Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 04, 2020 |
referred to ways and means |
Assembly Bill A10396
2019-2020 Legislative Session
Sponsored By
BARCLAY
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
co-Sponsors
Michael J. Fitzpatrick
Michael J. Norris
Brian Kolb
Chris Tague
multi-Sponsors
Mary Beth Walsh
2019-A10396 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210-B & 606, Tax L
- Versions Introduced in 2021-2022 Legislative Session:
-
A6630
2019-A10396 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10396 I N A S S E M B L Y May 4, 2020 ___________ Introduced by M. of A. BARCLAY, FITZPATRICK -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing the rental real estate income relief tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210-B of the tax law is amended by adding a new subdivision 55 to read as follows: 55. RENTAL REAL ESTATE INCOME RELIEF TAX CREDIT. (A) FOR THE PURPOSES OF THIS SUBDIVISION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEAN- INGS: (1) "RESIDENTIAL TENANT" SHALL HAVE THE SAME MEANING AS PARAGRAPH (A) OF SUBDIVISION ONE OF SECTION TWO HUNDRED THIRTY-FIVE-F OF THE REAL PROPERTY LAW, THOSE WHO OTHERWISE PAY FOR THE USE AND OCCUPANCY OF A RESIDENTIAL DWELLING, OR OCCUPANTS AS DEFINED BY PARAGRAPH (B) OF SUBDI- VISION ONE OF SECTION TWO HUNDRED THIRTY-FIVE-F OF THE REAL PROPERTY LAW. (2) "COMMERCIAL TENANT" SHALL MEAN A PERSON OR ENTITY LAWFULLY OCCUPY- ING A COVERED PROPERTY PURSUANT TO A LEASE OR OTHER RENTAL AGREEMENT. (3) "COVERED PROPERTY" SHALL MEAN ANY BUILDING OR PORTION OF A BUILD- ING: (I) THAT IS LAWFULLY USED FOR BUYING, SELLING OR OTHERWISE PROVIDING GOODS OR SERVICES, OR FOR OTHER LAWFUL BUSINESS, COMMERCIAL OR PROFES- SIONAL SERVICES, OR MANUFACTURING ACTIVITIES; AND (II) FOR WHICH A CERTIFICATE OF OCCUPANCY AUTHORIZING RESIDENTIAL USE OF SUCH BUILDING OR SUCH PORTION OF A BUILDING HAS NOT BEEN ISSUED. (4) "SMALL BUSINESS" SHALL HAVE THE SAME MEANING AS SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW. (B) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOU- SAND TWENTY AND BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-ONE, A TAXPAY- ER 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 THE LOSS OF RENTAL INCOME RELATED TO THE INABILITY OF RESI- DENTIAL TENANTS AND SMALL BUSINESS COMMERCIAL TENANTS TO PAY RENT AS A EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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