S T A T E   O F   N E W   Y O R K
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                                  4844

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 9, 2015
                               ___________

Introduced  by  M. of A. ENGLEBRIGHT, TITONE, CAHILL, RIVERA, BENEDETTO,
  MARKEY -- Multi-Sponsored by -- M. of A. AUBRY, COOK,  PEOPLES-STOKES,
  PERRY, ROBINSON, SCHIMEL -- read once and referred to the Committee on
  Ways and Means

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 FIFTEEN, 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
                      [ ] is old law to be omitted.
                                                           LBD08455-01-5