Assembly Bill A4884

2021-2022 Legislative Session

Establishes a tenant association tax credit

download bill text pdf

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Archive: Last Bill Status - Stricken

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A4884 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A8304
2017-2018: A6165
2019-2020: A2203

2021-A4884 (ACTIVE) - Summary

Establishes a tenant association tax credit; establishes a tax credit for five percent of a taxpayer's monthly rent for market rate housing, ten percent of monthly rent for rent regulated housing, and fifteen percent of monthly rent for public housing; requires taxpayers to be members of a tenant association.

2021-A4884 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4884
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2021
                                ___________
 
 Introduced by M. of A. PICHARDO, TAYLOR, EPSTEIN, REYES -- read once and
   referred to the Committee on Ways and Means
 
 AN  ACT to amend the tax law, in relation to establishing a tenant asso-
   ciation tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section  606  of  the  tax law is amended by adding a new
 subsection (kkk) to read as follows:
   (KKK) TENANT ASSOCIATION TAX CREDIT.  (1) FOR TAXABLE YEARS  BEGINNING
 ON  AND  AFTER JANUARY FIRST, TWO THOUSAND NINETEEN, A TAXPAYER WHO IS A
 MEMBER OF A TENANT ASSOCIATION SHALL BE ALLOWED A CREDIT AGAINST THE TAX
 IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE:
   (A) FIVE PERCENT OF THE TAXPAYER'S MONTHLY RENT FOR A TAXPAYER  LIVING
 IN MARKET RATE HOUSING;
   (B)  TEN  PERCENT OF THE TAXPAYER'S MONTHLY RENT FOR A TAXPAYER LIVING
 IN RENT REGULATED HOUSING; AND
   (C) FIFTEEN PERCENT OF THE TAXPAYER'S  MONTHLY  RENT  FOR  A  TAXPAYER
 LIVING IN PUBLIC HOUSING.
   (2)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
 TAXABLE YEAR SHALL EXCEED THE QUALIFIED TAXPAYER'S TAX  FOR  SUCH  YEAR,
 THE  EXCESS  SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
 REFUNDED IN ACCORDANCE WITH SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI-
 CLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2021.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08348-01-1

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