Bill Text: NY A01808 | 2023-2024 | 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 8-0)

Status: (Introduced - Dead) 2024-01-03 - referred to ways and means [A01808 Detail]

Download: New_York-2023-A01808-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1808

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 23, 2023
                                       ___________

        Introduced by M. of A. ZINERMAN -- read once and referred to the Commit-
          tee on Ways and Means

        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, 2024.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00130-01-3