S T A T E   O F   N E W   Y O R K
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                                  8304

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 19, 2015
                               ___________

Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
  tee on Ways and Means

AN  ACT to amend the tax law, in relation to establishing a tenant asso-
  ciation tax credit

  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) TENANT ASSOCIATION TAX CREDIT.  (1) FOR TAXABLE YEARS  BEGINNING
ON  AND  AFTER  JANUARY FIRST, TWO THOUSAND FIFTEEN, A TAXPAYER WHO IS A
MEMBER OF A TENANT ASSOCIATION SHALL BE ALLOWED A CREDIT AGAINST THE TAX
IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE:
  (A) FIVE PERCENT OF THE TAXPAYER'S MONTHLY RENT FOR A TAXPAYER  LIVING
IN MARKET RATE HOUSING;
  (B)  TEN  PERCENT OF THE TAXPAYER'S MONTHLY RENT FOR A TAXPAYER LIVING
IN RENT REGULATED HOUSING; AND
  (C) FIFTEEN PERCENT OF THE TAXPAYER'S  MONTHLY  RENT  FOR  A  TAXPAYER
LIVING IN PUBLIC HOUSING.
  (2)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
TAXABLE YEAR SHALL EXCEED THE QUALIFIED TAXPAYER'S TAX  FOR  SUCH  YEAR,
THE  EXCESS  SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR
REFUNDED IN ACCORDANCE WITH SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI-
CLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2015.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11556-01-5