NY State Senate Bill 2013-S3848A

Senate Bill S3848A

2013-2014 Legislative Session

Provides that the low income housing tax credits shall be treated as overpayments of the applicable tax, to be credited or refunded

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 11, 2014	referred to housing delivered to assembly passed senate
Jun 09, 2014	advanced to third reading
Jun 03, 2014	2nd report cal.
Jun 02, 2014	1st report cal.1069
May 13, 2014	reported and committed to finance
Jan 22, 2014	print number 3848a
Jan 22, 2014	amend and recommit to investigations and government operations
Jan 08, 2014	referred to investigations and government operations returned to senate died in assembly
Jun 13, 2013	referred to housing delivered to assembly passed senate
Jun 12, 2013	ordered to third reading cal.1331 committee discharged and committed to rules
May 21, 2013	reported and committed to finance
Feb 22, 2013	referred to investigations and government operations

Votes

- Jun 11, 2014 - Floor Vote
  S3848A
  
  53
  
  Aye
  
  5
  
  Nay
  
  0
  
  Absent
  
  3
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 11, 2014
      
      aye (53)
      
      Addabbo Jr.
      
      Avella
      
      Ball
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Farley
      
      Felder
      
      Flanagan
      
      Gallivan
      
      Gianaris
      
      Gipson
      
      Golden
      
      Griffo
      
      Grisanti
      
      Hannon
      
      Hoylman-Sigal
      
      Kennedy
      
      Klein
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Maziarz
      
      Nozzolio
      
      O'Brien
      
      O'Mara
      
      Parker
      
      Peralta
      
      Ranzenhofer
      
      Ritchie
      
      Rivera
      
      Robach
      
      Sampson
      
      Savino
      
      Serrano
      
      Seward
      
      Skelos
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Tkaczyk
      
      Valesky
      
      Young
      
      Zeldin
      
      nay (5)
      
      Krueger
      
      Libous
      
      Montgomery
      
      Perkins
      
      Sanders Jr.
      
      excused (3)
      
      Espaillat
      
      Hassell-Thompson
      
      Smith
  Jun 13, 2013 - Floor Vote
  S3848A
  
  57
  
  Aye
  
  2
  
  Nay
  
  0
  
  Absent
  
  4
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jun 13, 2013
      
      aye (57)
      
      Addabbo Jr.
      
      Avella
      
      Ball
      
      Bonacic
      
      Boyle
      
      Breslin
      
      Carlucci
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Farley
      
      Felder
      
      Flanagan
      
      Fuschillo
      
      Gallivan
      
      Gianaris
      
      Gipson
      
      Golden
      
      Griffo
      
      Grisanti
      
      Hannon
      
      Hassell-Thompson
      
      Hoylman-Sigal
      
      Kennedy
      
      Klein
      
      LaValle
      
      Lanza
      
      Larkin
      
      Latimer
      
      Libous
      
      Little
      
      Marcellino
      
      Marchione
      
      Martins
      
      Maziarz
      
      Montgomery
      
      Nozzolio
      
      O'Brien
      
      O'Mara
      
      Parker
      
      Peralta
      
      Perkins
      
      Rivera
      
      Robach
      
      Sanders Jr.
      
      Savino
      
      Serrano
      
      Seward
      
      Skelos
      
      Smith
      
      Squadron
      
      Stavisky
      
      Stewart-Cousins
      
      Tkaczyk
      
      Valesky
      
      Young
      
      Zeldin
      
      nay (2)
      
      Espaillat
      
      Krueger
      
      excused (4)
      
      Adams
      
      Ranzenhofer
      
      Ritchie
      
      Sampson
  Jun 17, 2013 - Rules Committee Vote
  S3848A
  
  22
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 17, 2013
      
      aye (22)
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      Dilan
      
      Espaillat
      
      Farley
      
      Flanagan
      
      Fuschillo
      
      Gianaris
      
      Hannon
      
      Hassell-Thompson
      
      LaValle
      
      Larkin
      
      Libous
      
      Marcellino
      
      Maziarz
      
      Nozzolio
      
      Parker
      
      Seward
      
      Skelos
      
      Stewart-Cousins
      
      Valesky
      
      aye wr (2)
      
      Krueger
      
      Montgomery
      
      excused (1)
      
      Perkins
  Jun 12, 2013 - Rules Committee Vote
  S3848A
  
  22
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jun 12, 2013
      
      aye (22)
      
      Bonacic
      
      Breslin
      
      Carlucci
      
      Dilan
      
      Espaillat
      
      Farley
      
      Flanagan
      
      Fuschillo
      
      Gianaris
      
      Hannon
      
      Hassell-Thompson
      
      LaValle
      
      Larkin
      
      Libous
      
      Marcellino
      
      Maziarz
      
      Nozzolio
      
      Parker
      
      Seward
      
      Skelos
      
      Stewart-Cousins
      
      Valesky
      
      aye wr (2)
      
      Krueger
      
      Montgomery
      
      excused (1)
      
      Perkins
  May 13, 2014 - Investigations And Government Operations Committee Vote
  S3848A
  
  7
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Investigations And Government Operations Committee Vote: May 13, 2014
      
      aye (7)
      
      Carlucci
      
      Diaz
      
      Golden
      
      Marcellino
      
      Nozzolio
      
      O'Mara
      
      Zeldin
      
      aye wr (2)
      
      Hoylman-Sigal
      
      Squadron
  May 21, 2013 - Investigations And Government Operations Committee Vote
  S3848A
  
  8
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Investigations And Government Operations Committee Vote: May 21, 2013
      
      aye (8)
      
      Carlucci
      
      Diaz
      
      Golden
      
      Hoylman-Sigal
      
      Marcellino
      
      Nozzolio
      
      O'Mara
      
      Zeldin
      
      aye wr (1)
      
      Squadron
  Jun 2, 2014 - Finance Committee Vote
  S3848A
  
  31
  
  Aye
  
  2
  
  Nay
  
  4
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Finance Committee Vote: Jun 2, 2014
      
      aye (31)
      
      Bonacic
      
      Breslin
      
      DeFrancisco
      
      Diaz
      
      Dilan
      
      Farley
      
      Flanagan
      
      Golden
      
      Griffo
      
      Grisanti
      
      Hannon
      
      Hassell-Thompson
      
      Kennedy
      
      LaValle
      
      Lanza
      
      Larkin
      
      Little
      
      Marcellino
      
      Martins
      
      Nozzolio
      
      O'Mara
      
      Peralta
      
      Perkins
      
      Ranzenhofer
      
      Rivera
      
      Robach
      
      Savino
      
      Seward
      
      Stavisky
      
      Valesky
      
      Young
      
      nay (2)
      
      Espaillat
      
      Parker
      
      aye wr (4)
      
      Gianaris
      
      Krueger
      
      Montgomery
      
      Squadron

Bill Amendments

Original

A (Active)

2013-S3848 - Details

Current Committee:: Assembly Housing
Law Section:: Tax Law
Laws Affected:: Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S4758
2015-2016: S2277
2017-2018: S566
2019-2020: S1061

2013-S3848 - Summary

Provides that the low income housing tax credits shall be treated as overpayments of the applicable tax, to be credited or refunded.

2013-S3848 - Sponsor Memo

                                BILL NUMBER:S3848

PURPOSE:

This bill would convert the state low income housing tax credit to a
refundable tax credit to help stimulate low income housing investment
in the state.

SUMMARY OF PROVISIONS:

This bill would amend subdivision 30 of section 210 of the tax law to
provide that for allocations of housing tax credit made pursuant to
law after January 1, 2013, the corporate franchise low income housing
tax credit shall be treated as a refundable tax credit. Paragraph 3 of
subsection(x) of section 606 of the tax law is amended to convert the
existing low income housing tax credit to a refundable low income
housing tax credit for allocations of housing tax credit made after
taxable years beginning after January 1, 2013. Paragraph 3 of
subsection (1) of section 1456 of the tax law is amended to convert
the existing low income housing tax credit to a refundable low income
housing tax credit for allocations of credit made subsequent to
January 1, 2012. Paragraph 3 of subdivision (n) of section 1511 of the
tax law is amended to convert the low income housing tax credit to a
refundable tax credit for purposes of the Insurance Franchise Tax for
allocations of tax credit made after January 1, 2013.  Furthermore, in
order to obtain treatment as a refundable credit for these taxes, a

project must have received an eligibility statement from the
commissioner of housing and community renewal pursuant to article
two-A of the public housing law.

JUSTIFICATION:

Tax credit programs are widely seen as the primary mechanism for
successfully producing and preserving affordable rental housing. As a
result of the recent financial crisis, state and federal tax credit
programs have been disrupted, as is the case in New York. The problem
has been further exacerbated in New York where the state tax credit is
less marketable, unlike the case in many other states.

New York's low income housing credit tax program was established in
2000 pursuant to Article 2-A of the Public Housing Law and was
designed to encourage the development of low income housing.
Refundable housing tax credits are more desirable than non refundable
credits and would work to create a greater demand in the marketplace.
This bill would permit investors to obtain a broader class of
investors including banks, corporations, and insurance companies and
would create additional demand on the market for state tax credits.
This demand would drive up pricing among investors as pricing as
competition is increased. This would translate into greater private
investment in affordable housing which will help drive housing
development within the state.

LEGISLATIVE HISTORY: S. 4758-C-2012 passed Senate /S.
4768-B-2011-Senate 3rd reading calendar.

FISCAL IMPLICATIONS:None.


EFFECTIVE DATE: This act shall take effect immediately.

2013-S3848 - Bill Text download pdf

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

                                  3848

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 22, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in  relation  to  providing  that  the  low
  income housing credit shall be treated as an overpayment of taxes

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

  Section 1. Paragraph (c) of subdivision 30 of section 210 of  the  tax
law is relettered paragraph (d) and a new paragraph (c) is added to read
as follows:
  (C)  TREATMENT  OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBDIVISION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED  OR
REFUNDED,  PROVIDED  THAT THE CREDITS: (1) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (2) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  THIRTEEN.    PROVIDED,
HOWEVER,  THAT  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBSECTION  (C) OF
SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL  BE
PAID THEREON.
  S  2.  Paragraph  3 of subsection (x) of section 606 of the tax law is
renumbered paragraph 4 and a  new  paragraph  3  is  added  to  read  as
follows:
  (3)  TREATMENT  OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBSECTION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE  CREDITED  OR
REFUNDED  AS PROVIDED IN SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE,
PROVIDED THAT THE CREDITS: (I) HAVE AN ELIGIBILITY STATEMENT  ISSUED  BY
THE  COMMISSIONER  OF  HOUSING AND COMMUNITY RENEWAL PURSUANT TO ARTICLE
TWO-A OF THE PUBLIC HOUSING LAW, AND (II) ARE AVAILABLE PURSUANT TO  LAW
ENACTED  AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN.  PROVIDED, HOWEVER,
THAT NO INTEREST SHALL BE PAID THEREON.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05122-01-3

S. 3848                             2

  S 3. Paragraph 3 of subsection (1) of section 1456 of the tax  law  is
renumbered  paragraph  4  and  a  new  paragraph  3  is added to read as
follows:
  (3)  TREATMENT  OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBSECTION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE  CREDITED  OR
REFUNDED,  PROVIDED  THAT THE CREDITS: (A) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (B) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  THIRTEEN.    PROVIDED,
HOWEVER,  THAT  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBSECTION  (C) OF
SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL  BE
PAID THEREON.
  S  4. Paragraph 3 of subdivision (n) of section 1511 of the tax law is
renumbered paragraph 4 and a  new  paragraph  3  is  added  to  read  as
follows:
  (3)  TREATMENT  OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBDIVISION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED  OR
REFUNDED,  PROVIDED  THAT THE CREDITS: (A) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (B) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  THIRTEEN.    PROVIDED,
HOWEVER,  THAT  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBSECTION  (C) OF
SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL  BE
PAID THEREON.
  S  5.  This  act  shall take effect immediately and shall apply to tax
years commencing on or after January 1, 2013.

2013-S3848A (ACTIVE) - Details

Current Committee:: Assembly Housing
Law Section:: Tax Law
Laws Affected:: Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S4758
2015-2016: S2277
2017-2018: S566
2019-2020: S1061

2013-S3848A (ACTIVE) - Summary

Provides that the low income housing tax credits shall be treated as overpayments of the applicable tax, to be credited or refunded.

2013-S3848A (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S3848A

TITLE OF BILL:  An act to amend the tax law, in relation to providing
that the low income housing credit shall be treated as an overpayment
of taxes

PURPOSE:

This bill would convert the state low income housing tax credit to a
refundable tax credit to help stimulate low income housing investment
in the state.

SUMMARY OF PROVISIONS:

This bill would amend subdivision 30 of section 210 of the tax law to
provide that for allocations of housing tax credit made pursuant to
law after January 1, 2013, the corporate franchise low income housing
tax credit shall be treated as a refundable tax credit. Paragraph 3 of
subsection (x) of section 606 of the tax law is amended to convert the
existing low income housing tax credit to a refundable low income
housing tax credit for allocations of housing tax credit made after
taxable years beginning after January 1, 2014. Paragraph 3 of
subsection (1) of section 1456 of the tax law is amended to convert
the existing low income housing tax credit to a refundable low income
housing tax credit for allocations of credit made subsequent to
January 1, 2014. Paragraph 3 of subdivision (n) of section 1511 of the

tax law is amended to convert the low income housing tax credit to a
refundable tax credit for purposes of the Insurance Franchise Tax for
allocations of tax credit made after January 1, 2014.  Furthermore, in
order to obtain treatment as a refundable credit for these taxes, a
project must have received an eligibility statement from the
commissioner of housing and community renewal pursuant to article
two-A of the public housing law.

JUSTIFICATION:

Tax credit programs are widely seen as the primary mechanism for
successfully producing and preserving affordable rental housing. As a
result of the recent financial crisis, state and federal tax credit
programs have been disrupted, as is the case in New York. The problem
has been further exacerbated in New York where the state tax credit is
less marketable, unlike the case in many other States.

New York's low income housing credit tax program was established in
2000 pursuant to Article 2-A of the Public Housing Law and was
designed to encourage the development of low income housing.
Refundable housing tax credits are more desirable than non refundable
credits and would work to create a greater demand in the marketplace.
This bill would permit investors to obtain a broader class of
investors including banks, corporations, and insurance companies and
would create additional demand on the market for state tax credits.
This demand would drive up pricing among investors as pricing as
competition is increased.  This would translate into greater private
investment in affordable housing which will help drive housing
development within the state.

LEGISLATIVE HISTORY:


2013: S.3848   Passed the Senate
2012: S.4738-C Passed the Senate
2011: S.4768-B Advanced to third reading

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect immediately.

2013-S3848A (ACTIVE) - Bill Text download pdf

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

                                 3848--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 22, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to  amend  the  tax  law, in relation to providing that the low
  income housing credit shall be treated as an overpayment of taxes

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

  Section  1.  Paragraph (c) of subdivision 30 of section 210 of the tax
law is relettered paragraph (d) and a new paragraph (c) is added to read
as follows:
  (C) TREATMENT OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED  UNDER  THIS
SUBDIVISION  SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
REFUNDED, PROVIDED THAT THE CREDITS: (1) HAVE AN  ELIGIBILITY  STATEMENT
ISSUED  BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT TO
ARTICLE TWO-A OF THE PUBLIC HOUSING LAW, AND (2) ARE AVAILABLE  PURSUANT
TO  LAW  ENACTED  AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN.  PROVIDED,
HOWEVER, THAT  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBSECTION  (C)  OF
SECTION  ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE
PAID THEREON.
  S 2. Paragraph 3 of subsection (x) of section 606 of the  tax  law  is
renumbered  paragraph  4  and  a  new  paragraph  3  is added to read as
follows:
  (3) TREATMENT OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED  UNDER  THIS
SUBSECTION  SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
REFUNDED AS PROVIDED IN SECTION SIX HUNDRED EIGHTY-SIX OF THIS  ARTICLE,
PROVIDED  THAT  THE CREDITS: (I) HAVE AN ELIGIBILITY STATEMENT ISSUED BY
THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL  PURSUANT  TO  ARTICLE
TWO-A  OF THE PUBLIC HOUSING LAW, AND (II) ARE AVAILABLE PURSUANT TO LAW

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05122-02-4

S. 3848--A                          2

ENACTED AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN.  PROVIDED,  HOWEVER,
THAT NO INTEREST SHALL BE PAID THEREON.
  S  3.  Paragraph 3 of subsection (1) of section 1456 of the tax law is
renumbered paragraph 4 and a  new  paragraph  3  is  added  to  read  as
follows:
  (3)  TREATMENT  OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBSECTION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE  CREDITED  OR
REFUNDED,  PROVIDED  THAT THE CREDITS: (A) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (B) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  FOURTEEN.    PROVIDED,
HOWEVER,  THAT  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBSECTION  (C) OF
SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL  BE
PAID THEREON.
  S  4. Paragraph 3 of subdivision (n) of section 1511 of the tax law is
renumbered paragraph 4 and a  new  paragraph  3  is  added  to  read  as
follows:
  (3)  TREATMENT  OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBDIVISION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED  OR
REFUNDED,  PROVIDED  THAT THE CREDITS: (A) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (B) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  FOURTEEN.    PROVIDED,
HOWEVER,  THAT  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBSECTION  (C) OF
SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL  BE
PAID THEREON.
  S  5.  This  act  shall take effect immediately and shall apply to tax
years commencing on or after January 1, 2014.

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