S T A T E   O F   N E W   Y O R K
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                                  6004

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              March 3, 2011
                               ___________

Introduced  by  M.  of  A.  BURLING, McKEVITT, FINCH, RAIA, D. MILLER --
  Multi-Sponsored by -- M.    of  A.  CASTELLI,  CROUCH,  HAWLEY,  KOLB,
  McLAUGHLIN,  MONTESANO,  PALMESANO,  SPANO,  THIELE  --  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03180-01-1
              

A. 6004                             2

FOR CAPITAL PURPOSES TO HOUSING PROGRAMS OR  PROJECTS  DEVELOPED,  SPON-
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
(ss) to read as follows:
  (SS) 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.