|
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 |
| Jan 11, 2012 |
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 |
Senate Bill S4758
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2011-S4758 - Details
2011-S4758 - Sponsor Memo
BILL NUMBER:S4758
TITLE OF BILL:
An act
to amend the public housing law, in relation to federal low-income
housing credits
PURPOSE:
This bill would provide for the allocation of federal low income
housing tax credits among owners pursuant to an executed agreement.
SUMMARY OF PROVISIONS:
This bill would amend section 25 of the public housing law, relating
to the co-ordination of federal low income housing tax credits with
the state low income housing tax credit program to allow a pass
through of the credit to persons designated, members, or owners
pursuant to a written agreement among the persons designated as
partners, members or owners, which agreement documents an alternative
distribution method without regard to sharing of other tax or
economic attributes of the entity, including how the federal low
income housing tax credit is allocated to the partners, members, or
owners.
JUSTIFICATION:
Tax credit programs are widely seen as the primary mechanism for
successfully producing and preserving affordable rental housing. As a
2011-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
2011-S4758A - Details
2011-S4758A - Sponsor Memo
BILL NUMBER:S4758A
TITLE OF BILL:
An act
to amend the public housing law, in relation to the New York State
low-income housing tax credit program
PURPOSE:
This bill would provide for the allocation of federal low income
housing tax credits among owners pursuant to an executed agreement.
SUMMARY OF PROVISIONS:
This bill would amend section 25 of the public housing law, relating
to the co-ordination of federal low income housing tax credits with
the state low income housing tax credit program to allow a pass
through of the credit to persons designated, members, or owners
pursuant to a written agreement among the persons designated as
partners, members or owners, which agreement documents an alternative
distribution method without regard to sharing of other tax or
economic attributes of the entity, including how the federal low
income housing tax credit is allocated to the partners, members, or
owners.
JUSTIFICATION:
Tax credit programs are widely seen as the primary mechanism for
successfully producing and preserving affordable rental housing. As a
2011-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
2011-S4758B - Details
2011-S4758B - Sponsor Memo
BILL NUMBER:S4758B
TITLE OF BILL:
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
PURPOSE:
This bill would convert the state low income housing tax credit to a
refundable tax credit to help stimulate low income housing investment
in the state.
SUMMARY OF PROVISIONS:
This bill would amend subdivision 30 of section 210 of the tax law to
provide that in tax years beginning after July first, two thousand
eleven, the corporate franchise low income housing tax credit and any
credit carryovers shall be treated as a refundable tax credit.
Paragraph 2 of subsection (x) of section 606 of the tax law to
provide a personal income refundable low income housing tax credit
for taxable years beginning after July 1, 2011. Paragraph 2 of
subsection (1) of section 1456 of the tax law is amended to convert
the existing low income housing tax credit to a refundable low income
housing tax credit for tax years subsequent to July 1, 2011.
Paragraph 2 of subdivision (n) of section 1511 of the tax law is
amended to convert the low income housing tax credit to a refundable
2011-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.
2011-S4758C (ACTIVE) - Details
2011-S4758C (ACTIVE) - Sponsor Memo
BILL NUMBER:S4758C REVISED 2/14/12
TITLE OF BILL: 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
PURPOSE: This bill would convert the state low income housing tax,
credit to a refundable tax credit to help stimulate low income housing
investment in the state.
SUMMARY OF PROVISIONS: This bill would amend subdivision 30 of
section 210 of the tax law to provide that for allocations of housing
tax credit made pursuant to law after January 1, 2012, the corporate
franchise low income housing tax credit shall be treated as a
refundable tax credit. Paragraph 3 of subsection(x) of section 606 of
the tax law is amended to convert the existing low income housing tax
credit to a refundable low income housing tax credit for allocations
of housing tax credit made after taxable years beginning after January
1, 2012. Paragraph 3 of subsection (1) of section 1456 of the tax law
is amended to convert the existing low income housing tax credit to a
refundable low income housing tax credit for allocations of credit
made subsequent to January 1, 2012. Paragraph 3 of subdivision (n) of
section 1511 of the tax law is amended to convert the low income
housing tax credit to a refundable tax credit for purposes of the
Insurance Franchise Tax for allocations of tax credit made after
January 1, 2012. Furthermore, in order to obtain treatment as a
2011-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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