Bill Text: NY S00902 | 2019-2020 | General Assembly | Introduced

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Bill Title: Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2019-01-09 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00902 Detail]

Download: New_York-2019-S00902-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           902
                               2019-2020 Regular Sessions
                    IN SENATE
                                     January 9, 2019
                                       ___________
        Introduced  by  Sens.  YOUNG, SANDERS -- read twice and ordered printed,
          and when printed to be committed to the  Committee  on  Investigations
          and Government Operations
        AN  ACT to amend the tax law, in relation to the definition of qualified
          historic home for the purposes of the historic homeownership rehabili-
          tation credit
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subparagraph  (A)  of  paragraph  5 of subsection (pp) of
     2  section 606 of the tax law, as added by chapter 547 of the laws of 2006,
     3  clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
     4  read as follows:
     5    (A) The term "qualified historic home" means,  for  purposes  of  this
     6  subsection,  a  certified  historic  structure  located  within New York
     7  state:
     8    (i) which has been substantially rehabilitated,
     9    (ii) which, or any portion of which, is owned, in whole  or  part,  by
    10  the taxpayer, and
    11    (iii)  in  which the taxpayer resides during the taxable year in which
    12  the taxpayer is allowed a credit under this subsection[, and
    13    (iv) which is in whole or in part a targeted area residence within the
    14  meaning of section 143(j) of the internal revenue  code  or  is  located
    15  within  a  census  tract  which  is  identified as being at or below one
    16  hundred percent of the state median family income  in  the  most  recent
    17  federal census].
    18    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03641-01-9