Assembly Bill A9709

2023-2024 Legislative Session

Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects

download bill text pdf

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Current 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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2023-A9709 (ACTIVE) - Details

See Senate Version of this Bill:
S8578
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §49, amd §§210-B & 606, Tax L

2023-A9709 (ACTIVE) - Summary

Establishes a housing infrastructure tax credit to provide a credit of up to ten percent of costs for infrastructure projects related to the construction of new homes or multiple dwellings commenced and completed within a specific time period.

2023-A9709 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9709
 
                           I N  A S S E M B L Y
 
                               April 3, 2024
                                ___________
 
 Introduced  by  M.  of  A.  FITZPATRICK -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law,  in  relation  to  establishing  a  housing
   infrastructure tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The tax law is amended by adding a new section 49  to  read
 as follows:
   §  49.  HOUSING  INFRASTRUCTURE  TAX CREDIT. A TAXPAYER SUBJECT TO TAX
 UNDER ARTICLE NINE-A OR ARTICLE TWENTY-TWO  OF  THIS  CHAPTER  SHALL  BE
 ALLOWED  A  CREDIT  OF  UP  TO  TEN  PERCENT OF COSTS FOR INFRASTRUCTURE
 PROJECTS, INCLUDING BUT NOT LIMITED TO ELECTRIC LINES, GAS LINES,  SEWER
 LINES,   SEPTIC   SYSTEMS,   WATER  LINES,  OR  WELLS,  RELATED  TO  THE
 CONSTRUCTION OF NEW HOMES OR MULTIPLE DWELLINGS COMMENCED  ON  OR  AFTER
 JANUARY  FIRST,  TWO  THOUSAND  TWENTY-FIVE,  AND COMPLETED ON OR BEFORE
 DECEMBER THIRTIETH, TWO THOUSAND THIRTY.
   § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 60 to read as follows:
   60. A TAXPAYER SHALL BE ALLOWED A CREDIT OF UP TO TEN PERCENT OF COSTS
 FOR  INFRASTRUCTURE  PROJECTS,  INCLUDING  BUT  NOT  LIMITED TO ELECTRIC
 LINES, GAS LINES, SEWER LINES, SEPTIC SYSTEMS, WATER  LINES,  OR  WELLS,
 RELATED TO THE CONSTRUCTION OF NEW HOMES OR MULTIPLE DWELLINGS COMMENCED
 ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, AND COMPLETED ON OR
 BEFORE DECEMBER THIRTIETH, TWO THOUSAND THIRTY.
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (ppp) to read as follows:
   (PPP) A TAXPAYER SHALL BE ALLOWED A CREDIT OF UP  TO  TEN  PERCENT  OF
 COSTS FOR INFRASTRUCTURE PROJECTS, INCLUDING BUT NOT LIMITED TO ELECTRIC
 LINES,  GAS  LINES,  SEWER LINES, SEPTIC SYSTEMS, WATER LINES, OR WELLS,
 RELATED TO THE CONSTRUCTION OF NEW HOMES OR MULTIPLE DWELLINGS COMMENCED
 ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, AND COMPLETED ON OR
 BEFORE DECEMBER THIRTIETH, TWO THOUSAND THIRTY.
   § 4. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11719-02-4

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