senate Bill S3848A

2013-2014 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 - Passed Senate


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

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Actions

view actions (19)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 11, 2014 referred to housing
delivered to assembly
passed senate
Jun 09, 2014 advanced to third reading
Jun 03, 2014 2nd report cal.
Jun 02, 2014 1st report cal.1069
May 13, 2014 reported and committed to finance
Jan 22, 2014 print number 3848a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
returned to senate
died in assembly
Jun 13, 2013 referred to housing
delivered to assembly
passed senate
Jun 12, 2013 ordered to third reading cal.1331
committee discharged and committed to rules
May 21, 2013 reported and committed to finance
Feb 22, 2013 referred to investigations and government operations

Votes

view votes

Jun 2, 2014 - Finance committee Vote

S3848A
31
2
committee
31
Aye
2
Nay
4
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 13, 2014 - Investigations and Government Operations committee Vote

S3848A
7
0
committee
7
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 13, 2014

aye wr (2)

Jun 17, 2013 - Rules committee Vote

S3848
22
0
committee
22
Aye
0
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show committee vote details

Jun 12, 2013 - Rules committee Vote

S3848
22
0
committee
22
Aye
0
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show committee vote details

May 21, 2013 - Investigations and Government Operations committee Vote

S3848
8
0
committee
8
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 21, 2013

aye wr (1)

Bill Amendments

Original
A (Active)
Original
A (Active)

S3848 - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A7404A, S4758C

S3848 - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S3848

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, 2013, 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, 2013. 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, 2013. Furthermore, in
order to obtain treatment as a refundable credit for these taxes, a
project must have received an eligibility statement from the
commissioner of housing and community renewal pursuant to article
two-A of the public housing law.

JUSTIFICATION:

Tax credit programs are widely seen as the primary mechanism for
successfully producing and preserving affordable rental housing. As a
result of the recent financial crisis, state and federal tax credit
programs have been disrupted, as is the case in New York. The problem
has been further exacerbated in New York where the state tax credit is
less marketable, unlike the case in many other states.

New York's low income housing credit tax program was established in
2000 pursuant to Article 2-A of the Public Housing Law and was
designed to encourage the development of low income housing.
Refundable housing tax credits are more desirable than non refundable
credits and would work to create a greater demand in the marketplace.
This bill would permit investors to obtain a broader class of
investors including banks, corporations, and insurance companies and
would create additional demand on the market for state tax credits.
This demand would drive up pricing among investors as pricing as
competition is increased. This would translate into greater private
investment in affordable housing which will help drive housing
development within the state.

LEGISLATIVE HISTORY: S. 4758-C-2012 passed Senate /S.
4768-B-2011-Senate 3rd reading calendar.

FISCAL IMPLICATIONS:None.


EFFECTIVE DATE: This act shall take effect immediately.

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

                                  3848

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 22, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- 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  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  THIRTEEN.    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
ENACTED  AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN.  PROVIDED, HOWEVER,
THAT NO INTEREST SHALL BE PAID THEREON.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05122-01-3

S. 3848                             2

  S 3. Paragraph 3 of subsection (1) of section 1456 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,  PROVIDED  THAT THE CREDITS: (A) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (B) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  THIRTEEN.    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  4. Paragraph 3 of subdivision (n) of section 1511 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
SUBDIVISION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED  OR
REFUNDED,  PROVIDED  THAT THE CREDITS: (A) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (B) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  THIRTEEN.    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  5.  This  act  shall take effect immediately and shall apply to tax
years commencing on or after January 1, 2013.

S3848A (ACTIVE) - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A7404A, S4758C

S3848A (ACTIVE) - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S3848A

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, 2013, 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, 2014. 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, 2014. 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, 2014. Furthermore, in
order to obtain treatment as a refundable credit for these taxes, a
project must have received an eligibility statement from the
commissioner of housing and community renewal pursuant to article
two-A of the public housing law.

JUSTIFICATION:

Tax credit programs are widely seen as the primary mechanism for
successfully producing and preserving affordable rental housing. As a
result of the recent financial crisis, state and federal tax credit
programs have been disrupted, as is the case in New York. The problem
has been further exacerbated in New York where the state tax credit is
less marketable, unlike the case in many other States.

New York's low income housing credit tax program was established in
2000 pursuant to Article 2-A of the Public Housing Law and was
designed to encourage the development of low income housing.
Refundable housing tax credits are more desirable than non refundable
credits and would work to create a greater demand in the marketplace.
This bill would permit investors to obtain a broader class of
investors including banks, corporations, and insurance companies and
would create additional demand on the market for state tax credits.
This demand would drive up pricing among investors as pricing as
competition is increased. This would translate into greater private
investment in affordable housing which will help drive housing
development within the state.

LEGISLATIVE HISTORY:


2013: S.3848 Passed the Senate
2012: S.4738-C Passed the Senate
2011: S.4768-B Advanced to third reading

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3848--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 22, 2013
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  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 FOURTEEN.  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.
                                                           LBD05122-02-4

S. 3848--A                          2

ENACTED AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN.  PROVIDED,  HOWEVER,
THAT NO INTEREST SHALL BE PAID THEREON.
  S  3.  Paragraph 3 of subsection (1) of section 1456 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,  PROVIDED  THAT THE CREDITS: (A) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (B) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  FOURTEEN.    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  4. Paragraph 3 of subdivision (n) of section 1511 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
SUBDIVISION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED  OR
REFUNDED,  PROVIDED  THAT THE CREDITS: (A) HAVE AN ELIGIBILITY STATEMENT
ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT  TO
ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, AND (B) ARE AVAILABLE PURSUANT
TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND  FOURTEEN.    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  5.  This  act  shall take effect immediately and shall apply to tax
years commencing on or after January 1, 2014.

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