Assembly Bill A7336

2017-2018 Legislative Session

Creates a homeownership rehabilitation credit

download bill text pdf

Sponsored By

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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2017-A7336 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4312
2011-2012: A2574
2013-2014: A3315
2015-2016: A3184
2019-2020: A6136
2021-2022: A5606
2023-2024: A4257

2017-A7336 (ACTIVE) - Summary

Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses.

2017-A7336 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7336
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2017
                                ___________
 
 Introduced  by  M. of A. FITZPATRICK, FINCH, McKEVITT, HAWLEY, MONTESANO
   -- Multi-Sponsored by -- M. of A. BARCLAY,  GIGLIO,  KOLB,  McDONOUGH,
   RAIA,  THIELE  --  read once and referred to the Committee on Ways and
   Means
 
 AN ACT to amend the tax law, in relation to establishing a homeownership
   rehabilitation 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 (o-1) to read as follows:
   (O-1) HOMEOWNERSHIP REHABILITATION CREDIT. (1)  A  TAXPAYER  SHALL  BE
 ALLOWED  A  CREDIT  OF  FIFTEEN  PERCENT OF THE QUALIFIED REHABILITATION
 EXPENSES MADE BY THE TAXPAYER WITH  RESPECT  TO  A  QUALIFIED  RESIDENCE
 AGAINST  THE  TAX  IMPOSED  BY  THIS  ARTICLE.  FOR THE PURPOSES OF THIS
 SUBSECTION:
   (A) "QUALIFIED RESIDENCE" MEANS ANY RESIDENCE WHICH IS LOCATED:
   (I) IN A CENSUS TRACT IN WHICH SEVENTY PERCENT OR MORE OF THE FAMILIES
 HAVE INCOME THAT IS LESS THAN NINETY PERCENT OF THE GREATER OF  AREA  OR
 STATEWIDE MEDIAN GROSS INCOME;
   (II) IN A RURAL AREA AS DEFINED UNDER SECTION 520 OF THE FEDERAL HOUS-
 ING ACT OF 1949;
   (III) ON A RESERVATION FOR A FEDERALLY RECOGNIZED INDIAN TRIBE, OR
   (IV)  IN  AN  AREA OF CHRONIC ECONOMIC DISTRESS, AS DEFINED BY SECTION
 143 OF THE INTERNAL REVENUE CODE.
   (B) "RESIDENCE" MEANS:
   (I) A SINGLE FAMILY HOME CONTAINING ONE TO FOUR HOUSING UNITS, OR
   (II) A CONDOMINIUM UNIT, OR STOCK  IN  A  COOPERATIVE  HOUSING  CORPO-
 RATION,
   (III) THAT IS OWNED OR PURCHASED BY A TAXPAYER OR HIS OR HER PRINCIPAL
 RESIDENCE AND IS AT LEAST FORTY YEARS OLD IN THE CASE OF A SINGLE FAMILY
 HOME  OR  IN  THE  CASE OF A MULTIPLE DWELLING CONTAINING CONDOMINIUM OR
 COOPERATIVE HOUSING UNITS THE EXTERIOR IS AT LEAST FORTY YEARS OLD.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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