S T A T E   O F   N E W   Y O R K
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                                  3409--A
                                                         Cal. No. 125
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced  by  M.  of  A. LAVINE, SEAWRIGHT, SANTABARBARA, BUTTENSCHON,
   OTIS, WEPRIN, JACOBSON, MEEKS -- read once and referred to the Commit-
   tee on Ways and Means -- ordered  to  a  third  reading,  amended  and
   ordered reprinted, retaining its place on the order of third reading

 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 (nnn) to read as follows:
   (NNN)  UNIVERSAL VISITABILITY TAX CREDIT. (1) FOR TAXABLE YEARS BEGIN-
 NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-THREE, UNTIL  DECEM-
 BER THIRTY-FIRST, TWO THOUSAND TWENTY-SEVEN, 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD06606-02-2
 A. 3409--A                          2
 
 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.
   (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-THREE THROUGH TWO THOUSAND TWEN-
 TY-SEVEN. 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 TWEN-
 TY-TWO 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 TWENTY-TWO 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-
 A. 3409--A                          3
 
 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, 2023 and shall expire and be
 deemed repealed December 31, 2027.