S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10668
 
                           I N  A S S E M B L Y
 
                               May 10, 2018
                                ___________
 
 Introduced by M. of A. LAVINE -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to amend the tax law, in relation to providing a tax credit for
   universal  visitability;  and  providing  for  the  repeal   of   such
   provisions upon expiration thereof
 
   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 (jjj) to read as follows:
   (JJJ)  UNIVERSAL VISITABILITY TAX CREDIT. (1) FOR TAXABLE YEARS BEGIN-
 NING ON OR AFTER JANUARY FIRST, TWO THOUSAND  NINETEEN,  UNTIL  DECEMBER
 THIRTY-FIRST,  TWO  THOUSAND TWENTY-THREE, A TAXPAYER SHALL BE ALLOWED A
 CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE  FOR  A  PORTION  OF  THE
 TOTAL  PURCHASE  PRICE  PAID  BY SUCH TAXPAYER FOR A PRINCIPAL RESIDENCE
 ATTRIBUTABLE TO UNIVERSAL VISITABILITY OR THE TOTAL AMOUNT EXPENDED BY A
 TAXPAYER  TO  RETROFIT  AN  EXISTING  PRINCIPAL  RESIDENCE  TO   ACHIEVE
 UNIVERSAL  VISITABILITY  PROVIDED  THAT  THE  PRINCIPAL RESIDENCE OR THE
 RETROFITTING OF THE EXISTING PRINCIPAL RESIDENCE IS LOCATED WITHIN  THIS
 STATE  AND DESIGNED TO PROVIDE UNIVERSAL VISITABILITY AS DEFINED THROUGH
 THE ELIGIBILITY REQUIREMENTS ESTABLISHED BY GUIDELINES DEVELOPED BY  THE
 DIVISION OF CODE ENFORCEMENT AND ADMINISTRATION WITHIN THE DEPARTMENT OF
 STATE.  FOR  THE  PURPOSE  OF THIS SUBSECTION, PRINCIPAL RESIDENCE SHALL
 MEAN SUCH RESIDENCE PURSUANT TO SECTION ONE HUNDRED  TWENTY-ONE  OF  THE
 INTERNAL REVENUE CODE.
   (2)  THE  CREDIT  SHALL  BE  ALLOWED FOR THE TAXABLE YEAR IN WHICH THE
 PRINCIPAL RESIDENCE HAS BEEN PURCHASED OR CONSTRUCTED, OR THE  RETROFIT-
 TING  OR  RENOVATION  OF  THE  RESIDENCE  OR  RESIDENTIAL  UNIT HAS BEEN
 COMPLETED, OR THE YEAR OF ALLOCATION TO  THE  TAXPAYER  AS  PROVIDED  IN
 PARAGRAPH  SEVEN  OF  THIS  SUBSECTION.  THE  CREDIT  ALLOWED UNDER THIS
 SUBSECTION SHALL NOT EXCEED (A) TWENTY-SEVEN HUNDRED FIFTY  DOLLARS  FOR
 THE  PURCHASE  OF  A  NEW  RESIDENCE,  OR (B) FIFTY PERCENT OF THE TOTAL
 AMOUNT EXPENDED, BUT NOT TO EXCEED TWENTY-SEVEN  HUNDRED  FIFTY  DOLLARS
 FOR THE RETROFITTING OR RENOVATION OF EACH EXISTING RESIDENCE OR UNIT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD08043-06-8

 A. 10668                            2
 
   (3) NO CREDIT SHALL BE ALLOWED UNDER THIS SUBSECTION FOR THE PURCHASE,
 RETROFITTING OR RENOVATION OF RESIDENTIAL RENTAL PROPERTY.
   (4)  THE  CREDIT  SHALL  BE  ALLOWED  UNDER  THIS  SUBSECTION ONLY FOR
 UNIVERSAL VISITABILITY IMPROVEMENTS MADE BY OR AT THE DIRECTION  OF  THE
 TAXPAYER.
   (5)  IF THE AMOUNT OF THE 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.
   (6) ELIGIBLE TAXPAYERS SHALL APPLY FOR THE CREDIT THROUGH THE DIVISION
 OF CODE ENFORCEMENT AND ADMINISTRATION WITHIN THE DEPARTMENT  OF  STATE.
 THE  DIVISION  OF CODE ENFORCEMENT AND ADMINISTRATION WITHIN THE DEPART-
 MENT OF STATE SHALL ISSUE A CERTIFICATION FOR AN APPROVED APPLICATION TO
 THE TAXPAYER THAT STATES THE AMOUNT  OF  THE  CREDIT  ALLOCATED  TO  THE
 TAXPAYER AND THE ALLOCATION YEAR.
   (7)  (A)  THE  AGGREGATE AMOUNT OF TAX CREDITS ALLOWED PURSUANT TO THE
 AUTHORITY OF THIS SUBSECTION SHALL BE  ONE  MILLION  DOLLARS  EACH  YEAR
 DURING  THE  PERIOD  TWO  THOUSAND NINETEEN THROUGH TWO THOUSAND TWENTY-
 THREE. SUCH AGGREGATE AMOUNTS OF  CREDITS  SHALL  BE  ALLOCATED  BY  THE
 DEPARTMENT  OF STATE AMONG TAXPAYERS IN ORDER OF PRIORITY BASED UPON THE
 DATE OF FILING AN APPLICATION FOR ALLOCATION OF CREDIT WITH THE DIVISION
 OF CODE ENFORCEMENT AND ADMINISTRATION. 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 SUBSECTION, SUCH EXCESS
 SHALL BE TREATED AS HAVING BEEN APPLIED FOR ON  THE  FIRST  DAY  OF  THE
 SUBSEQUENT YEAR.
   (B)  THE  SECRETARY  OF STATE, AFTER CONSULTING WITH THE COMMISSIONER,
 SHALL PROMULGATE REGULATIONS BY OCTOBER THIRTY-FIRST, TWO THOUSAND EIGH-
 TEEN TO ESTABLISH PROCEDURES  FOR  THE  ALLOCATION  OF  TAX  CREDITS  AS
 REQUIRED  BY THIS SUBPARAGRAPH. SUCH RULES AND REGULATIONS SHALL INCLUDE
 PROVISIONS DESCRIBING THE APPLICATION PROCESS, THE DUE  DATES  FOR  SUCH
 APPLICATIONS, THE STANDARDS WHICH SHALL BE USED TO EVALUATE THE APPLICA-
 TIONS,  THE DOCUMENTATION THAT WILL BE PROVIDED TO TAXPAYERS TO SUBSTAN-
 TIATE TO THE DEPARTMENT THE AMOUNT OF  TAX  CREDITS  ALLOCATED  TO  SUCH
 TAXPAYERS,  AND  SUCH OTHER PROVISIONS AS DEEMED NECESSARY AND APPROPRI-
 ATE. NOTWITHSTANDING ANY OTHER PROVISIONS TO THE CONTRARY IN  THE  STATE
 ADMINISTRATIVE  PROCEDURE ACT, SUCH RULES AND REGULATIONS MAY BE ADOPTED
 ON AN EMERGENCY BASIS IF NECESSARY TO MEET  SUCH  OCTOBER  THIRTY-FIRST,
 TWO THOUSAND EIGHTEEN DEADLINE.
   (8)  THE  DEPARTMENT OF STATE SHALL SUBMIT TO THE GOVERNOR, THE TEMPO-
 RARY PRESIDENT OF THE SENATE, AND THE SPEAKER OF THE ASSEMBLY, AN ANNUAL
 REPORT TO BE SUBMITTED BY FEBRUARY FIRST OF  EACH  YEAR  EVALUATING  THE
 EFFECTIVENESS  OF THE UNIVERSAL VISITABILITY TAX CREDIT PROVIDED BY THIS
 SUBSECTION. SUCH REPORT SHALL BE BASED ON DATA AVAILABLE FROM THE APPLI-
 CATION FILED WITH THE DIVISION OF CODE  ENFORCEMENT  AND  ADMINISTRATION
 FOR UNIVERSAL VISITABILITY CREDITS. NOTWITHSTANDING ANY PROVISION OF LAW
 TO THE CONTRARY, THE INFORMATION CONTAINED IN THE REPORT SHALL BE PUBLIC
 INFORMATION.  THE REPORT MAY ALSO INCLUDE ANY RECOMMENDATIONS OF CHANGES
 IN THE CALCULATION OR ADMINISTRATION OF THE CREDIT, AND ANY OTHER RECOM-
 MENDATION OF THE COMMISSIONER OF THE DEPARTMENT OF STATE OR THE DIVISION
 OF CODE ENFORCEMENT AND ADMINISTRATION  REGARDING  CONTINUING  MODIFICA-
 TION,  REPEAL  OF SUCH ACT, AND SUCH OTHER INFORMATION REGARDING THE ACT
 AS THE DIVISION MAY FEEL USEFUL AND APPROPRIATE.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on and after January 1, 2019 and shall  expire  and  be
 deemed repealed December 31, 2023.