Bill Text: NY A03908 | 2017-2018 | General Assembly | Introduced
Bill Title: Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.
Spectrum: Moderate Partisan Bill (Republican 7-1)
Status: (Introduced - Dead) 2018-06-14 - held for consideration in ways and means [A03908 Detail]
Download: New_York-2017-A03908-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3908 2017-2018 Regular Sessions IN ASSEMBLY January 30, 2017 ___________ Introduced by M. of A. FITZPATRICK, KOLB -- Multi-Sponsored by -- M. of A. BARCLAY, FINCH, GIGLIO, McDONOUGH, RAIA, SALADINO, THIELE -- read once and referred to the Committee 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: 1 Section 1. Subparagraph (A) of paragraph 5 of subsection (pp) of 2 section 606 of the tax law, as added by chapter 547 of the laws of 2006, 3 clause (iv) as amended by chapter 239 of the laws of 2009, is amended to 4 read as follows: 5 (A) The term "qualified historic home" means, for purposes of this 6 subsection, a certified historic structure located within New York 7 state: 8 (i) which has been substantially rehabilitated, 9 (ii) which, or any portion of which, is owned, in whole or part, by 10 the taxpayer, and 11 (iii) in which the taxpayer resides during the taxable year in which 12 the taxpayer is allowed a credit under this subsection[, and13(iv) which is in whole or in part a targeted area residence within the14meaning of section 143(j) of the internal revenue code or is located15within a census tract which is identified as being at or below one16hundred percent of the state median family income in the most recent17federal census]. 18 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05777-01-7