Bill Text: NY A06600 | 2021-2022 | General Assembly | Introduced

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Bill Title: Extends the credit against income tax for persons or entities investing in low-income housing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to housing [A06600 Detail]

Download: New_York-2021-A06600-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6600

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     March 19, 2021
                                       ___________

        Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
          Committee on Housing

        AN ACT to amend the public housing law, in  relation  to  extending  the
          credit against income tax for persons or entities investing in low-in-
          come housing

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 4 of section 22 of the public housing  law,  as
     2  amended  by  section  5  of part H of chapter 60 of the laws of 2016, is
     3  amended to read as follows:
     4    4. Statewide limitation. The aggregate dollar amount of  credit  which
     5  the  commissioner  may  allocate  to eligible low-income buildings under
     6  this article shall be one hundred [four] nineteen million  dollars.  The
     7  limitation  provided  by  this subdivision applies only to allocation of
     8  the aggregate dollar amount of credit by the commissioner, and does  not
     9  apply to allowance to a taxpayer of the credit with respect to an eligi-
    10  ble low-income building for each year of the credit period.
    11    § 2. Subdivision 4 of section 22 of the public housing law, as amended
    12  by section one of this act, is amended to read as follows:
    13    4.  Statewide  limitation. The aggregate dollar amount of credit which
    14  the commissioner may allocate to  eligible  low-income  buildings  under
    15  this  article  shall  be  one  hundred  [nineteen]  twenty-seven million
    16  dollars. The limitation provided by this  subdivision  applies  only  to
    17  allocation of the aggregate dollar amount of credit by the commissioner,
    18  and does not apply to allowance to a taxpayer of the credit with respect
    19  to an eligible low-income building for each year of the credit period.
    20    § 3. Subdivision 4 of section 22 of the public housing law, as amended
    21  by section two of this act, is amended to read as follows:
    22    4.  Statewide  limitation. The aggregate dollar amount of credit which
    23  the commissioner may allocate to  eligible  low-income  buildings  under
    24  this  article  shall  be  one hundred [twenty-seven] thirty-five million

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09909-01-1
        A. 6600                             2

     1  dollars.  The limitation provided by this subdivision  applies  only  to
     2  allocation of the aggregate dollar amount of credit by the commissioner,
     3  and does not apply to allowance to a taxpayer of the credit with respect
     4  to an eligible low-income building for each year of the credit period.
     5    § 4. Subdivision 4 of section 22 of the public housing law, as amended
     6  by section three of this act, is amended to read as follows:
     7    4.  Statewide  limitation. The aggregate dollar amount of credit which
     8  the commissioner may allocate to  eligible  low-income  buildings  under
     9  this  article  shall  be  one  hundred [thirty-five] forty-three million
    10  dollars.  The limitation provided by this subdivision  applies  only  to
    11  allocation of the aggregate dollar amount of credit by the commissioner,
    12  and does not apply to allowance to a taxpayer of the credit with respect
    13  to an eligible low-income building for each year of the credit period.
    14    § 5. Subdivision 4 of section 22 of the public housing law, as amended
    15  by section four of this act, is amended to read as follows:
    16    4.  Statewide  limitation. The aggregate dollar amount of credit which
    17  the commissioner may allocate to  eligible  low-income  buildings  under
    18  this  article  shall  be  one  hundred  [forty-three]  fifty-one million
    19  dollars.  The limitation provided by this subdivision  applies  only  to
    20  allocation of the aggregate dollar amount of credit by the commissioner,
    21  and does not apply to allowance to a taxpayer of the credit with respect
    22  to an eligible low-income building for each year of the credit period.
    23    §  6.  This  act  shall  take  effect  immediately; provided, however,
    24  section two of this act shall take effect April 1, 2022;  section  three
    25  of  this  act  shall take effect April 1, 2023; section four of this act
    26  shall take effect April 1, 2024; and section five of this act shall take
    27  effect April 1, 2025.