Bill Text: NY A09303 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to a credit for purchase, construction or retrofitting of a principal residence to achieve universal visitability pursuant to guidelines developed by the division of code enforcement and administration within the department of state; caps tax credits awarded at 1 million dollars per year for 5 years.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Vetoed) 2016-11-28 - tabled [A09303 Detail]
Download: New_York-2015-A09303-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 9303--B IN ASSEMBLY February 17, 2016 ___________ Introduced by M. of A. LAVINE -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amendments, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing a tax credit for universal visitability; and providing for the repeal of such provisions upon the expiration thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (ccc) to read as follows: 3 (ccc) Universal visitability tax credit. 1. For taxable years begin- 4 ning on or after January first, two thousand seventeen, until December 5 thirty-first, two thousand twenty-one, a taxpayer shall be allowed a 6 credit against the tax imposed by this article for a portion of the 7 total purchase price paid by such taxpayer for a principal residence 8 attributable to universal visitability or the total amount expended by a 9 taxpayer to retrofit an existing principal residence to achieve 10 universal visitability provided that the principal residence or the 11 retrofitting of the existing principal residence is located within this 12 state and designed to provide universal visitability as defined through 13 the eligibility requirements established by guidelines developed by the 14 division of code enforcement and administration within the department of 15 state. For the purpose of this subsection, principal residence shall 16 mean such residence pursuant to section one hundred twenty-one of the 17 internal revenue code. 18 2. The credit shall be allowed for the taxable year in which the resi- 19 dence has been purchased or constructed, or the retrofitting or reno- 20 vation of the residence or residential unit has been completed. The 21 credit allowed under this section shall not exceed (i) twenty-seven 22 hundred fifty dollars for the purchase of a new residence, or (ii) fifty 23 percent of the total amount expended, but not to exceed twenty-seven EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02817-05-6
