Bill Text: NY S00540 | 2017-2018 | General Assembly | Introduced

New York Senate Bill 540 (Prior Session Legislation)

Introduced

Bill Title: Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

Sponsorship: Bipartisan Bill

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00540 Detail]

Download: New_York-2017-S00540-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                           540
                               2017-2018 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 4, 2017
                                       ___________
        Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        AN ACT to amend the tax law, in relation to the definition of  qualified
          historic home for the purposes of the historic homeownership rehabili-
          tation credit
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subparagraph (A) of  paragraph  5  of  subsection  (pp)  of
     2  section 606 of the tax law, as added by chapter 547 of the laws of 2006,
     3  clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
     4  read as follows:
     5    (A)  The  term  "qualified  historic home" means, for purposes of this
     6  subsection, a certified  historic  structure  located  within  New  York
     7  state:
     8    (i) which has been substantially rehabilitated,
     9    (ii)  which,  or  any portion of which, is owned, in whole or part, by
    10  the taxpayer, and
    11    (iii) in which the taxpayer resides during the taxable year  in  which
    12  the taxpayer is allowed a credit under this subsection[, and
    13    (iv) which is in whole or in part a targeted area residence within the
    14  meaning  of  section  143(j)  of the internal revenue code or is located
    15  within a census tract which is identified  as  being  at  or  below  one
    16  hundred  percent  of  the  state median family income in the most recent
    17  federal census].
    18    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05777-01-7