S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5600
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 22, 2021
                                ___________
 
 Introduced  by M. of A. FITZPATRICK, BLANKENBUSH, J. M. GIGLIO, MIKULIN,
   MORINELLO, SALKA, TAGUE -- Multi-Sponsored by --  M.  of  A.  BARCLAY,
   DeSTEFANO,  HAWLEY,  MANKTELOW, McDONOUGH -- read once and referred to
   the Committee on Ways and Means
 
 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:
 
   Section 1. Subparagraph (A) of  paragraph  5  of  subsection  (pp)  of
 section 606 of the tax law, as added by chapter 547 of the laws of 2006,
 clause  (iv)  as  amended  by section 3-a of part U of 59 of the laws of
 2019, is amended to read as follows:
   (A) The term "qualified historic home" means,  for  purposes  of  this
 subsection,  a  certified  historic  structure  located  within New York
 state:
   (i) which has been substantially rehabilitated,
   (ii) which, or any portion of which, is owned, in whole  or  part,  by
 the taxpayer, AND
   (iii)  in  which the taxpayer resides during the taxable year in which
 the taxpayer is allowed a credit under this subsection[, and
   (iv) (1) which is in whole or in part a targeted area residence within
 the meaning of section 143(j) of the internal revenue code;  or  (2)  is
 located  within  a census tract which is identified as being at or below
 one hundred percent of the state median family income in the most recent
 federal census; or (3) which is located in a city with a  population  of
 less  than one million with a poverty rate greater than fifteen percent,
 rounded to the nearest whole number, in the most recent five year  esti-
 mate  from  the American community survey published by the United States
 census bureau].
   § 2. This act shall take effect immediately.

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

                                                            LBD08134-02-1