NY State Assembly Bill 2013-A4163B

Assembly Bill A4163B

2013-2014 Legislative Session

Establishes a credit against income tax for the rehabilitation of distressed residential properties

download bill text pdf

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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 04, 2014	print number 4163b
Jun 04, 2014	amend and recommit to ways and means
Jan 27, 2014	print number 4163a
Jan 27, 2014	amend and recommit to ways and means
Jan 08, 2014	referred to ways and means
Feb 01, 2013	referred to ways and means

Bill Amendments

Original

B (Active)

multi-Sponsors

2013-A4163 - Details

See Senate Version of this Bill:: S2739
Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §§606 & 210, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A9993, S6979
2015-2016: A4398, S1293
2017-2018: A4415, S2642
2019-2020: S4906
2021-2022: S5143

2013-A4163 - Summary

Establishes a credit against income tax for the rehabilitation of distressed residential properties; allows a credit equal to thirty percent of the qualified rehabilitation expenditures made by the taxpayer with respect to a qualified distressed residential property; requires property that qualifies must be constructed prior to January 1, 1962 in a distressed residential or mixed-use neighborhood.

2013-A4163 - Bill Text download pdf

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

                                  4163

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 1, 2013
                               ___________

Introduced  by  M.  of  A. SCHIMMINGER -- Multi-Sponsored by -- M. of A.
  CYMBROWITZ -- read once and referred to  the  Committee  on  Ways  and
  Means

AN  ACT  to  amend  the  tax  law,  in relation to establishing a credit
  against income tax for the rehabilitation  of  distressed  residential
  properties

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

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (vv) to read as follows:
  (VV)  CREDIT  FOR REHABILITATION OF DISTRESSED RESIDENTIAL PROPERTIES.
(1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND
THIRTEEN,  A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED,
AGAINST THE TAX IMPOSED BY THIS ARTICLE, IN AN AMOUNT  EQUAL  TO  THIRTY
PERCENT OF THE QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER   WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL  PROPERTY.
PROVIDED, HOWEVER, THE CREDIT SHALL  NOT  EXCEED  ONE  HUNDRED  THOUSAND
DOLLARS.
  (2)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER  THIS  SUBSECTION  FOR
ANY  TAXABLE  YEAR  SHALL  EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE
EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS,  AND  MAY  BE
APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (4)  (A)  THE  TERM  "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR
PURPOSES OF THIS SUBSECTION, ANY AMOUNT PROPERLY CHARGEABLE TO A CAPITAL
ACCOUNT:
  (I) IN CONNECTION WITH THE CERTIFIED  REHABILITATION  OF  A  QUALIFIED
DISTRESSED RESIDENTIAL PROPERTY, AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05245-01-3

A. 4163                             2

  (II)  FOR  PROPERTY  FOR  WHICH  DEPRECIATION WOULD BE ALLOWABLE UNDER
SECTION 168 OF THE INTERNAL REVENUE CODE.
  (B) SUCH TERM SHALL NOT INCLUDE (I) THE COST OF ACQUIRING ANY BUILDING
OR  INTEREST  THEREIN, (II) ANY EXPENDITURE ATTRIBUTABLE TO THE ENLARGE-
MENT OF AN EXISTING BUILDING, OR (III) ANY  EXPENDITURE  MADE  PRIOR  TO
JANUARY FIRST, TWO THOUSAND THIRTEEN OR AFTER DECEMBER THIRTY-FIRST, TWO
THOUSAND EIGHTEEN.
  (5)  THE  TERM  "CERTIFIED  REHABILITATION"  MEANS,  FOR  PURPOSES  OF
DISTRESSED RESIDENTIAL PROPERTY IN THIS SUBSECTION,  ANY  REHABILITATION
OF  A  CERTIFIED DISTRESSED RESIDENTIAL PROPERTY WHICH HAS BEEN APPROVED
AND CERTIFIED BY A LOCAL GOVERNMENT AS BEING COMPLETED, WITH  A  CERTIF-
ICATE  OF  OCCUPANCY  ISSUED, AND THAT THE COSTS ARE CONSISTENT WITH THE
WORK COMPLETED. SUCH CERTIFICATION SHALL BE ACCEPTABLE AS PROOF THAT THE
EXPENDITURES RELATED TO SUCH REHABILITATION QUALIFY AS  QUALIFIED  REHA-
BILITATION  EXPENDITURES  FOR PURPOSES OF THE CREDIT ALLOWED UNDER PARA-
GRAPH ONE OF THIS SUBSECTION.
  (6) (A) THE TERM "QUALIFIED RESIDENTIAL PROPERTY" MEANS, FOR  PURPOSES
OF THIS SUBSECTION, A DISTRESSED RESIDENTIAL PROPERTY LOCATED WITHIN NEW
YORK STATE:
  (I) WHICH HAS BEEN SUBSTANTIALLY REHABILITATED,
  (II)  WHICH  WAS  CONSTRUCTED PRIOR TO JANUARY FIRST, NINETEEN HUNDRED
SIXTY-TWO,
  (III) WHICH IS OWNED BY THE TAXPAYER, AND
  (IV) WHICH IS LOCATED WITHIN A  DISTRESSED  RESIDENTIAL  OR  MIXED-USE
AREA,  AS  IDENTIFIED BY EACH LOCALITY THROUGH LOCAL LAW, THAT IS DEEMED
AN AREA IN NEED OF COMMUNITY RENEWAL DUE TO DILAPIDATION AND VACANCIES.
  (B) IF THE DISTRESSED RESIDENTIAL PROPERTY IS  RENTAL  PROPERTY,  SUCH
PROPERTY  SHALL  HAVE BEEN VACANT FOR AT LEAST SIX MONTHS WHILE ACTIVELY
MARKETED FOR LEASE.
  (C) A BUILDING SHALL BE TREATED AS HAVING BEEN "SUBSTANTIALLY REHABIL-
ITATED" IF THE QUALIFIED REHABILITATION EXPENDITURES IN RELATION TO SUCH
BUILDING TOTAL TEN THOUSAND DOLLARS OR MORE.
  (7) (A) IF THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S  INTEREST  IN  THE
QUALIFIED DISTRESSED RESIDENTIAL PROPERTY, OR SUCH PROPERTY CEASES TO BE
USED  AS  A  RESIDENTIAL  PROPERTY  OF THE TAXPAYER WITHIN FIVE YEARS OF
RECEIVING THE CREDIT UNDER THIS SUBSECTION, THE TAXPAYER'S  TAX  IMPOSED
BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSA-
TION  OCCURS  SHALL  BE INCREASED BY THE RECAPTURE PORTION OF THE CREDIT
ALLOWED UNDER THIS SUBSECTION FOR ALL PRIOR TAXABLE YEARS  WITH  RESPECT
TO SUCH REHABILITATION.
  (B)  FOR PURPOSES OF SUBPARAGRAPH (A) OF THIS PARAGRAPH, THE RECAPTURE
PORTION SHALL BE THE PRODUCT OF THE AMOUNT  OF  CREDIT  CLAIMED  BY  THE
TAXPAYER MULTIPLIED BY A RATIO, THE NUMERATOR OF WHICH IS EQUAL TO SIXTY
LESS  THE  NUMBER OF MONTHS THE BUILDING IS OWNED OR USED AS RESIDENTIAL
PROPERTY BY THE TAXPAYER AND THE DENOMINATOR OF WHICH IS SIXTY.
  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended  by adding a new clause (xxxv) to read as
follows:

(XXXV) CREDIT FOR REHABILITATION     AMOUNT OF CREDIT
OF DISTRESSED RESIDENTIAL            UNDER SUBDIVISION FORTY-SIX
PROPERTIES UNDER SUBSECTION (VV)     OF SECTION TWO HUNDRED TEN

  S 3. Section 210 of the tax law is amended by adding a new subdivision
46 to read as follows:

A. 4163                             3

  46. CREDIT FOR REHABILITATION OF  DISTRESSED  RESIDENTIAL  PROPERTIES.
(1)  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
THIRTEEN, A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER  PROVIDED,
AGAINST  THE  TAX  IMPOSED BY THIS ARTICLE, IN AN AMOUNT EQUAL TO THIRTY
PERCENT OF THE QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER   WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL  PROPERTY.
PROVIDED, HOWEVER, THE CREDIT SHALL  NOT  EXCEED  ONE  HUNDRED  THOUSAND
DOLLARS.
  (2)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS  SUBDIVISION  FOR
ANY  TAXABLE  YEAR  SHALL  EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE
EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS,  AND  MAY  BE
APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (4)  (A)  THE  TERM  "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR
PURPOSES OF THIS SUBDIVISION, ANY AMOUNT PROPERLY CHARGEABLE TO A  CAPI-
TAL ACCOUNT:
  (I)  IN  CONNECTION  WITH  THE CERTIFIED REHABILITATION OF A QUALIFIED
RESIDENTIAL PROPERTY, AND
  (II) FOR PROPERTY FOR WHICH  DEPRECIATION  WOULD  BE  ALLOWABLE  UNDER
SECTION 168 OF THE INTERNAL REVENUE CODE.
  (B) SUCH TERM SHALL NOT INCLUDE (I) THE COST OF ACQUIRING ANY BUILDING
OR  INTEREST  THEREIN, (II) ANY EXPENDITURE ATTRIBUTABLE TO THE ENLARGE-
MENT OF AN EXISTING BUILDING, OR (III) ANY  EXPENDITURE  MADE  PRIOR  TO
JANUARY FIRST, TWO THOUSAND THIRTEEN OR AFTER DECEMBER THIRTY-FIRST, TWO
THOUSAND EIGHTEEN.
  (5)  THE  TERM  "CERTIFIED REHABILITATION" MEANS, FOR PURPOSES OF THIS
SUBDIVISION, ANY REHABILITATION OF A  CERTIFIED  DISTRESSED  RESIDENTIAL
PROPERTY  WHICH HAS BEEN APPROVED AND CERTIFIED BY A LOCAL GOVERNMENT AS
BEING COMPLETED, WITH A CERTIFICATE OF OCCUPANCY ISSUED,  AND  THAT  THE
COSTS  ARE  CONSISTENT WITH THE WORK COMPLETED. SUCH CERTIFICATION SHALL
BE ACCEPTABLE AS PROOF THAT THE EXPENDITURES RELATED TO  SUCH  REHABILI-
TATION  QUALIFY AS QUALIFIED REHABILITATION EXPENDITURES FOR PURPOSES OF
THE CREDIT ALLOWED UNDER PARAGRAPH ONE OF THIS SUBDIVISION.
  (6) (A) THE TERM "QUALIFIED RESIDENTIAL PROPERTY" MEANS, FOR  PURPOSES
OF  THIS  SUBDIVISION,  A DISTRESSED RESIDENTIAL PROPERTY LOCATED WITHIN
NEW YORK STATE:
  (I) WHICH HAS BEEN SUBSTANTIALLY REHABILITATED,
  (II) WHICH WAS CONSTRUCTED PRIOR TO JANUARY  FIRST,  NINETEEN  HUNDRED
SIXTY-TWO,
  (III) WHICH IS OWNED BY THE TAXPAYER, AND
  (IV)  WHICH  IS  LOCATED  WITHIN A DISTRESSED RESIDENTIAL OR MIXED-USE
AREA, AS IDENTIFIED BY EACH LOCALITY THROUGH LOCAL LAW, THAT  IS  DEEMED
AN AREA IN NEED OF COMMUNITY RENEWAL DUE TO DILAPIDATION AND VACANCIES.
  (B)  IF  THE  DISTRESSED RESIDENTIAL PROPERTY IS RENTAL PROPERTY, SUCH
PROPERTY SHALL HAVE BEEN VACANT FOR AT LEAST SIX MONTHS  WHILE  ACTIVELY
MARKETED FOR LEASE.
  (C) A BUILDING SHALL BE TREATED AS HAVING BEEN "SUBSTANTIALLY REHABIL-
ITATED" IF THE QUALIFIED REHABILITATION EXPENDITURES IN RELATION TO SUCH
BUILDING TOTAL TEN THOUSAND DOLLARS OR MORE.
  (7)  (A)  IF  THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN THE
QUALIFIED DISTRESSED RESIDENTIAL PROPERTY, OR SUCH PROPERTY CEASES TO BE
USED AS A RESIDENTIAL PROPERTY OF THE  TAXPAYER  WITHIN  FIVE  YEARS  OF
RECEIVING  THE CREDIT UNDER THIS SUBDIVISION, THE TAXPAYER'S TAX IMPOSED

A. 4163                             4

BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSA-
TION OCCURS SHALL BE INCREASED BY THE RECAPTURE PORTION  OF  THE  CREDIT
ALLOWED  UNDER THIS SUBDIVISION FOR ALL PRIOR TAXABLE YEARS WITH RESPECT
TO SUCH REHABILITATION.
  (B)  FOR PURPOSES OF SUBPARAGRAPH (A) OF THIS PARAGRAPH, THE RECAPTURE
PORTION SHALL BE THE PRODUCT OF THE AMOUNT  OF  CREDIT  CLAIMED  BY  THE
TAXPAYER MULTIPLIED BY A RATIO, THE NUMERATOR OF WHICH IS EQUAL TO SIXTY
LESS  THE  NUMBER OF MONTHS THE BUILDING IS OWNED OR USED AS RESIDENTIAL
PROPERTY BY THE TAXPAYER AND THE DENOMINATOR OF WHICH IS SIXTY.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.

multi-Sponsors

2013-A4163A - Details

See Senate Version of this Bill:: S2739
Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §§606 & 210, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A9993, S6979
2015-2016: A4398, S1293
2017-2018: A4415, S2642
2019-2020: S4906
2021-2022: S5143

2013-A4163A - Summary

2013-A4163A - Bill Text download pdf

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

                                 4163--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 1, 2013
                               ___________

Introduced  by  M.  of  A. SCHIMMINGER -- Multi-Sponsored by -- M. of A.
  CYMBROWITZ -- read once and referred to  the  Committee  on  Ways  and
  Means  -- recommitted to the Committee on Ways and Means in accordance
  with Assembly Rule 3, sec. 2 -- committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to  amend  the  tax  law,  in relation to establishing a credit
  against income tax for the rehabilitation  of  distressed  residential
  properties

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

  Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as
relettered by section 5 of part H of chapter 1 of the laws of 2003,  are
relettered  subsections  (yyy)  and  (zzz)  and a new subsection (xx) is
added to read as follows:
  (XX) CREDIT FOR REHABILITATION OF DISTRESSED  RESIDENTIAL  PROPERTIES.
(1)  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
FOURTEEN, A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER  PROVIDED,
AGAINST  THE  TAX  IMPOSED BY THIS ARTICLE, IN AN AMOUNT EQUAL TO THIRTY
PERCENT OF THE QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER  WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL   PROPERTY.
PROVIDED,  HOWEVER,  THE  CREDIT  SHALL  NOT EXCEED ONE HUNDRED THOUSAND
DOLLARS.
  (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL  BE  ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3)  IF  THE  AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR
ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S  TAX  FOR  SUCH  YEAR,  THE
EXCESS  MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS, AND MAY BE
APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05245-05-4

A. 4163--A                          2

  (4) (A) THE TERM "QUALIFIED  REHABILITATION  EXPENDITURE"  MEANS,  FOR
PURPOSES OF THIS SUBSECTION, ANY AMOUNT PROPERLY CHARGEABLE TO A CAPITAL
ACCOUNT:
  (I)  IN  CONNECTION  WITH  THE CERTIFIED REHABILITATION OF A QUALIFIED
DISTRESSED RESIDENTIAL PROPERTY, AND
  (II) FOR PROPERTY FOR WHICH  DEPRECIATION  WOULD  BE  ALLOWABLE  UNDER
SECTION 168 OF THE INTERNAL REVENUE CODE.
  (B) SUCH TERM SHALL NOT INCLUDE (I) THE COST OF ACQUIRING ANY BUILDING
OR  INTEREST  THEREIN, (II) ANY EXPENDITURE ATTRIBUTABLE TO THE ENLARGE-
MENT OF AN EXISTING BUILDING, OR (III) ANY  EXPENDITURE  MADE  PRIOR  TO
JANUARY FIRST, TWO THOUSAND FOURTEEN OR AFTER DECEMBER THIRTY-FIRST, TWO
THOUSAND NINETEEN.
  (5)  THE  TERM  "CERTIFIED  REHABILITATION"  MEANS,  FOR  PURPOSES  OF
DISTRESSED RESIDENTIAL PROPERTY IN THIS SUBSECTION,  ANY  REHABILITATION
OF  A  CERTIFIED DISTRESSED RESIDENTIAL PROPERTY WHICH HAS BEEN APPROVED
AND CERTIFIED BY A LOCAL GOVERNMENT AS BEING COMPLETED, WITH  A  CERTIF-
ICATE  OF  OCCUPANCY  ISSUED, AND THAT THE COSTS ARE CONSISTENT WITH THE
WORK COMPLETED. SUCH CERTIFICATION SHALL BE ACCEPTABLE AS PROOF THAT THE
EXPENDITURES RELATED TO SUCH REHABILITATION QUALIFY AS  QUALIFIED  REHA-
BILITATION  EXPENDITURES  FOR PURPOSES OF THE CREDIT ALLOWED UNDER PARA-
GRAPH ONE OF THIS SUBSECTION.
  (6) (A) THE TERM "QUALIFIED RESIDENTIAL PROPERTY" MEANS, FOR  PURPOSES
OF THIS SUBSECTION, A DISTRESSED RESIDENTIAL PROPERTY LOCATED WITHIN NEW
YORK STATE:
  (I) WHICH HAS BEEN SUBSTANTIALLY REHABILITATED,
  (II)  WHICH  WAS  CONSTRUCTED PRIOR TO JANUARY FIRST, NINETEEN HUNDRED
SIXTY-TWO,
  (III) WHICH IS OWNED BY THE TAXPAYER, AND
  (IV) WHICH IS LOCATED WITHIN A  DISTRESSED  RESIDENTIAL  OR  MIXED-USE
AREA,  AS  IDENTIFIED BY EACH LOCALITY THROUGH LOCAL LAW, THAT IS DEEMED
AN AREA IN NEED OF COMMUNITY RENEWAL DUE TO DILAPIDATION AND VACANCIES.
  (B) IF THE DISTRESSED RESIDENTIAL PROPERTY IS  RENTAL  PROPERTY,  SUCH
PROPERTY  SHALL  HAVE BEEN VACANT FOR AT LEAST SIX MONTHS WHILE ACTIVELY
MARKETED FOR LEASE.
  (C) A BUILDING SHALL BE TREATED AS HAVING BEEN "SUBSTANTIALLY REHABIL-
ITATED" IF THE QUALIFIED REHABILITATION EXPENDITURES IN RELATION TO SUCH
BUILDING TOTAL TEN THOUSAND DOLLARS OR MORE.
  (7) (A) IF THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S  INTEREST  IN  THE
QUALIFIED DISTRESSED RESIDENTIAL PROPERTY, OR SUCH PROPERTY CEASES TO BE
USED  AS  A  RESIDENTIAL  PROPERTY  OF THE TAXPAYER WITHIN FIVE YEARS OF
RECEIVING THE CREDIT UNDER THIS SUBSECTION, THE TAXPAYER'S  TAX  IMPOSED
BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSA-
TION  OCCURS  SHALL  BE INCREASED BY THE RECAPTURE PORTION OF THE CREDIT
ALLOWED UNDER THIS SUBSECTION FOR ALL PRIOR TAXABLE YEARS  WITH  RESPECT
TO SUCH REHABILITATION.
  (B)  FOR PURPOSES OF SUBPARAGRAPH (A) OF THIS PARAGRAPH, THE RECAPTURE
PORTION SHALL BE THE PRODUCT OF THE AMOUNT  OF  CREDIT  CLAIMED  BY  THE
TAXPAYER MULTIPLIED BY A RATIO, THE NUMERATOR OF WHICH IS EQUAL TO SIXTY
LESS  THE  NUMBER OF MONTHS THE BUILDING IS OWNED OR USED AS RESIDENTIAL
PROPERTY BY THE TAXPAYER AND THE DENOMINATOR OF WHICH IS SIXTY.
  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is amended by adding a new clause (xxxvii) to read as
follows:

(XXXVII) CREDIT FOR REHABILITATION   AMOUNT OF CREDIT
OF DISTRESSED RESIDENTIAL            UNDER SUBDIVISION FORTY-EIGHT

A. 4163--A                          3

PROPERTIES UNDER SUBSECTION (XX)     OF SECTION TWO HUNDRED TEN

  S 3. Section 210 of the tax law is amended by adding a new subdivision
48 to read as follows:
  48.  CREDIT  FOR  REHABILITATION OF DISTRESSED RESIDENTIAL PROPERTIES.
(1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND
FOURTEEN,  A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED,
AGAINST THE TAX IMPOSED BY THIS ARTICLE, IN AN AMOUNT  EQUAL  TO  THIRTY
PERCENT OF THE QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER   WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL  PROPERTY.
PROVIDED, HOWEVER, THE CREDIT SHALL  NOT  EXCEED  ONE  HUNDRED  THOUSAND
DOLLARS.
  (2)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS  SUBDIVISION  FOR
ANY  TAXABLE  YEAR  SHALL  EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE
EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS,  AND  MAY  BE
APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (4)  (A)  THE  TERM  "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR
PURPOSES OF THIS SUBDIVISION, ANY AMOUNT PROPERLY CHARGEABLE TO A  CAPI-
TAL ACCOUNT:
  (I)  IN  CONNECTION  WITH  THE CERTIFIED REHABILITATION OF A QUALIFIED
RESIDENTIAL PROPERTY, AND
  (II) FOR PROPERTY FOR WHICH  DEPRECIATION  WOULD  BE  ALLOWABLE  UNDER
SECTION 168 OF THE INTERNAL REVENUE CODE.
  (B) SUCH TERM SHALL NOT INCLUDE (I) THE COST OF ACQUIRING ANY BUILDING
OR  INTEREST  THEREIN, (II) ANY EXPENDITURE ATTRIBUTABLE TO THE ENLARGE-
MENT OF AN EXISTING BUILDING, OR (III) ANY  EXPENDITURE  MADE  PRIOR  TO
JANUARY FIRST, TWO THOUSAND FOURTEEN OR AFTER DECEMBER THIRTY-FIRST, TWO
THOUSAND NINETEEN.
  (5)  THE  TERM  "CERTIFIED REHABILITATION" MEANS, FOR PURPOSES OF THIS
SUBDIVISION, ANY REHABILITATION OF A  CERTIFIED  DISTRESSED  RESIDENTIAL
PROPERTY  WHICH HAS BEEN APPROVED AND CERTIFIED BY A LOCAL GOVERNMENT AS
BEING COMPLETED, WITH A CERTIFICATE OF OCCUPANCY ISSUED,  AND  THAT  THE
COSTS  ARE  CONSISTENT WITH THE WORK COMPLETED. SUCH CERTIFICATION SHALL
BE ACCEPTABLE AS PROOF THAT THE EXPENDITURES RELATED TO  SUCH  REHABILI-
TATION  QUALIFY AS QUALIFIED REHABILITATION EXPENDITURES FOR PURPOSES OF
THE CREDIT ALLOWED UNDER PARAGRAPH ONE OF THIS SUBDIVISION.
  (6) (A) THE TERM "QUALIFIED RESIDENTIAL PROPERTY" MEANS, FOR  PURPOSES
OF  THIS  SUBDIVISION,  A DISTRESSED RESIDENTIAL PROPERTY LOCATED WITHIN
NEW YORK STATE:
  (I) WHICH HAS BEEN SUBSTANTIALLY REHABILITATED,
  (II) WHICH WAS CONSTRUCTED PRIOR TO JANUARY  FIRST,  NINETEEN  HUNDRED
SIXTY-TWO,
  (III) WHICH IS OWNED BY THE TAXPAYER, AND
  (IV)  WHICH  IS  LOCATED  WITHIN A DISTRESSED RESIDENTIAL OR MIXED-USE
AREA, AS IDENTIFIED BY EACH LOCALITY THROUGH LOCAL LAW, THAT  IS  DEEMED
AN AREA IN NEED OF COMMUNITY RENEWAL DUE TO DILAPIDATION AND VACANCIES.
  (B)  IF  THE  DISTRESSED RESIDENTIAL PROPERTY IS RENTAL PROPERTY, SUCH
PROPERTY SHALL HAVE BEEN VACANT FOR AT LEAST SIX MONTHS  WHILE  ACTIVELY
MARKETED FOR LEASE.
  (C) A BUILDING SHALL BE TREATED AS HAVING BEEN "SUBSTANTIALLY REHABIL-
ITATED" IF THE QUALIFIED REHABILITATION EXPENDITURES IN RELATION TO SUCH
BUILDING TOTAL TEN THOUSAND DOLLARS OR MORE.

A. 4163--A                          4

  (7)  (A)  IF  THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN THE
QUALIFIED DISTRESSED RESIDENTIAL PROPERTY, OR SUCH PROPERTY CEASES TO BE
USED AS A RESIDENTIAL PROPERTY OF THE  TAXPAYER  WITHIN  FIVE  YEARS  OF
RECEIVING  THE CREDIT UNDER THIS SUBDIVISION, THE TAXPAYER'S TAX IMPOSED
BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSA-
TION  OCCURS  SHALL  BE INCREASED BY THE RECAPTURE PORTION OF THE CREDIT
ALLOWED UNDER THIS SUBDIVISION FOR ALL PRIOR TAXABLE YEARS WITH  RESPECT
TO SUCH REHABILITATION.
  (B)  FOR PURPOSES OF SUBPARAGRAPH (A) OF THIS PARAGRAPH, THE RECAPTURE
PORTION SHALL BE THE PRODUCT OF THE AMOUNT  OF  CREDIT  CLAIMED  BY  THE
TAXPAYER MULTIPLIED BY A RATIO, THE NUMERATOR OF WHICH IS EQUAL TO SIXTY
LESS  THE  NUMBER OF MONTHS THE BUILDING IS OWNED OR USED AS RESIDENTIAL
PROPERTY BY THE TAXPAYER AND THE DENOMINATOR OF WHICH IS SIXTY.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2014.

multi-Sponsors

2013-A4163B (ACTIVE) - Details

See Senate Version of this Bill:: S2739
Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §§606 & 210, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A9993, S6979
2015-2016: A4398, S1293
2017-2018: A4415, S2642
2019-2020: S4906
2021-2022: S5143

2013-A4163B (ACTIVE) - Summary

2013-A4163B (ACTIVE) - Bill Text download pdf

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

                                 4163--B

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 1, 2013
                               ___________

Introduced  by  M.  of  A. SCHIMMINGER -- Multi-Sponsored by -- M. of A.
  CYMBROWITZ -- read once and referred to  the  Committee  on  Ways  and
  Means  -- recommitted to the Committee on Ways and Means in accordance
  with Assembly Rule 3, sec. 2 -- committee  discharged,  bill  amended,
  ordered  reprinted  as  amended  and  recommitted to said committee --
  again reported from said committee with amendments, ordered  reprinted
  as amended and recommitted to said committee

AN  ACT  to  amend  the  tax  law,  in relation to establishing a credit
  against income tax for the rehabilitation  of  distressed  residential
  properties

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

  Section 1.  Section 606 of the tax law is  amended  by  adding  a  new
subsection (ccc) to read as follows:
  (CCC)  CREDIT FOR REHABILITATION OF DISTRESSED RESIDENTIAL PROPERTIES.
(1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND
FOURTEEN,  A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED,
AGAINST THE TAX IMPOSED BY THIS ARTICLE, IN AN AMOUNT  EQUAL  TO  THIRTY
PERCENT OF THE QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER   WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL  PROPERTY.
PROVIDED, HOWEVER, THE CREDIT SHALL  NOT  EXCEED  ONE  HUNDRED  THOUSAND
DOLLARS.
  (2)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER  THIS  SUBSECTION  FOR
ANY  TAXABLE  YEAR  SHALL  EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE
EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS,  AND  MAY  BE
APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05245-07-4

A. 4163--B                          2

  (4)  (A)  THE  TERM  "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR
PURPOSES OF THIS SUBSECTION, ANY AMOUNT PROPERLY CHARGEABLE TO A CAPITAL
ACCOUNT:
  (I)  IN  CONNECTION  WITH  THE CERTIFIED REHABILITATION OF A QUALIFIED
DISTRESSED RESIDENTIAL PROPERTY, AND
  (II) FOR PROPERTY FOR WHICH  DEPRECIATION  WOULD  BE  ALLOWABLE  UNDER
SECTION 168 OF THE INTERNAL REVENUE CODE.
  (B) SUCH TERM SHALL NOT INCLUDE (I) THE COST OF ACQUIRING ANY BUILDING
OR  INTEREST  THEREIN, (II) ANY EXPENDITURE ATTRIBUTABLE TO THE ENLARGE-
MENT OF AN EXISTING BUILDING, OR (III) ANY  EXPENDITURE  MADE  PRIOR  TO
JANUARY FIRST, TWO THOUSAND FOURTEEN OR AFTER DECEMBER THIRTY-FIRST, TWO
THOUSAND NINETEEN.
  (5)  THE  TERM  "CERTIFIED  REHABILITATION"  MEANS,  FOR  PURPOSES  OF
DISTRESSED RESIDENTIAL PROPERTY IN THIS SUBSECTION,  ANY  REHABILITATION
OF  A  CERTIFIED DISTRESSED RESIDENTIAL PROPERTY WHICH HAS BEEN APPROVED
AND CERTIFIED BY A LOCAL GOVERNMENT AS BEING COMPLETED, WITH  A  CERTIF-
ICATE  OF  OCCUPANCY  ISSUED, AND THAT THE COSTS ARE CONSISTENT WITH THE
WORK COMPLETED. SUCH CERTIFICATION SHALL BE ACCEPTABLE AS PROOF THAT THE
EXPENDITURES RELATED TO SUCH REHABILITATION QUALIFY AS  QUALIFIED  REHA-
BILITATION  EXPENDITURES  FOR PURPOSES OF THE CREDIT ALLOWED UNDER PARA-
GRAPH ONE OF THIS SUBSECTION.
  (6) (A) THE TERM "QUALIFIED RESIDENTIAL PROPERTY" MEANS, FOR  PURPOSES
OF THIS SUBSECTION, A DISTRESSED RESIDENTIAL PROPERTY LOCATED WITHIN NEW
YORK STATE:
  (I) WHICH HAS BEEN SUBSTANTIALLY REHABILITATED,
  (II)  WHICH  WAS  CONSTRUCTED PRIOR TO JANUARY FIRST, NINETEEN HUNDRED
SIXTY-TWO,
  (III) WHICH IS OWNED BY THE TAXPAYER, AND
  (IV) WHICH IS LOCATED WITHIN A  DISTRESSED  RESIDENTIAL  OR  MIXED-USE
AREA,  AS  IDENTIFIED BY EACH LOCALITY THROUGH LOCAL LAW, THAT IS DEEMED
AN AREA IN NEED OF COMMUNITY RENEWAL DUE TO DILAPIDATION AND VACANCIES.
  (B) IF THE DISTRESSED RESIDENTIAL PROPERTY IS  RENTAL  PROPERTY,  SUCH
PROPERTY  SHALL  HAVE BEEN VACANT FOR AT LEAST SIX MONTHS WHILE ACTIVELY
MARKETED FOR LEASE.
  (C) A BUILDING SHALL BE TREATED AS HAVING BEEN "SUBSTANTIALLY REHABIL-
ITATED" IF THE QUALIFIED REHABILITATION EXPENDITURES IN RELATION TO SUCH
BUILDING TOTAL TEN THOUSAND DOLLARS OR MORE.
  (7) (A) IF THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S  INTEREST  IN  THE
QUALIFIED DISTRESSED RESIDENTIAL PROPERTY, OR SUCH PROPERTY CEASES TO BE
USED  AS  A  RESIDENTIAL  PROPERTY  OF THE TAXPAYER WITHIN FIVE YEARS OF
RECEIVING THE CREDIT UNDER THIS SUBSECTION, THE TAXPAYER'S  TAX  IMPOSED
BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSA-
TION  OCCURS  SHALL  BE INCREASED BY THE RECAPTURE PORTION OF THE CREDIT
ALLOWED UNDER THIS SUBSECTION FOR ALL PRIOR TAXABLE YEARS  WITH  RESPECT
TO SUCH REHABILITATION.
  (B)  FOR PURPOSES OF SUBPARAGRAPH (A) OF THIS PARAGRAPH, THE RECAPTURE
PORTION SHALL BE THE PRODUCT OF THE AMOUNT  OF  CREDIT  CLAIMED  BY  THE
TAXPAYER MULTIPLIED BY A RATIO, THE NUMERATOR OF WHICH IS EQUAL TO SIXTY
LESS  THE  NUMBER OF MONTHS THE BUILDING IS OWNED OR USED AS RESIDENTIAL
PROPERTY BY THE TAXPAYER AND THE DENOMINATOR OF WHICH IS SIXTY.
  (8)  ANY  EXPENDITURE  FOR  WHICH  A  CREDIT  IS  CLAIMED  UNDER  THIS
SUBSECTION  SHALL  NOT BE ELIGIBLE FOR ANY OTHER CREDIT UNDER THIS CHAP-
TER.
  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended  by  adding a new clause (xli) to read as
follows:

A. 4163--B                          3

(XLI) CREDIT FOR REHABILITATION      AMOUNT OF CREDIT
OF DISTRESSED RESIDENTIAL            UNDER SUBDIVISION FIFTY
PROPERTIES UNDER SUBSECTION (CCC)    OF SECTION TWO HUNDRED TEN

  S 3. Section 210 of the tax law is amended by adding a new subdivision
50 to read as follows:
  50.  CREDIT  FOR  REHABILITATION OF DISTRESSED RESIDENTIAL PROPERTIES.
(1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND
FOURTEEN,  A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED,
AGAINST THE TAX IMPOSED BY THIS ARTICLE, IN AN AMOUNT  EQUAL  TO  THIRTY
PERCENT OF THE QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER   WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL  PROPERTY.
PROVIDED, HOWEVER, THE CREDIT SHALL  NOT  EXCEED  ONE  HUNDRED  THOUSAND
DOLLARS.
  (2)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS  SUBDIVISION  FOR
ANY  TAXABLE  YEAR  SHALL  EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE
EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS,  AND  MAY  BE
APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (4)  (A)  THE  TERM  "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR
PURPOSES OF THIS SUBDIVISION, ANY AMOUNT PROPERLY CHARGEABLE TO A  CAPI-
TAL ACCOUNT:
  (I)  IN  CONNECTION  WITH  THE CERTIFIED REHABILITATION OF A QUALIFIED
RESIDENTIAL PROPERTY, AND
  (II) FOR PROPERTY FOR WHICH  DEPRECIATION  WOULD  BE  ALLOWABLE  UNDER
SECTION 168 OF THE INTERNAL REVENUE CODE.
  (B) SUCH TERM SHALL NOT INCLUDE (I) THE COST OF ACQUIRING ANY BUILDING
OR  INTEREST  THEREIN, (II) ANY EXPENDITURE ATTRIBUTABLE TO THE ENLARGE-
MENT OF AN EXISTING BUILDING, OR (III) ANY  EXPENDITURE  MADE  PRIOR  TO
JANUARY FIRST, TWO THOUSAND FOURTEEN OR AFTER DECEMBER THIRTY-FIRST, TWO
THOUSAND NINETEEN.
  (5)  THE  TERM  "CERTIFIED REHABILITATION" MEANS, FOR PURPOSES OF THIS
SUBDIVISION, ANY REHABILITATION OF A  CERTIFIED  DISTRESSED  RESIDENTIAL
PROPERTY  WHICH HAS BEEN APPROVED AND CERTIFIED BY A LOCAL GOVERNMENT AS
BEING COMPLETED, WITH A CERTIFICATE OF OCCUPANCY ISSUED,  AND  THAT  THE
COSTS  ARE  CONSISTENT WITH THE WORK COMPLETED. SUCH CERTIFICATION SHALL
BE ACCEPTABLE AS PROOF THAT THE EXPENDITURES RELATED TO  SUCH  REHABILI-
TATION  QUALIFY AS QUALIFIED REHABILITATION EXPENDITURES FOR PURPOSES OF
THE CREDIT ALLOWED UNDER PARAGRAPH ONE OF THIS SUBDIVISION.
  (6) (A) THE TERM "QUALIFIED RESIDENTIAL PROPERTY" MEANS, FOR  PURPOSES
OF  THIS  SUBDIVISION,  A DISTRESSED RESIDENTIAL PROPERTY LOCATED WITHIN
NEW YORK STATE:
  (I) WHICH HAS BEEN SUBSTANTIALLY REHABILITATED,
  (II) WHICH WAS CONSTRUCTED PRIOR TO JANUARY  FIRST,  NINETEEN  HUNDRED
SIXTY-TWO,
  (III) WHICH IS OWNED BY THE TAXPAYER, AND
  (IV)  WHICH  IS  LOCATED  WITHIN A DISTRESSED RESIDENTIAL OR MIXED-USE
AREA, AS IDENTIFIED BY EACH LOCALITY THROUGH LOCAL LAW, THAT  IS  DEEMED
AN AREA IN NEED OF COMMUNITY RENEWAL DUE TO DILAPIDATION AND VACANCIES.
  (B)  IF  THE  DISTRESSED RESIDENTIAL PROPERTY IS RENTAL PROPERTY, SUCH
PROPERTY SHALL HAVE BEEN VACANT FOR AT LEAST SIX MONTHS  WHILE  ACTIVELY
MARKETED FOR LEASE.

A. 4163--B                          4

  (C) A BUILDING SHALL BE TREATED AS HAVING BEEN "SUBSTANTIALLY REHABIL-
ITATED" IF THE QUALIFIED REHABILITATION EXPENDITURES IN RELATION TO SUCH
BUILDING TOTAL TEN THOUSAND DOLLARS OR MORE.
  (7)  (A)  IF  THE TAXPAYER DISPOSES OF SUCH TAXPAYER'S INTEREST IN THE
QUALIFIED DISTRESSED RESIDENTIAL PROPERTY, OR SUCH PROPERTY CEASES TO BE
USED AS A RESIDENTIAL PROPERTY OF THE  TAXPAYER  WITHIN  FIVE  YEARS  OF
RECEIVING  THE CREDIT UNDER THIS SUBDIVISION, THE TAXPAYER'S TAX IMPOSED
BY THIS ARTICLE FOR THE TAXABLE YEAR IN WHICH SUCH DISPOSITION OR CESSA-
TION OCCURS SHALL BE INCREASED BY THE RECAPTURE PORTION  OF  THE  CREDIT
ALLOWED  UNDER THIS SUBDIVISION FOR ALL PRIOR TAXABLE YEARS WITH RESPECT
TO SUCH REHABILITATION.
  (B) FOR PURPOSES OF SUBPARAGRAPH (A) OF THIS PARAGRAPH, THE  RECAPTURE
PORTION  SHALL  BE  THE  PRODUCT  OF THE AMOUNT OF CREDIT CLAIMED BY THE
TAXPAYER MULTIPLIED BY A RATIO, THE NUMERATOR OF WHICH IS EQUAL TO SIXTY
LESS THE NUMBER OF MONTHS THE BUILDING IS OWNED OR USED  AS  RESIDENTIAL
PROPERTY BY THE TAXPAYER AND THE DENOMINATOR OF WHICH IS SIXTY.
  (8)  ANY EXPENDITURE FOR WHICH A CREDIT IS CLAIMED UNDER THIS SUBDIVI-
SION SHALL NOT BE ELIGIBLE FOR ANY OTHER CREDIT UNDER THIS CHAPTER.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2014.

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Assembly Bill A4163B

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Sponsored By

SCHIMMINGER

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

multi-Sponsors

Steven Cymbrowitz

2013-A4163 - Details

2013-A4163 - Summary

2013-A4163 - Bill Text download pdf

multi-Sponsors

Steven Cymbrowitz

2013-A4163A - Details

2013-A4163A - Summary

2013-A4163A - Bill Text download pdf

multi-Sponsors

Steven Cymbrowitz

Raymond Walter

2013-A4163B (ACTIVE) - Details

2013-A4163B (ACTIVE) - Summary

2013-A4163B (ACTIVE) - Bill Text download pdf

Comments