay
Andrew Raia
Joseph Saladino
multi-Sponsors
Thomas McKevitt
Marcus Molinaro
2009-A10650 (ACTIVE) - Details
- Current Committee:
- Assembly Housing
- Law Section:
- Private Housing Finance Law
- Laws Affected:
- Add §1134, Priv Hous Fin L; amd §606, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
A280
2009-A10650 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10650 TITLE OF BILL: An act to amend the private housing finance law and the tax law, in relation to granting tax credit to business firms for contributions of real property made to not-for-profit housing companies PURPOSE OR GENERAL IDEA OF BILL: To provide an incentive for business firms to donate real property to not-for-profit housing companies by providing them with a credit against state taxes. SUMMARY OF SPECIFIC PROVISIONS: This bill adds a new Section 1134 to the Private Housing Finance Law to authorize the Commissioner of Housing and Community Renewal to establish a system of tax credit vouchers for busi- ness firms making contributions of real property to any not-for-pro-fit housing company that develops, sponsors, or manages any housing project or program which benefits low and moderate income persons or families. The voucher could be used as a credit against any of the taxes to which the firm is subject while the amount of the voucher would be equal to one-half the amount of the fair market value of the real property. The bill further authorizes the Commissioner of Taxation and Finance to grant a credit against any tax due under the provisions of Articles 9-A, 32, and 33 of the Tax Law in an amount equal to the amount specified in the tax credit voucher. The bill further provides that the sum of all tax credits could not exceed $250,000 annually per business firm and no tax credit could be granted to any firm for activities that are a part of its ordinary course of business. In addition, the total amount of tax
2009-A10650 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10650 I N A S S E M B L Y April 13, 2010 ___________ Introduced by M. of A. MONTESANO -- 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 of real property 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. AFFORDABLE HOUSING ASSISTANCE PROGRAM. 1. (A) AS USED IN THIS SECTION, THE TERM "BUSINESS FIRM" SHALL MEAN ANY BUSINESS ENTITY AUTHOR- IZED 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 AND MODERATE INCOME PERSONS OR FAMILIES" SHALL MEAN THOSE PERSONS OR FAMILIES FOR WHOM THERE ARE NO OTHER REASONABLE 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 OF REAL PROPERTY TO ANY NOT-FOR-PROFIT NEIGHBORHOOD PRESERVATION COMPANY, RURAL PRESERVATION COMPANY, OR HOUSING DEVELOPMENT FUND COMPANY THAT DEVELOPS, SPONSORS OR MANAGES ANY HOUSING PROJECT OR PROGRAM WHICH BENE- FITS LOW AND MODERATE INCOME PERSONS OR FAMILIES. SUCH VOUCHERS MAY BE USED AS A CREDIT AGAINST ANY OF THE TAXES TO WHICH SUCH BUSINESS FIRM IS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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