Bill Text: NY A04396 | 2023-2024 | General Assembly | Introduced
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
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[, and13(iv) (1) which is in whole or in part a targeted area residence within14the meaning of section 143(j) of the internal revenue code; or (2) is15located within a census tract which is identified as being at or below16one hundred percent of the state median family income in the most recent17federal census; or (3) which is located in a city with a population of18less than one million with a poverty rate greater than fifteen percent,19rounded to the nearest whole number, in the most recent five year esti-20mate from the American community survey published by the United States21census 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