S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4396
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2023
                                ___________
 
 Introduced  by M. of A. FITZPATRICK, BLANKENBUSH, J. M. GIGLIO, MIKULIN,
   MORINELLO, TAGUE -- Multi-Sponsored by -- M. of A. BARCLAY, DeSTEFANO,
   HAWLEY, MANKTELOW, McDONOUGH -- read once and referred to the  Commit-
   tee on Ways and Means
 
 AN  ACT to amend the tax law, in relation to the definition of qualified
   historic home for the purposes of the historic homeownership rehabili-
   tation credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (A)  of  paragraph  5 of subsection (pp) of
 section 606 of the tax law, as added by chapter 547 of the laws of 2006,
 clause (iv) as amended by section 3-a of part U of 59  of  the  laws  of
 2019, is amended to read as follows:
   (A)  The  term  "qualified  historic home" means, for purposes of this
 subsection, a certified  historic  structure  located  within  New  York
 state:
   (i) which has been substantially rehabilitated,
   (ii)  which,  or  any portion of which, is owned, in whole or part, by
 the taxpayer, AND
   (iii) in which the taxpayer resides during the taxable year  in  which
 the taxpayer is allowed a credit under this subsection[, and
   (iv) (1) which is in whole or in part a targeted area residence within
 the  meaning  of  section 143(j) of the internal revenue code; or (2) is
 located within a census tract which is identified as being at  or  below
 one hundred percent of the state median family income in the most recent
 federal  census;  or (3) which is located in a city with a population of
 less than one million with a poverty rate greater than fifteen  percent,
 rounded  to the nearest whole number, in the most recent five year esti-
 mate from the American community survey published by the  United  States
 census bureau].
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08411-01-3