Bill Text: NY A00808 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides personal income tax credits for cold war veterans who own tangible real property.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A00808 Detail]

Download: New_York-2015-A00808-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          808
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    January 7, 2015
                                      ___________
       Introduced by M. of A. GUNTHER, COLTON, ROBINSON, ROBERTS, HAWLEY, GRAF,
         STEC  --  Multi-Sponsored by -- M. of A. COOK, CROUCH, LOPEZ, PERRY --
         read once and referred to the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to  providing  personal  income
         tax credits for cold war veterans who own tangible real property
         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 (e-3) to read as follows:
    3    (E-3)  COLD  WAR VETERAN'S TAX CREDIT. (1) FOR TAXABLE YEARS BEGINNING
    4  ON JANUARY FIRST, TWO THOUSAND SEVENTEEN, A RESIDENT TAXPAYER WHO  IS  A
    5  COLD  WAR  VETERAN  AS  DEFINED  IN  PARAGRAPH (A) OF SUBDIVISION ONE OF
    6  SECTION FOUR HUNDRED FIFTY-EIGHT-B OF THE REAL PROPERTY TAX LAW SHALL BE
    7  ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE  EQUAL  TO  TWO
    8  HUNDRED DOLLARS.
    9    (2)  IF  A TAXPAYER RECEIVES A REAL PROPERTY TAX EXEMPTION RELATING TO
   10  SUCH STATUS UNDER SECTION FOUR HUNDRED FIFTY-EIGHT-B OF THE REAL PROPER-
   11  TY TAX LAW, SUCH TAXPAYER SHALL NOT BE ELIGIBLE FOR THIS CREDIT.
   12    (3) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR  ANY
   13  TAXABLE  YEAR  SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS
   14  SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN
   15  ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
   16  ARTICLE, PROVIDED HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   17    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01994-01-5