senate Bill S4758C

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 -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (17)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 21, 2012 referred to ways and means
delivered to assembly
passed senate
Mar 12, 2012 advanced to third reading
Mar 07, 2012 2nd report cal.
Mar 06, 2012 1st report cal.306
Jan 18, 2012 reported and committed to finance
Jan 11, 2012 print number 4758c
amend (t) and recommit to housing, construction and community development
Jan 04, 2012 referred to housing, construction and community development
Jun 24, 2011 committed to rules
Jun 16, 2011 amended on third reading (t) 4758b
Jun 01, 2011 amended on third reading (t) 4758a
May 24, 2011 advanced to third reading
May 23, 2011 2nd report cal.
May 18, 2011 1st report cal.764
Apr 20, 2011 referred to housing, construction and community development

Votes

view votes

Mar 6, 2012 - Finance committee Vote

S4758C
25
0
committee
25
Aye
0
Nay
9
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Finance committee vote details

Jan 18, 2012 - Housing, Construction and Community Development committee Vote

S4758C
5
1
committee
5
Aye
1
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: Jan 18, 2012

nay (1)
aye wr (2)

May 18, 2011 - Housing, Construction and Community Development committee Vote

S4758
6
0
committee
6
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 18, 2011

aye wr (2)

S4758 - Details

See Assembly Version of this Bill:
A7404A
Law Section:
Tax Law
Laws Affected:
Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A7404A, S4758C

S4758 - Summary

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

S4758 - Sponsor Memo

S4758 - Bill Text download pdf

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

                                  4758

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 20, 2011
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community Development

AN  ACT  to amend the public housing law, in relation to federal low-in-
  come housing credits

  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.  ON  AND AFTER JUNE FIRST, TWO THOUSAND ELEVEN, THE CREDITS ALLOWED
TO A PARTNERSHIP, LIMITED LIABILITY COMPANY TAXED AS  A  PARTNERSHIP  OR
MULTIPLE  OWNERS  OF  PROPERTY  SHALL  BE  PASSED THROUGH TO THE PERSONS
DESIGNATED, 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 A 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.
                                                           LBD10736-01-1

S4758A - Details

See Assembly Version of this Bill:
A7404A
Law Section:
Tax Law
Laws Affected:
Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A7404A, S4758C

S4758A - Summary

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

S4758A - Sponsor Memo

S4758A - Bill Text download pdf

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

                                 4758--A
    Cal. No. 764

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 20, 2011
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community  Development  --  reported  favorably  from  said committee,
  ordered to first and  second  report,  ordered  to  a  third  reading,
  amended  and  ordered  reprinted,  retaining its place in the order of
  third reading

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.
                                                           LBD10736-02-1

S4758B - Details

See Assembly Version of this Bill:
A7404A
Law Section:
Tax Law
Laws Affected:
Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A7404A, S4758C

S4758B - Summary

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

S4758B - Sponsor Memo

S4758B - Bill Text download pdf

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

                                 4758--B
    Cal. No. 764

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 20, 2011
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community  Development  --  reported  favorably  from  said committee,
  ordered to first and  second  report,  ordered  to  a  third  reading,
  amended  and  ordered  reprinted,  retaining its place in the order of
  third reading -- again amended and ordered  reprinted,  retaining  its
  place in the order of third reading

AN  ACT  to  amend  the  tax  law, in relation to providing that the low
  income housing credit and any carryover thereof 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 (b) of subdivision 30 of section 210 of the tax
law, as added by section 3 of part CC of chapter 63 of the laws of 2000,
is amended to read as follows:
  (b) Application of credit. The credit and carryovers  of  such  credit
allowed  under  this  subdivision for any taxable year shall not, in the
aggregate, reduce the tax due for such year to less than the  higher  of
the  amounts  prescribed in paragraphs (c) and (d) of subdivision one of
this section. However, if the amount of credit  or  carryovers  or  such
credit,  or  both,  allowed  under this subdivision for any taxable year
reduces the tax to such amount, any amount of credit  or  carryovers  of
such credit thus not deductible in such taxable year may be carried over
to the following year or years and may be deducted from the tax for such
year or years.  FOR TAXABLE YEARS BEGINNING ON AND AFTER JULY FIRST, TWO
THOUSAND  ELEVEN,  THE CREDIT AND ANY CARRYOVERS OF SUCH CREDIT SHALL BE
TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORD-
ANCE  WITH  THE  PROVISIONS  OF  SECTION ONE THOUSAND EIGHTY-SIX OF THIS
CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF  SECTION
ONE  THOUSAND  EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST
SHALL BE PAID THEREON.

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

S4758C (ACTIVE) - Details

See Assembly Version of this Bill:
A7404A
Law Section:
Tax Law
Laws Affected:
Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A7404A, S4758C

S4758C (ACTIVE) - Summary

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

S4758C (ACTIVE) - Sponsor Memo

S4758C (ACTIVE) - Bill Text download pdf

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

                                 4758--C

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 20, 2011
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Housing, Construction  and
  Community  Development  --  reported  favorably  from  said committee,
  ordered to first and  second  report,  ordered  to  a  third  reading,
  amended  and  ordered  reprinted,  retaining its place in the order of
  third reading -- again amended and ordered  reprinted,  retaining  its
  place in the order of third reading -- recommitted to the Committee on
  Housing,  Construction  and  Community  Development in accordance with
  Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10736-06-2

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