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

                                  3976

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 28, 2015
                               ___________

Introduced by M. of A. WRIGHT -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to amend the tax law, in relation to conveyances involving real
  property financed with federal low-income housing tax credits

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

  Section  1.  Subdivision (b) of section 1405 of the tax law is amended
by adding a new paragraph 12 to read as follows:
  12. CONVEYANCES INVOLVING REAL PROPERTY FINANCED WITH FEDERAL  LOW-IN-
COME HOUSING TAX CREDITS, AND SUBJECT TO A HOUSING CREDIT AGENCY'S REGU-
LATORY  AGREEMENT FOR A MINIMUM PERIOD OF FIFTEEN YEARS FROM THE DATE OF
CONVEYANCE, TO A CORPORATION ORGANIZED PURSUANT TO ARTICLE ELEVEN OF THE
PRIVATE HOUSING FINANCE LAW OR TO A NEW YORK NOT-FOR-PROFIT CORPORATION,
AND NO PART OF THE NET EARNINGS OF SAID NEW YORK  NOT-FOR-PROFIT  CORPO-
RATION SHALL INURE TO THE BENEFIT OF ANY PERSON, AND NO SUBSTANTIAL PART
OF  THE  ACTIVITIES  OF  WHICH  IS  CARRYING ON PROPAGANDA, OR OTHERWISE
ATTEMPTING TO INFLUENCE LEGISLATION; PROVIDED, HOWEVER, THAT NOTHING  IN
THIS  PARAGRAPH  SHALL  INCLUDE AN ORGANIZATION OPERATED FOR THE PRIMARY
PURPOSE OF CARRYING ON A TRADE OR BUSINESS FOR PROFIT,  WHETHER  OR  NOT
ALL OF ITS PROFITS ARE PAYABLE TO ONE OR MORE ORGANIZATIONS DESCRIBED IN
THIS PARAGRAPH.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after June 1, 2015.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04801-01-5