S T A T E O F N E W Y O R K
________________________________________________________________________
5130
2009-2010 Regular Sessions
I N A S S E M B L Y
February 10, 2009
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Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to providing for a deduction
for private mortgage insurance premiums paid by taxpayers
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subsection (c) of section 612 of the tax law is amended by
adding a new paragraph 39 to read as follows:
(39) PREMIUMS PAID BY A TAXPAYER FOR PRIVATE MORTGAGE INSURANCE ON
RESIDENTIAL REAL PROPERTY, TO THE EXTENT INCLUDIBLE IN GROSS INCOME FOR
FEDERAL INCOME TAX PURPOSES. IN ORDER TO QUALIFY FOR THE DEDUCTION
AUTHORIZED BY THIS PARAGRAPH, THE PROPERTY MUST CONSIST OF NO MORE THAN
FOUR DWELLING UNITS, OF WHICH, ONE UNIT MUST BE OCCUPIED BY THE TAXPAYER
AS HIS OR HER PRIMARY RESIDENCE. FOR THE PURPOSES OF THIS PARAGRAPH,
TITLE TO THAT PORTION OF REAL PROPERTY OWNED BY A COOPERATIVE APARTMENT
CORPORATION IN WHICH A TENANT-STOCKHOLDER OF SUCH CORPORATION RESIDES,
AND WHICH IS REPRESENTED BY HIS OR HER SHARE OR SHARES OF STOCK IN SUCH
CORPORATION AS DETERMINED BY ITS OR THEIR PROPORTIONAL RELATIONSHIP TO
THE TOTAL OUTSTANDING STOCK OF THE CORPORATION, INCLUDING THAT OWNED BY
THE CORPORATION, SHALL BE DEEMED TO BE VESTED IN SUCH TENANT-STOCKHOLD-
ER.
S 2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law and shall apply to
taxable years commencing on and after such effective date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08365-01-9