Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 17, 2016 |
referred to housing delivered to assembly passed senate |
May 03, 2016 |
advanced to third reading |
Apr 12, 2016 |
2nd report cal. |
Apr 11, 2016 |
1st report cal.579 |
Mar 08, 2016 |
reported and committed to finance |
Jan 22, 2016 |
print number 2277a |
Jan 22, 2016 |
amend and recommit to investigations and government operations |
Jan 06, 2016 |
referred to investigations and government operations returned to senate died in assembly |
Jun 09, 2015 |
referred to housing delivered to assembly passed senate |
Jun 01, 2015 |
advanced to third reading |
May 28, 2015 |
2nd report cal. |
May 27, 2015 |
1st report cal.901 |
May 05, 2015 |
reported and committed to finance |
Jan 22, 2015 |
referred to investigations and government operations |
Senate Bill S2277A
2015-2016 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
2015-S2277 - Details
2015-S2277 - Sponsor Memo
BILL NUMBER:S2277 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
2015-S2277 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2277 2015-2016 Regular Sessions I N S E N A T E January 22, 2015 ___________ 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 15 of section 210-B 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 FIFTEEN. 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 FIFTEEN. 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. LBD07553-01-5
2015-S2277A (ACTIVE) - Details
2015-S2277A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2277A 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, 2016, 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, 2016. 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
2015-S2277A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2277--A 2015-2016 Regular Sessions I N S E N A T E January 22, 2015 ___________ 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 15 of section 210-B 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 SIXTEEN. 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. LBD07553-02-6
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