Bill Text: NY A08878 | 2017-2018 | General Assembly | Introduced

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Bill Title: Establishes a fund for the creation of affordable housing for veterans and seniors.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-04-10 - enacting clause stricken [A08878 Detail]

Download: New_York-2017-A08878-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8878
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    December 22, 2017
                                       ___________
        Introduced by M. of A. HARRIS -- read once and referred to the Committee
          on Ways and Means
        AN  ACT  to  amend the tax law and the state finance law, in relation to
          gifts to the affordable housing for veterans and seniors fund
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  tax  law is amended by adding a new section 630-f to
     2  read as follows:
     3    § 630-f. Gift for the creation of affordable housing for veterans  and
     4  seniors.  Effective  for  any  tax  year  commencing on or after January
     5  first, two thousand eighteen, an individual   in any  taxable  year  may
     6  elect  to  contribute to the affordable housing for veterans and seniors
     7  (A.H.V.S.)  fund. Such contribution shall be in any whole dollar  amount
     8  and  shall  not  reduce the amount of state tax owed by such individual.
     9  The commissioner shall include space on the personal income  tax  return
    10  to  enable  a  taxpayer  to make such contribution.  Notwithstanding any
    11  other provision of law all revenues collected pursuant to  this  section
    12  shall  be credited to the A.H.V.S. fund and used only for those purposes
    13  enumerated in section ninety-nine-bb of the state finance law.
    14    § 2. The state finance law is amended by adding a new section 99-bb to
    15  read as follows:
    16    § 99-bb. Affordable housing for veterans and seniors fund. 1.    There
    17  is  hereby established in the joint custody of the commissioner of taxa-
    18  tion and finance, the New York state director of  veterans  affairs  and
    19  the  comptroller,  a special fund to be known as the "affordable housing
    20  for veterans and seniors fund".
    21    2. The affordable housing for veterans and seniors fund shall  consist
    22  of  all  moneys  received  by  the state pursuant to section six hundred
    23  thirty-f of the tax law. Such amounts deposited shall be credited solely
    24  to the affordable housing for veterans and seniors fund.
    25    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13774-01-7