senate Bill S757

2011-2012 Legislative Session

Expands the New York state low income housing tax credit program to certain one to four family residences

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Sponsored By

Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to housing, construction and community development
Jan 05, 2011 referred to housing, construction and community development

S757 - Details

Current Committee:
Law Section:
Public Housing Law
Laws Affected:
Amd ยงยง21, 22 & 23, Pub Hous L
Versions Introduced in 2009-2010 Legislative Session:
S4808

S757 - Summary

Expands the New York state low income housing tax credit program to certain one to four family residences, including a cooperative or a condominium unit.

S757 - Sponsor Memo

S757 - Bill Text download pdf

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

                                   757

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 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 expanding the New
  York  state  low  income  housing tax credit program to certain one to
  four family residences

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

  Section  1.   Subdivisions 6 and 7 of section 21 of the public housing
law, as added by section 1 of part CC of chapter 63 of the laws of 2000,
are amended and four new subdivisions 8, 9, 10 and 11 are added to  read
as follows:
  6.  "Qualified  basis"  of  an  eligible low-income building means the
qualified basis of such building determined under section 42(c)  of  the
internal  revenue  code, or which would be determined under such section
if the 40-90 test specified in paragraph (b) of subdivision five of this
section applied under such section 42 to determine if such building were
part of a qualified low-income housing project OR IN THE CASE OF A QUAL-
IFIED RESIDENCE, MEANS ITS ADJUSTED BASIS (EXCLUDING  LAND)  IMMEDIATELY
BEFORE THE SALE OF SUCH RESIDENCE.
  7.  References  in this article to [section] SECTIONS 5, 42 AND 143 of
the internal revenue code shall mean such section as amended  from  time
to time.
  8. "QUALIFIED RESIDENCE" MEANS ANY RESIDENCE
  (A) WHICH IS LOCATED:
  (I)  IN  A CENSUS TRACT WHICH HAS A MEDIAN GROSS INCOME WHICH DOES NOT
EXCEED EIGHTY PERCENT OF THE GREATER OF AREA OR STATEWIDE  MEDIAN  GROSS
INCOME, AS DETERMINED BY SECTION 143 OF THE INTERNAL REVENUE CODE,
  (II) IN A RURAL AREA (DEFINED UNDER SECTION 520 OF THE FEDERAL HOUSING
ACT OF 1949),

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

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