Bill Text: NY A08568 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to conveyances involving real property financed with federal low-income housing tax credits.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-23 - referred to ways and means [A08568 Detail]

Download: New_York-2013-A08568-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8568
                                 I N  A S S E M B L Y
                                   January 23, 2014
                                      ___________
       Introduced by M. of A. WRIGHT -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to amend the tax law, in relation to conveyances involving real
         property financed with federal low-income housing tax credits
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision (b) of section 1405 of the tax law is amended
    2  by adding a new paragraph 12 to read as follows:
    3    12. CONVEYANCES INVOLVING REAL PROPERTY FINANCED WITH FEDERAL  LOW-IN-
    4  COME HOUSING TAX CREDITS, AND SUBJECT TO A HOUSING CREDIT AGENCY'S REGU-
    5  LATORY  AGREEMENT FOR A MINIMUM PERIOD OF FIFTEEN YEARS FROM THE DATE OF
    6  CONVEYANCE, TO A CORPORATION ORGANIZED PURSUANT TO ARTICLE ELEVEN OF THE
    7  PRIVATE HOUSING FINANCE LAW OR TO A NEW YORK NOT-FOR-PROFIT CORPORATION,
    8  AND NO PART OF THE NET EARNINGS OF SAID NEW YORK  NOT-FOR-PROFIT  CORPO-
    9  RATION SHALL INURE TO THE BENEFIT OF ANY PERSON, AND NO SUBSTANTIAL PART
   10  OF  THE  ACTIVITIES  OF  WHICH  IS  CARRYING ON PROPAGANDA, OR OTHERWISE
   11  ATTEMPTING TO INFLUENCE LEGISLATION; PROVIDED, HOWEVER, THAT NOTHING  IN
   12  THIS  PARAGRAPH  SHALL  INCLUDE AN ORGANIZATION OPERATED FOR THE PRIMARY
   13  PURPOSE OF CARRYING ON A TRADE OR BUSINESS FOR PROFIT,  WHETHER  OR  NOT
   14  ALL OF ITS PROFITS ARE PAYABLE TO ONE OR MORE ORGANIZATIONS DESCRIBED IN
   15  THIS PARAGRAPH.
   16    S  2.  This  act  shall take effect immediately and shall be deemed to
   17  have been in full force and effect on and after June 1, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05125-02-4