Bill Text: NY A09303 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9303
                   IN ASSEMBLY
                                    February 17, 2016
                                       ___________
        Introduced by M. of A. LAVINE -- read once and referred to the Committee
          on Ways and Means
        AN  ACT  to amend the tax law, in relation to providing a tax credit for
          universal visitability
          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 April first, two thousand seventeen, a resident taxpay-
     5  er shall be allowed a credit against the tax imposed by this article for
     6  a portion of the total purchase price paid by such resident taxpayer for
     7  a  new principal residence attributable to universal visitability or the
     8  total amount expended by a resident taxpayer  to  retrofit  an  existing
     9  principal  residence to achieve universal visitability provided that the
    10  new principal residence or the retrofitting of  the  existing  principal
    11  residence is located within this state and designed to provide universal
    12  visitability as defined through the eligibility requirements established
    13  by guidelines developed by the division of code enforcement and adminis-
    14  tration within the department of state.
    15    2. The credit shall be allowed for the taxable year in which the resi-
    16  dence  has  been  purchased or constructed, or the retrofitting or reno-
    17  vation of the residence or residential  unit  has  been  completed.  The
    18  credit  allowed  under  this  section  shall not exceed (i) twenty-seven
    19  hundred fifty dollars for the purchase of a new residence, or (ii) fifty
    20  percent of the total amount expended, but  not  to  exceed  twenty-seven
    21  hundred  fifty dollars for the retrofitting or renovation of each exist-
    22  ing residence or unit.
    23    3. No credit shall be allowed under this  section  for  the  purchase,
    24  retrofitting or renovation of residential rental property.
    25    4.  If  the amount of the credit allowable under this subsection shall
    26  exceed the taxpayer's tax for such year, the excess may be carried  over
    27  to  the  following year or years and may be deducted from the taxpayer's
    28  tax for such year or years.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02817-01-5