Bill Text: NY A04396 | 2023-2024 | General Assembly | Introduced

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Bill Title: Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

Spectrum: Partisan Bill (Republican 11-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A04396 Detail]

Download: New_York-2023-A04396-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4396

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    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:

     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 section 3-a of part U of 59  of  the  laws  of
     4  2019, is amended to 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[, and
    13    (iv) (1) which is in whole or in part a targeted area residence within
    14  the  meaning  of  section 143(j) of the internal revenue code; or (2) is
    15  located within a census tract which is identified as being at  or  below
    16  one hundred percent of the state median family income in the most recent
    17  federal  census;  or (3) which is located in a city with a population of
    18  less than one million with a poverty rate greater than fifteen  percent,
    19  rounded  to the nearest whole number, in the most recent five year esti-
    20  mate from the American community survey published by the  United  States
    21  census bureau].
    22    § 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