NY State Senate Bill 2015-S1388B

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 05, 2016	print number 1388b
May 05, 2016	amend and recommit to investigations and government operations
Jan 14, 2016	print number 1388a
Jan 14, 2016	amend and recommit to investigations and government operations
Jan 06, 2016	referred to investigations and government operations
Jan 12, 2015	referred to investigations and government operations

Bill Amendments

Original

B (Active)

2015-S1388 - Details

See Assembly Version of this Bill:: A6243
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S5058
2013-2014: S1573
2017-2018: S2829, A5333
2019-2020: S4125, A7226
2021-2022: S4663, A5874
2023-2024: S5276, A2295

2015-S1388 - Summary

Creates a disabled person retrofit tax credit.

2015-S1388 - Sponsor Memo

                                BILL NUMBER:S1388

TITLE OF BILL:  An act to amend the tax law, in relation to creating a
disabled person retrofit tax credit

PURPOSE:

To provide an incentive for owners of residential buildings to
retrofit homes for access to the disabled.

SUMMARY OF PROVISIONS:

Section One of the bill amends Section 606 of the tax law to allow a
taxpayer a tax credit to be equal to thirty percent, with a maximum of
$5,000 dollars, of the cost of expenditures for retrofitting a home
for disabled access- Qualified improvements include:

*A no-step entrance or entrance allowing access to the residence;

*Interior passage doors providing at least thirty-two in wide opening;

*Reinforcements in bathroom walls allowing installation of grab bars
around the toilet, tub and shower; and

*Light switches and outlets Placed in locations accessible to disabled
Persons.

EXISTING LAW:

None.

JUSTIFICATION:

Many homeowners discover that retrotfitting homes to allow better
access for the disabled cost prohibitive and be deterred from making
the improvements. This legislation would provide a tax credit that is
equal to thirty percent of the cost expenditures, up to $5,000 for
making qualified improvements.

LEGISLATIVE HISTORY:

2013-2014: S.1573A - Amended and Recommitted to Investigations and
Government Operations.
2011-12 - S.5058A - Referred to Investigations and Gov't Ops

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately and shall be deemed to have
been in full force and effect on January 1, 2015; Provided further,
this act shall apply to all tax years commencing on or after January
1, 2014.

2015-S1388 - Bill Text download pdf

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

                                  1388

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 12, 2015
                               ___________

Introduced  by  Sen.  PARKER -- 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 creating a  disabled  person
  retrofit 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)  DISABLED  PERSON  RETROFIT  TAX  CREDIT.  (1) FOR TAXABLE YEARS
BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND  SIXTEEN,  A  TAXPAYER
SHALL  BE  ALLOWED  A  CREDIT,  TO  BE COMPUTED AS HEREINAFTER PROVIDED,
AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT  SHALL
BE  EQUAL  TO THIRTY PERCENT OF THE COST OF THE EXPENDITURES MADE BY THE
TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A
DWELLING OCCUPIED BY THE TAXPAYER AS HIS OR HER  PRIMARY  RESIDENCE  AND
MAY BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE EXPENDITURE IS INCURRED;
PROVIDED  THAT THE LIFETIME CREDIT ALLOWABLE WITH REGARD TO EXPENDITURES
FOR THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A PARTICULAR  DWELLING
BY  ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE AGGREGATE
FOR IMPROVEMENTS MADE TO THAT DWELLING. SUBJECT  TO  THE  PROVISIONS  OF
THIS  SUBSECTION,  A  TAXPAYER  SHALL BE ALLOWED A CREDIT, NOT TO EXCEED
FIVE THOUSAND DOLLARS IN THE  AGGREGATE,  FOR  EACH  DWELLING  THAT  THE
TAXPAYER  OCCUPIES  AS  HIS  OR  HER  PRIMARY RESIDENCE AND AT WHICH THE
TAXPAYER INSTALLS QUALIFIED IMPROVEMENTS.
  (2) AS USED IN THIS  SUBSECTION  "QUALIFIED  IMPROVEMENTS"  MEANS  THE
INSTALLATION OF:
  (A)  A  NO-STEP  ENTRANCE  OR ENTRANCES ALLOWING ACCESS INTO THE RESI-
DENCE;
  (B) INTERIOR PASSAGE DOORS PROVIDING AT LEAST A THIRTY-TWO  INCH  WIDE
OPENING;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06904-01-5

S. 1388                             2

  (C)  REINFORCEMENTS  IN  BATHROOM  WALLS ALLOWING INSTALLATION OF GRAB
BARS AROUND THE TOILET, TUB AND SHOWER; AND
  (D) LIGHT SWITCHES AND OUTLETS PLACED IN LOCATIONS ACCESSIBLE TO DISA-
BLED PERSONS.
  (3)  IF  THE  AMOUNT  OF  CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED  OVER
TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
TAX FOR SUCH YEAR OR YEARS.
  (4) (A) THE PROVISIONS OF THIS  SUBSECTION  SHALL  NOT  APPLY  TO  ANY
DWELLING OWNED SOLELY FOR COMMERCIAL PURPOSES. IN THE CASE OF A BUILDING
WHERE  LESS  THAN  THE  ENTIRE  BUILDING  IS  USED AS A RESIDENCE OF THE
TAXPAYER, ONLY THE PORTION OF THE TOTAL EXPENDITURES MADE IN THE  BUILD-
ING  THAT  IS  ATTRIBUTABLE  TO  THE  RESIDENCE OF THE TAXPAYER SHALL BE
TREATED AS QUALIFIED EXPENDITURES FOR THE PURPOSES OF THIS SUBSECTION.
  (B) IF THE TAXPAYER OCCUPIES THE DWELLING AS HIS OR HER PRIMARY  RESI-
DENCE  FOR  ONLY  A  PORTION  OF A TAX YEAR IN WHICH A CREDIT UNDER THIS
SUBSECTION IS CLAIMED, THE AMOUNT  OF  THE  ALLOWABLE  CREDIT  SHALL  BE
REDUCED  IN PROPORTION TO THE AMOUNT OF TIME THE TAXPAYER DID NOT OCCUPY
THE DWELLING AS HIS OR HER PRIMARY RESIDENCE.
  (C) IN THE CASE OF A DWELLING THAT IS OWNED BY AND IS A  RESIDENCE  OF
TWO  OR  MORE PERSONS, OTHER THAN A HUSBAND AND WIFE, THE PORTION OF THE
TOTAL EXPENDITURES MADE IN THE REHABILITATION OF THE  BUILDING  THAT  IS
ATTRIBUTABLE  TO EACH TAXPAYER SHALL BE EQUAL TO THE TAXPAYER'S SHARE OF
OWNERSHIP IN SUCH BUILDING.
  (5) THE TAXPAYER SHALL FURNISH SUCH INFORMATION  AS  THE  COMMISSIONER
DETERMINES IS NECESSARY TO DETERMINE ANY CREDIT UNDER THIS SUBSECTION.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force  and  effect  on  and  after  January  1,  2016;
provided further, this act shall apply to all tax years commencing on or
after January 1, 2016.

2015-S1388A - Details

See Assembly Version of this Bill:: A6243
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S5058
2013-2014: S1573
2017-2018: S2829, A5333
2019-2020: S4125, A7226
2021-2022: S4663, A5874
2023-2024: S5276, A2295

2015-S1388A - Summary

Creates a disabled person retrofit tax credit.

2015-S1388A - Sponsor Memo

                                 BILL NUMBER:  S1388A

 TITLE OF BILL :

An act to amend the tax law, in relation to creating a disabled person
retrofit tax credit

 PURPOSE :

To provide an incentive for owners of residential buildings to
retrofit homes for access to the disabled.

 SUMMARY OF PROVISIONS :

Section One of the bill amends Section 606 of the tax law to allow a
taxpayer a tax credit to be equal to thirty percent, with a maximum of
$5,000 dollars, of the cost of expenditures for retrofitting a home
for disabled access- Qualified improvements include:

*A no-step entrance or entrance allowing access to the residence;

*Interior passage doors providing at least thirty-two in wide opening;

*Reinforcements in bathroom walls allowing installation of grab bars
around the toilet, tub and shower; and

*Light switches and outlets Placed in locations accessible to disabled
Persons.

 EXISTING LAW :

None.

 JUSTIFICATION :

Many homeowners discover that retrotfitting homes to allow better
access for the disabled cost prohibitive and be deterred from making
the improvements. This legislation would provide a tax credit that is
equal to thirty percent of the cost expenditures, up to $5,000 for
making qualified improvements.

 LEGISLATIVE HISTORY :

2013-2014: S.1573A - Amended and Recommitted to Investigations and
Government Operations.
2011-12 - S.5058A - Referred to Investigations and Gov't Ops

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
This act shall take effect immediately and shall be deemed to have
been in full force and effect on January 1, 2015; Provided further,
this act shall apply to all tax years commencing on or after January
1, 2014.

2015-S1388A - Bill Text download pdf

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

                                 1388--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 12, 2015
                               ___________

Introduced  by  Sen.  PARKER -- 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 creating a disabled person
  retrofit 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) DISABLED PERSON RETROFIT  TAX  CREDIT.  (1)  FOR  TAXABLE  YEARS
BEGINNING  ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, A TAXPAYER
SHALL BE ALLOWED A CREDIT,  TO  BE  COMPUTED  AS  HEREINAFTER  PROVIDED,
AGAINST  THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL
BE EQUAL TO THIRTY PERCENT OF THE COST OF THE EXPENDITURES MADE  BY  THE
TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A
DWELLING  OCCUPIED  BY  THE TAXPAYER AS HIS OR HER PRIMARY RESIDENCE AND
MAY BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE EXPENDITURE IS INCURRED;
PROVIDED THAT THE LIFETIME CREDIT ALLOWABLE WITH REGARD TO  EXPENDITURES
FOR  THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A PARTICULAR DWELLING
BY ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE  AGGREGATE
FOR  IMPROVEMENTS  MADE  TO  THAT DWELLING. SUBJECT TO THE PROVISIONS OF
THIS SUBSECTION, A TAXPAYER SHALL BE ALLOWED A  CREDIT,  NOT  TO  EXCEED
FIVE  THOUSAND  DOLLARS  IN  THE  AGGREGATE,  FOR EACH DWELLING THAT THE
TAXPAYER OCCUPIES AS HIS OR HER  PRIMARY  RESIDENCE  AND  AT  WHICH  THE
TAXPAYER INSTALLS QUALIFIED IMPROVEMENTS.
  (2)  AS  USED  IN  THIS  SUBSECTION "QUALIFIED IMPROVEMENTS" MEANS THE
INSTALLATION OF:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06904-02-6

S. 1388--A                          2

  (A) A NO-STEP ENTRANCE OR ENTRANCES ALLOWING  ACCESS  INTO  THE  RESI-
DENCE;
  (B)  INTERIOR  PASSAGE DOORS PROVIDING AT LEAST A THIRTY-TWO INCH WIDE
OPENING;
  (C) REINFORCEMENTS IN BATHROOM WALLS  ALLOWING  INSTALLATION  OF  GRAB
BARS AROUND THE TOILET, TUB AND SHOWER; AND
  (D) LIGHT SWITCHES AND OUTLETS PLACED IN LOCATIONS ACCESSIBLE TO DISA-
BLED PERSONS.
  (3)  IF  THE  AMOUNT  OF  CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED  OVER
TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
TAX FOR SUCH YEAR OR YEARS.
  (4) (A) THE PROVISIONS OF THIS  SUBSECTION  SHALL  NOT  APPLY  TO  ANY
DWELLING OWNED SOLELY FOR COMMERCIAL PURPOSES. IN THE CASE OF A BUILDING
WHERE  LESS  THAN  THE  ENTIRE  BUILDING  IS  USED AS A RESIDENCE OF THE
TAXPAYER, ONLY THE PORTION OF THE TOTAL EXPENDITURES MADE IN THE  BUILD-
ING  THAT  IS  ATTRIBUTABLE  TO  THE  RESIDENCE OF THE TAXPAYER SHALL BE
TREATED AS QUALIFIED EXPENDITURES FOR THE PURPOSES OF THIS SUBSECTION.
  (B) IF THE TAXPAYER OCCUPIES THE DWELLING AS HIS OR HER PRIMARY  RESI-
DENCE  FOR  ONLY  A  PORTION  OF A TAX YEAR IN WHICH A CREDIT UNDER THIS
SUBSECTION IS CLAIMED, THE AMOUNT  OF  THE  ALLOWABLE  CREDIT  SHALL  BE
REDUCED  IN PROPORTION TO THE AMOUNT OF TIME THE TAXPAYER DID NOT OCCUPY
THE DWELLING AS HIS OR HER PRIMARY RESIDENCE.
  (C) IN THE CASE OF A DWELLING THAT IS OWNED BY AND IS A  RESIDENCE  OF
TWO  OR  MORE PERSONS, OTHER THAN A HUSBAND AND WIFE, THE PORTION OF THE
TOTAL EXPENDITURES MADE IN THE REHABILITATION OF THE  BUILDING  THAT  IS
ATTRIBUTABLE  TO EACH TAXPAYER SHALL BE EQUAL TO THE TAXPAYER'S SHARE OF
OWNERSHIP IN SUCH BUILDING.
  (5) THE TAXPAYER SHALL FURNISH SUCH INFORMATION  AS  THE  COMMISSIONER
DETERMINES IS NECESSARY TO DETERMINE ANY CREDIT UNDER THIS SUBSECTION.
  S  2.  This  act  shall take effect immediately and shall be deemed to
have been in full force  and  effect  on  and  after  January  1,  2017;
provided further, this act shall apply to all tax years commencing on or
after January 1, 2017.

2015-S1388B (ACTIVE) - Details

See Assembly Version of this Bill:: A6243
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S5058
2013-2014: S1573
2017-2018: S2829, A5333
2019-2020: S4125, A7226
2021-2022: S4663, A5874
2023-2024: S5276, A2295

2015-S1388B (ACTIVE) - Summary

Creates a disabled person retrofit tax credit.

2015-S1388B (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S1388B

 TITLE OF BILL :

An act to amend the tax law, in relation to creating a disabled person
retrofit tax credit

 PURPOSE :

To provide an incentive for owners of residential buildings to
retrofit homes for access to the disabled.

 SUMMARY OF PROVISIONS :

Section One of the bill amends Section 606 of the tax law to allow a
taxpayer a tax credit to be equal to thirty percent, with a maximum of
$5,000 dollars, of the cost of expenditures for retrofitting a home
for disabled access- Qualified improvements include:

*A no-step entrance or entrance allowing access to the residence;

*Interior passage doors providing at least thirty-two in wide opening;
*Reinforcements in bathroom walls allowing installation of grab bars
around the toilet, tub and shower; and

*Light switches and outlets Placed in locations accessible to disabled

Persons.

This credit shall be limited to one million dollars per year and will
be allocated among tax payers based on the order of the date of
filing.

 EXISTING LAW :

None.

 JUSTIFICATION :

Many homeowners discover that retro-fitting homes to allow better
access for the disabled cost prohibitive and be deterred from making
the improvements. This legislation would provide a tax credit that is
equal to thirty percent of the cost expenditures, up to $5,000 for
making qualified improvements.

 LEGISLATIVE HISTORY :

03/18/15 referred to ways and means
01/06/16 referred to ways and means

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
This act shall take effect immediately and shall be deemed to have
been in full force and effect on January 1, 2017; Provided further,
this act shall apply to all tax years commencing on or after January
1, 2017.

2015-S1388B (ACTIVE) - Bill Text download pdf

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

                                 1388--B

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 12, 2015
                               ___________

Introduced  by  Sen.  PARKER -- 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 -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in relation to creating a  disabled  person
  retrofit 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)  DISABLED  PERSON  RETROFIT  TAX  CREDIT.  (1) FOR TAXABLE YEARS
BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, A  TAXPAYER
SHALL  BE  ALLOWED  A  CREDIT,  TO  BE COMPUTED AS HEREINAFTER PROVIDED,
AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT  SHALL
BE  EQUAL  TO THIRTY PERCENT OF THE COST OF THE EXPENDITURES MADE BY THE
TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A
DWELLING OCCUPIED BY THE TAXPAYER AS HIS OR HER  PRIMARY  RESIDENCE  AND
MAY BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE EXPENDITURE IS INCURRED;
PROVIDED  THAT THE LIFETIME CREDIT ALLOWABLE WITH REGARD TO EXPENDITURES
FOR THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A PARTICULAR  DWELLING
BY  ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE AGGREGATE
FOR IMPROVEMENTS MADE TO THAT DWELLING. SUBJECT  TO  THE  PROVISIONS  OF
THIS  SUBSECTION,  A  TAXPAYER  SHALL BE ALLOWED A CREDIT, NOT TO EXCEED
FIVE THOUSAND DOLLARS IN THE  AGGREGATE,  FOR  EACH  DWELLING  THAT  THE
TAXPAYER  OCCUPIES  AS  HIS  OR  HER  PRIMARY RESIDENCE AND AT WHICH THE
TAXPAYER INSTALLS QUALIFIED IMPROVEMENTS.
  (2) AS USED IN THIS  SUBSECTION  "QUALIFIED  IMPROVEMENTS"  MEANS  THE
INSTALLATION OF:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06904-05-6

S. 1388--B                          2

  (A)  A  NO-STEP  ENTRANCE  OR ENTRANCES ALLOWING ACCESS INTO THE RESI-
DENCE;
  (B)  INTERIOR  PASSAGE DOORS PROVIDING AT LEAST A THIRTY-TWO INCH WIDE
OPENING;
  (C) REINFORCEMENTS IN BATHROOM WALLS  ALLOWING  INSTALLATION  OF  GRAB
BARS AROUND THE TOILET, TUB AND SHOWER; AND
  (D) LIGHT SWITCHES AND OUTLETS PLACED IN LOCATIONS ACCESSIBLE TO DISA-
BLED PERSONS.
  (3)  IF  THE  AMOUNT  OF  CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED  OVER
TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
TAX FOR SUCH YEAR OR YEARS.
  (4) (A) THE PROVISIONS OF THIS  SUBSECTION  SHALL  NOT  APPLY  TO  ANY
DWELLING OWNED SOLELY FOR COMMERCIAL PURPOSES. IN THE CASE OF A BUILDING
WHERE  LESS  THAN  THE  ENTIRE  BUILDING  IS  USED AS A RESIDENCE OF THE
TAXPAYER, ONLY THE PORTION OF THE TOTAL EXPENDITURES MADE IN THE  BUILD-
ING  THAT  IS  ATTRIBUTABLE  TO  THE  RESIDENCE OF THE TAXPAYER SHALL BE
TREATED AS QUALIFIED EXPENDITURES FOR THE PURPOSES OF THIS SUBSECTION.
  (B) IF THE TAXPAYER OCCUPIES THE DWELLING AS HIS OR HER PRIMARY  RESI-
DENCE  FOR  ONLY  A  PORTION  OF A TAX YEAR IN WHICH A CREDIT UNDER THIS
SUBSECTION IS CLAIMED, THE AMOUNT  OF  THE  ALLOWABLE  CREDIT  SHALL  BE
REDUCED  IN PROPORTION TO THE AMOUNT OF TIME THE TAXPAYER DID NOT OCCUPY
THE DWELLING AS HIS OR HER PRIMARY RESIDENCE.
  (C) IN THE CASE OF A DWELLING THAT IS OWNED BY AND IS A  RESIDENCE  OF
TWO  OR  MORE PERSONS, OTHER THAN A HUSBAND AND WIFE, THE PORTION OF THE
TOTAL EXPENDITURES MADE IN THE REHABILITATION OF THE  BUILDING  THAT  IS
ATTRIBUTABLE  TO EACH TAXPAYER SHALL BE EQUAL TO THE TAXPAYER'S SHARE OF
OWNERSHIP IN SUCH BUILDING.
  (5) THE TAXPAYER SHALL FURNISH SUCH INFORMATION  AS  THE  COMMISSIONER
DETERMINES IS NECESSARY TO DETERMINE ANY CREDIT UNDER THIS SUBSECTION.
  (6)  THE  AGGREGATE AMOUNT OF TAX CREDITS ALLOWED SHALL BE ONE MILLION
DOLLARS EACH YEAR. SUCH AGGREGATE AMOUNT OF CREDITS SHALL  BE  ALLOCATED
BY  THE  DEPARTMENT  AMONG TAXPAYERS IN ORDER OF PRIORITY BASED UPON THE
DATE OF FILING. IF THE TOTAL AMOUNT OF ALLOCATED CREDITS APPLIED FOR  IN
ANY  PARTICULAR YEAR EXCEEDS THE AGGREGATE AMOUNT OF TAX CREDITS ALLOWED
FOR SUCH YEAR UNDER THIS SECTION, SUCH EXCESS SHALL BE TREATED AS HAVING
BEEN APPLIED FOR ON THE FIRST DAY OF THE SUBSEQUENT YEAR.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have  been  in  full  force  and  effect  on  and after January 1, 2017;
provided further, this act shall apply to all tax years commencing on or
after January 1, 2017.

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Senate Bill S1388B

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Bill Amendments

2015-S1388 - Details

2015-S1388 - Summary

2015-S1388 - Sponsor Memo

2015-S1388 - Bill Text download pdf

2015-S1388A - Details

2015-S1388A - Summary

2015-S1388A - Sponsor Memo

2015-S1388A - Bill Text download pdf

2015-S1388B (ACTIVE) - Details

2015-S1388B (ACTIVE) - Summary

2015-S1388B (ACTIVE) - Sponsor Memo

2015-S1388B (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S1388B

Share this bill

Sponsored By

Kevin S. Parker

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Bill Amendments

2015-S1388 - Details

2015-S1388 - Summary

2015-S1388 - Sponsor Memo

2015-S1388 - Bill Text download pdf

2015-S1388A - Details

2015-S1388A - Summary

2015-S1388A - Sponsor Memo

2015-S1388A - Bill Text download pdf

2015-S1388B (ACTIVE) - Details

2015-S1388B (ACTIVE) - Summary

2015-S1388B (ACTIVE) - Sponsor Memo

2015-S1388B (ACTIVE) - Bill Text download pdf

Comments