Assembly Bill A1276

Vetoed By Governor
2015-2016 Legislative Session

Relates to a tax credit for visitability

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S2967 - Vetoed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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2015-A1276 (ACTIVE) - Details

See Senate Version of this Bill:
S2967
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2015-2016 Legislative Session:
A1276, A9303, S2967, S6943

2015-A1276 (ACTIVE) - Summary

Relates to a credit for purchase, construction or retrofitting of a principal residence to achieve universal visitability pursuant to standards adopted by the division of housing and community renewal.

2015-A1276 (ACTIVE) - Bill Text download pdf

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

                                  1276

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             January 9, 2015
                               ___________

Introduced  by M. of A. LAVINE, STIRPE -- Multi-Sponsored by -- M. of A.
  McDONALD, SCHIMEL -- read once and referred to the Committee  on  Ways
  and Means

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  universal visitability

  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 (ccc) to read as follows:
  (CCC) UNIVERSAL VISITABILITY TAX CREDIT. 1. FOR TAXABLE  YEARS  BEGIN-
NING ON OR AFTER APRIL FIRST, TWO THOUSAND SEVENTEEN, A RESIDENT TAXPAY-
ER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR
A PORTION OF THE TOTAL PURCHASE PRICE PAID BY SUCH RESIDENT TAXPAYER FOR
A  NEW PRINCIPAL RESIDENCE ATTRIBUTABLE TO UNIVERSAL VISITABILITY OR THE
TOTAL AMOUNT EXPENDED BY A RESIDENT TAXPAYER  TO  RETROFIT  AN  EXISTING
PRINCIPAL  RESIDENCE TO ACHIEVE UNIVERSAL VISITABILITY PROVIDED THAT THE
NEW PRINCIPAL RESIDENCE OR THE RETROFITTING OF  THE  EXISTING  PRINCIPAL
RESIDENCE IS LOCATED WITHIN THIS STATE AND DESIGNED TO PROVIDE UNIVERSAL
VISITABILITY AS DEFINED THROUGH THE ELIGIBILITY REQUIREMENTS ESTABLISHED
BY GUIDELINES DEVELOPED BY THE DIVISION OF CODE ENFORCEMENT AND ADMINIS-
TRATION WITHIN THE DEPARTMENT OF STATE.
  2. THE CREDIT SHALL BE ALLOWED FOR THE TAXABLE YEAR IN WHICH THE RESI-
DENCE  HAS  BEEN  PURCHASED OR CONSTRUCTED, OR THE RETROFITTING OR RENO-
VATION OF THE RESIDENCE OR RESIDENTIAL  UNIT  HAS  BEEN  COMPLETED.  THE
CREDIT  ALLOWED  UNDER  THIS  SECTION  SHALL NOT EXCEED (I) TWENTY-SEVEN
HUNDRED FIFTY DOLLARS FOR THE PURCHASE OF A NEW RESIDENCE, OR (II) FIFTY
PERCENT OF THE TOTAL AMOUNT EXPENDED, BUT  NOT  TO  EXCEED  TWENTY-SEVEN
HUNDRED  FIFTY DOLLARS FOR THE RETROFITTING OR RENOVATION OF EACH EXIST-
ING RESIDENCE OR UNIT.
  3. NO CREDIT SHALL BE ALLOWED UNDER THIS  SECTION  FOR  THE  PURCHASE,
RETROFITTING OR RENOVATION OF RESIDENTIAL RENTAL PROPERTY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02817-01-5
              

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