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Senate Bill S1663

2011-2012 Legislative Session

Provides for a tax credit for providing shelter to a homeless person 62 years of age or older

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2011-S1663 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S143

2011-S1663 (ACTIVE) - Summary

Provides for a tax credit against personal income tax of $1000 for each homeless person, aged 62 years or older, that the taxpayer provides shelter to the taxpayer's home; the taxpayer must also provide room and board for not less than one year to receive the credit.

2011-S1663 (ACTIVE) - Sponsor Memo

2011-S1663 (ACTIVE) - Bill Text download pdf 

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

                                  1663

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 11, 2011
                               ___________

Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in  relation  to  providing  for  a  credit
  against personal income tax for sheltering a homeless person sixty-two
  years of age or older

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

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (o-1) to read as follows:
  (O-1)  SHELTERING HOMELESS PERSON CREDIT. (1) FOR TAXABLE YEARS BEGIN-
NING ON OR AFTER TWO THOUSAND ELEVEN, A  TAXPAYER  SHALL  BE  ALLOWED  A
CREDIT,  TO  BE  CREDITED AGAINST THE TAX IMPOSED BY THIS ARTICLE, AFTER
ALLOWANCE OF ANY OTHER CREDIT PROVIDED UNDER THIS SECTION AND ANY  CRED-
ITS  PERMITTED UNDER SECTIONS SIX HUNDRED TWENTY, SIX HUNDRED TWENTY-ONE
AND SIX HUNDRED THIRTY-FIVE OF THIS ARTICLE. THE AMOUNT  OF  THE  CREDIT
SHALL  BE  ONE THOUSAND DOLLARS FOR EACH HOMELESS PERSON SIXTY-TWO YEARS
OF AGE OR OLDER WHOM THE TAXPAYER SHELTERS IN HIS OR HER HOME, PROVIDING
ROOM AND BOARD, DURING THE TAXABLE YEAR,  PROVIDED  THAT  SUCH  HOMELESS
PERSON  SHALL  HAVE BEEN SHELTERED BY THE TAXPAYER FOR NOT LESS THAN ONE
YEAR.
  (2) IN NO EVENT SHALL THE AMOUNT OF THE CREDIT PROVIDED  FOR  IN  THIS
SUBSECTION  BE  ALLOWED  IN  EXCESS OF THE TAXPAYER'S TAX FOR SUCH YEAR.
HOWEVER,  IF  THE  AMOUNT  OF  CREDIT  OTHERWISE  ALLOWABLE  UNDER  THIS
SUBSECTION  FOR  ANY  TAXABLE  YEAR  RESULTS  IN SUCH EXCESS AMOUNT, ANY
AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER
TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM  THE  TAXPAYER'S
TAX FOR SUCH YEAR OR YEARS.
  (3)  FOR PURPOSES OF THIS SUBSECTION, "HOMELESS PERSON" SHALL HAVE THE
MEANING PRESCRIBED IN SUBDIVISION TWO OF SECTION FORTY-TWO OF THE SOCIAL
SERVICES LAW, PROVIDED THAT SUCH PERSON IS SIXTY-TWO  YEARS  OF  AGE  OR
OLDER.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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