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

New York Assembly Bill 9303 (Prior Session Legislation)

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

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--A
                   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
        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  April first, two thousand seventeen, until December
     5  thirty-first, two thousand twenty-one,  a  resident  taxpayer  shall  be
     6  allowed  a  credit against the tax imposed by this article for a portion
     7  of the total purchase price paid by such resident  taxpayer  for  a  new
     8  principal  residence attributable to universal visitability or the total
     9  amount expended by a resident taxpayer to retrofit an existing principal
    10  residence to achieve universal visitability provided that the new  prin-
    11  cipal  residence or the retrofitting of the existing principal residence
    12  is located within this state and designed to provide  universal  visita-
    13  bility  as  defined  through the eligibility requirements established by
    14  guidelines developed by the division of code  enforcement  and  adminis-
    15  tration within the department of state.
    16    2. The credit shall be allowed for the taxable year in which the resi-
    17  dence  has  been  purchased or constructed, or the retrofitting or reno-
    18  vation of the residence or residential  unit  has  been  completed.  The
    19  credit  allowed  under  this  section  shall not exceed (i) twenty-seven
    20  hundred fifty dollars for the purchase of a new residence, or (ii) fifty
    21  percent of the total amount expended, but  not  to  exceed  twenty-seven
    22  hundred  fifty dollars for the retrofitting or renovation of each exist-
    23  ing residence or unit.
    24    3. No credit shall be allowed under this  section  for  the  purchase,
    25  retrofitting or renovation of residential rental property.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02817-04-6