Assembly Bill A3437

2021-2022 Legislative Session

Establishes a tax credit for rent paid on the personal residence of certain taxpayers

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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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Bill Amendments

2021-A3437 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A8716
2023-2024: A1182

2021-A3437 - Summary

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

2021-A3437 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3437
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing  a  tax  credit
   for rent paid on the personal residence of certain taxpayers
 
   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 (kkk) to read as follows:
   (KKK) RENT RELIEF CREDIT. (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAY-
 ER SHALL BE ALLOWED A CREDIT TO BE COMPUTED AS PROVIDED IN PARAGRAPH TWO
 OF THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (2) COMPUTATION OF CREDIT. (A) EXCEPT AS PROVIDED IN SUBPARAGRAPHS (B)
 AND  (C)  OF  THIS PARAGRAPH THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
 SUBSECTION SHALL BE AS FOLLOWS:
   (I) ONE HUNDRED PERCENT OF THE EXCESS OF THIRTY PERCENT OF THE TAXPAY-
 ER'S GROSS INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE  YEAR  FOR
 TAXPAYERS WHOSE GROSS INCOME IS TWENTY-FIVE THOUSAND DOLLARS OR LESS;
   (II)  SEVENTY-FIVE  PERCENT  OF  THE  EXCESS  OF THIRTY PERCENT OF THE
 TAXPAYER'S GROSS INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE YEAR
 FOR TAXPAYERS WHOSE GROSS INCOME IS GREATER  THAN  TWENTY-FIVE  THOUSAND
 DOLLARS BUT LESS THAN FIFTY THOUSAND DOLLARS;
   (III)  FIFTY PERCENT OF THE EXCESS OF THIRTY PERCENT OF THE TAXPAYER'S
 GROSS INCOME SUCH TAXPAYER PAYS  IN  RENT  FOR  SUCH  TAXABLE  YEAR  FOR
 TAXPAYERS  WHOSE  GROSS  INCOME IS FIFTY THOUSAND DOLLARS OR GREATER BUT
 LESS THAN SEVENTY-FIVE THOUSAND DOLLARS;
   (IV) TWENTY-FIVE PERCENT OF  THE  EXCESS  OF  THIRTY  PERCENT  OF  THE
 TAXPAYER'S GROSS INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE YEAR
 FOR  TAXPAYERS  WHOSE  GROSS  INCOME IS SEVENTY-FIVE THOUSAND DOLLARS OR
 GREATER BUT LESS THAN ONE HUNDRED THOUSAND DOLLARS; OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00934-01-1

              

2021-A3437A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A8716
2023-2024: A1182

2021-A3437A (ACTIVE) - Summary

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

2021-A3437A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3437--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced  by  M.  of  A. L. ROSENTHAL -- read once and referred to the
   Committee on Ways and Means -- recommitted to the  Committee  on  Ways
   and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee

 AN ACT to amend the tax law, in relation to establishing  a  tax  credit
   for rent paid on the personal residence of certain taxpayers
 
   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) RENT RELIEF CREDIT. (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAY-
 ER SHALL BE ALLOWED A CREDIT TO BE COMPUTED AS PROVIDED IN PARAGRAPH TWO
 OF THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (2) COMPUTATION OF CREDIT. (A) EXCEPT AS PROVIDED IN SUBPARAGRAPHS (B)
 AND  (C)  OF  THIS PARAGRAPH THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
 SUBSECTION SHALL BE AS FOLLOWS:
   (I) ONE HUNDRED PERCENT OF THE EXCESS OF THIRTY PERCENT OF THE TAXPAY-
 ER'S GROSS INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE  YEAR  FOR
 TAXPAYERS WHOSE GROSS INCOME IS TWENTY-FIVE THOUSAND DOLLARS OR LESS;
   (II)  SEVENTY-FIVE  PERCENT  OF  THE  EXCESS  OF THIRTY PERCENT OF THE
 TAXPAYER'S GROSS INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE YEAR
 FOR TAXPAYERS WHOSE GROSS INCOME IS GREATER  THAN  TWENTY-FIVE  THOUSAND
 DOLLARS BUT LESS THAN FIFTY THOUSAND DOLLARS;
   (III)  FIFTY PERCENT OF THE EXCESS OF THIRTY PERCENT OF THE TAXPAYER'S
 GROSS INCOME SUCH TAXPAYER PAYS  IN  RENT  FOR  SUCH  TAXABLE  YEAR  FOR
 TAXPAYERS  WHOSE  GROSS  INCOME IS FIFTY THOUSAND DOLLARS OR GREATER BUT
 LESS THAN SEVENTY-FIVE THOUSAND DOLLARS;
   (IV) TWENTY-FIVE PERCENT OF  THE  EXCESS  OF  THIRTY  PERCENT  OF  THE
 TAXPAYER'S GROSS INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE YEAR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00934-02-2
 A. 3437--A                          2
              

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