Bill Text: NY S00566 | 2017-2018 | General Assembly | Amended
Bill Title: Provides that the low income housing tax credits shall be treated as overpayments of the applicable tax, to be credited or refunded.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2018-06-05 - REPORTED AND COMMITTED TO RULES [S00566 Detail]
Download: New_York-2017-S00566-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 566--A 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 -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing that the low income housing credit shall be treated as an overpayment of taxes The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (c) of subdivision 15 of section 210-B of the tax 2 law is relettered paragraph (d) and a new paragraph (c) is added to read 3 as follows: 4 (c) Treatment of credit. The amount of the credit allowed under this 5 subdivision shall be treated as an overpayment of tax to be credited or 6 refunded, provided that the credits: (1) have an eligibility statement 7 issued by the commissioner of housing and community renewal pursuant to 8 article two-A of the public housing law, and (2) are available pursuant 9 to law enacted after January first, two thousand eighteen. Provided, 10 however, that notwithstanding the provisions of subsection (c) of 11 section one thousand eighty-eight of this chapter, no interest shall be 12 paid thereon. 13 § 2. Paragraph 3 of subsection (x) of section 606 of the tax law is 14 renumbered paragraph 4 and a new paragraph 3 is added to read as 15 follows: 16 (3) Treatment of credit. The amount of the credit allowed under this 17 subsection shall be treated as an overpayment of tax to be credited or 18 refunded as provided in section six hundred eighty-six of this article, 19 provided that the credits: (i) have an eligibility statement issued by 20 the commissioner of housing and community renewal pursuant to article EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05776-02-8S. 566--A 2 1 two-A of the public housing law, and (ii) are available pursuant to law 2 enacted after January first, two thousand eighteen. Provided, however, 3 that no interest shall be paid thereon. 4 § 3. Paragraph 3 of subdivision (n) of section 1511 of the tax law is 5 renumbered paragraph 4 and a new paragraph 3 is added to read as 6 follows: 7 (3) Treatment of credit. The amount of the credit allowed under this 8 subdivision shall be treated as an overpayment of tax to be credited or 9 refunded, provided that the credits: (A) have an eligibility statement 10 issued by the commissioner of housing and community renewal pursuant to 11 article two-A of the public housing law, and (B) are available pursuant 12 to law enacted after January first, two thousand eighteen. Provided, 13 however, that notwithstanding the provisions of subsection (c) of 14 section one thousand eighty-eight of this chapter, no interest shall be 15 paid thereon. 16 § 4. This act shall take effect immediately and shall apply to tax 17 years commencing on or after January 1, 2018.
