Bill Text: NY A07404 | 2011-2012 | General Assembly | Introduced
Bill Title: Provides that the low income housing tax credits shall be treated as overpayments of the applicable tax, to be credited or refunded.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2012-05-08 - print number 7404a [A07404 Detail]
Download: New_York-2011-A07404-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7404 2011-2012 Regular Sessions I N A S S E M B L Y May 4, 2011 ___________ Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit- tee on Housing AN ACT to amend the public housing law, in relation to the New York State low-income housing tax credit program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Section 25 of the public housing law is amended by adding a 2 new subdivision 3 to read as follows: 3 3. AS OF JUNE FIRST, TWO THOUSAND ELEVEN, THE CREDITS ALLOWED TO A 4 PARTNERSHIP, LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP OR MULTI- 5 PLE OWNERS OF PROPERTY SHALL BE PASSED THROUGH TO THE PERSONS DESIGNATED 6 AS PARTNERS, MEMBERS OR OWNERS PURSUANT TO AN EXECUTED AGREEMENT AMONG 7 THE PERSONS DESIGNATED AS PARTNERS, MEMBERS OR OWNERS DOCUMENTING AN 8 ALTERNATIVE DISTRIBUTION METHOD WITHOUT REGARD TO THEIR SHARING OF OTHER 9 TAX OR ECONOMIC ATTRIBUTES OF THE ENTITY, INCLUDING BUT NOT LIMITED TO 10 HOW THE FEDERAL LOW-INCOME HOUSING TAX CREDIT WITH RESPECT TO THE 11 PROJECT IS ALLOCATED TO THE PARTNERS, MEMBERS OR OWNERS. 12 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11071-01-1