Bill Text: NY A05385 | 2019-2020 | General Assembly | Introduced


Bill Title: Relates to the definition of qualified historic home for the purposes of the historic homeownership rehabilitation credit; adds cities with a population of less than one million with a poverty rate of greater than 25% in the federal census of 2010 to the definition of qualified historic home as an alternative to such home being located in a targeted area residence or within a certain census tract.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-02-11 - referred to ways and means [A05385 Detail]

Download: New_York-2019-A05385-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5385
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 11, 2019
                                       ___________
        Introduced  by  M. of A. RYAN -- 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,
    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 is located
    15  within  a  census  tract  which  is  identified as being at or below one
    16  hundred percent of the state median family income  in  the  most  recent
    17  federal census, or
    18    (2)  which  is  located  in  a city with a population of less than one
    19  million with a poverty rate greater  than  twenty-five  percent  in  the
    20  federal census of two thousand ten.
    21    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06310-01-9
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