S T A T E O F N E W Y O R K
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2424
2019-2020 Regular Sessions
I N S E N A T E
January 24, 2019
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Introduced by Sen. KAPLAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
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 TWENTY, UNTIL DECEMBER
THIRTY-FIRST, TWO THOUSAND TWENTY-FOUR, 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.
LBD04612-01-9
S. 2424 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 TWENTY THROUGH TWO THOUSAND TWENTY-FOUR.
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 NINE-
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 NINETEEN 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, 2020 and shall expire and be
deemed repealed December 31, 2024.
