New York Senate Bill 4905 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: Introduced on March 29 2019 - 25% progression, died in committee
Action: 2020-01-08 - REFERRED TO BUDGET AND REVENUE
Pending: Senate Budget and Revenue Committee
Text: Latest bill text (Introduced) [HTML]

Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.

Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.

Sen. Michael Ranzenhofer [R]	Sen. Simcha Felder [D]	Sen. Rich Funke [R]	Sen. Patricia Ritchie [R]
Sen. Susan Serino [R]

Date	Chamber	Action
2020-01-08	Senate	REFERRED TO BUDGET AND REVENUE
2019-03-29	Senate	REFERRED TO BUDGET AND REVENUE

Type	Source
Summary	https://www.nysenate.gov/legislation/bills/2019/S4905
Text	https://assembly.state.ny.us/leg/?default_fld=&bn=S04905&term=2019&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S04905