Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to ways and means |
Jun 19, 2015 |
referred to ways and means |
Assembly Bill A8304
2015-2016 Legislative Session
Sponsored By
PICHARDO
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
2015-A8304 (ACTIVE) - Details
2015-A8304 (ACTIVE) - Summary
Establishes a tenant association tax credit; establishes a tax credit for five percent of a taxpayer's monthly rent for market rate housing, ten percent of monthly rent for rent regulated housing, and fifteen percent of monthly rent for public housing; requires taxpayers to be members of a tenant association.
2015-A8304 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8304 2015-2016 Regular Sessions I N A S S E M B L Y June 19, 2015 ___________ Introduced by M. of A. PICHARDO -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to establishing a tenant asso- ciation tax credit 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) TENANT ASSOCIATION TAX CREDIT. (1) FOR TAXABLE YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN, A TAXPAYER WHO IS A MEMBER OF A TENANT ASSOCIATION SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE: (A) FIVE PERCENT OF THE TAXPAYER'S MONTHLY RENT FOR A TAXPAYER LIVING IN MARKET RATE HOUSING; (B) TEN PERCENT OF THE TAXPAYER'S MONTHLY RENT FOR A TAXPAYER LIVING IN RENT REGULATED HOUSING; AND (C) FIFTEEN PERCENT OF THE TAXPAYER'S MONTHLY RENT FOR A TAXPAYER LIVING IN PUBLIC HOUSING. (2) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE QUALIFIED TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI- CLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. S 2. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2015. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11556-01-5
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