Bill Text: NY S08077 | 2019-2020 | General Assembly | Introduced

---

Bill Title: Relates to adding 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 1-0)

Status: (Introduced - Dead) 2020-03-17 - REFERRED TO BUDGET AND REVENUE [S08077 Detail]

Download: New_York-2019-S08077-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          8077

                    IN SENATE

                                     March 17, 2020
                                       ___________

        Introduced  by  Sen.  MYRIE  -- read twice and ordered printed, 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, 2020.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15972-01-0