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Assembly Bill A7404

2011-2012 Legislative Session

Provides that the low income housing tax credits shall be treated as overpayments of the applicable tax, to be credited or refunded

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

co-Sponsors

2011-A7404 - Details

Current Committee:
Assembly Housing
Law Section:
Public Housing Law
Laws Affected:
Amd §25, Pub Hous L

2011-A7404 - Summary

Provides that the low income housing tax credits shall be treated as overpayments of the applicable tax, to be credited or refunded.

2011-A7404 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7404

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               May 4, 2011
                               ___________

Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit-
  tee on Housing

AN  ACT  to  amend  the  public housing law, in relation to the New York
  State low-income housing tax credit program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 25 of the public housing law is amended by adding a
new subdivision 3 to read as follows:
  3.  AS  OF  JUNE  FIRST, TWO THOUSAND ELEVEN, THE CREDITS ALLOWED TO A
PARTNERSHIP, LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP OR  MULTI-
PLE OWNERS OF PROPERTY SHALL BE PASSED THROUGH TO THE PERSONS DESIGNATED
AS  PARTNERS,  MEMBERS OR OWNERS PURSUANT TO AN EXECUTED AGREEMENT AMONG
THE PERSONS DESIGNATED AS PARTNERS, MEMBERS  OR  OWNERS  DOCUMENTING  AN
ALTERNATIVE DISTRIBUTION METHOD WITHOUT REGARD TO THEIR SHARING OF OTHER
TAX  OR  ECONOMIC ATTRIBUTES OF THE ENTITY, INCLUDING BUT NOT LIMITED TO
HOW THE FEDERAL LOW-INCOME  HOUSING  TAX  CREDIT  WITH  RESPECT  TO  THE
PROJECT IS ALLOCATED TO THE PARTNERS, MEMBERS OR OWNERS.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11071-01-1

co-Sponsors

2011-A7404A (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Public Housing Law
Laws Affected:
Amd §25, Pub Hous L

2011-A7404A (ACTIVE) - Summary

Provides that the low income housing tax credits shall be treated as overpayments of the applicable tax, to be credited or refunded.

2011-A7404A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7404--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               May 4, 2011
                               ___________

Introduced by M. of A. V. LOPEZ, WRIGHT -- read once and referred to the
  Committee  on  Housing  --  recommitted to the Committee on Housing in
  accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

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:

  Section 1. Paragraph (c) of subdivision 30 of section 210 of  the  tax
law is relettered paragraph (d) and a new paragraph (c) is added to read
as follows:
  (C)  TREATMENT  OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBDIVISION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED  OR
REFUNDED,  PROVIDED  THAT THE CREDITS: (1) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (2) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER  JANUARY  FIRST,  TWO  THOUSAND  TWELVE.  PROVIDED,
HOWEVER,  THAT  NOTWITHSTANDING  THE  PROVISIONS  OF  SUBSECTION  (C) OF
SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL  BE
PAID THEREON.
  S  2.  Paragraph  3 of subsection (x) of section 606 of the tax law is
renumbered paragraph 4 and a  new  paragraph  3  is  added  to  read  as
follows:
  (3)  TREATMENT  OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS
SUBSECTION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE  CREDITED  OR
REFUNDED  AS PROVIDED IN SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE,
PROVIDED THAT THE CREDITS: (I) HAVE AN ELIGIBILITY STATEMENT  ISSUED  BY
THE  COMMISSIONER  OF  HOUSING AND COMMUNITY RENEWAL PURSUANT TO ARTICLE
TWO-A OF THE PUBLIC HOUSING LAW, AND (II) ARE AVAILABLE PURSUANT TO  LAW

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11071-03-2

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