Bill Text: NY S00405 | 2025-2026 | General Assembly | Introduced

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Bill Title: Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced) 2025-01-08 - REFERRED TO BUDGET AND REVENUE [S00405 Detail]

Download: New_York-2025-S00405-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           405

                               2025-2026 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 8, 2025
                                       ___________

        Introduced by Sens. MYRIE, CLEARE, WEBB -- read twice and ordered print-
          ed,  and  when  printed to be committed to the Committee on Budget and
          Revenue

        AN ACT to amend the tax law, in relation to adding certain properties to
          the definition of a qualified historic home for the historic  homeown-
          ership rehabilitation credit

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section  1.  Clause  (iv)  of  subparagraph  (A)  of  paragraph  5  of
     2  subsection (pp) of section 606 of the tax law, as amended by section 3-a
     3  of  part  U  of  chapter  59  of the laws of 2019, is amended to read as
     4  follows:
     5    (iv) (1) which is in whole or in part a targeted area residence within
     6  the meaning of section 143(j) of the internal revenue code;  or  (2)  is
     7  located  within  a census tract which is identified as being at or below
     8  one hundred percent of the state median family income in the most recent
     9  federal census; or (3) which is located in a city with a  population  of
    10  less  than one million with a poverty rate greater than fifteen percent,
    11  rounded to the nearest whole number, in the most recent five year  esti-
    12  mate  from  the American community survey published by the United States
    13  census bureau; or (4) is located in a city  with  a  population  greater
    14  than  one million, in a qualifying census tract as of January first, two
    15  thousand seventeen, and was owned by the applicant on January first, two
    16  thousand ten.
    17    § 2. This act shall take effect immediately and shall apply to taxable
    18  years beginning on and after January 1, 2026.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01565-01-5