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

                                 6943--A

                            I N  S E N A T E

                              March 8, 2016
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government  Operations  -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in relation to providing a tax  credit  for
  universal   visitability;   and  providing  for  the  repeal  of  such
  provisions upon the expiration thereof

  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 JANUARY FIRST, TWO THOUSAND SEVENTEEN, UNTIL DECEMBER
THIRTY-FIRST, TWO THOUSAND TWENTY-ONE, A TAXPAYER  SHALL  BE  ALLOWED  A
CREDIT  AGAINST  THE  TAX  IMPOSED  BY THIS ARTICLE FOR A PORTION OF THE
TOTAL PURCHASE PRICE PAID BY SUCH TAXPAYER  FOR  A  PRINCIPAL  RESIDENCE
ATTRIBUTABLE TO UNIVERSAL VISITABILITY OR THE TOTAL AMOUNT EXPENDED BY A
TAXPAYER   TO  RETROFIT  AN  EXISTING  PRINCIPAL  RESIDENCE  TO  ACHIEVE
UNIVERSAL VISITABILITY PROVIDED THAT  THE  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 ADMINISTRATION WITHIN THE DEPARTMENT OF
STATE. FOR THE PURPOSE OF THIS  SUBSECTION,  PRINCIPAL  RESIDENCE  SHALL
MEAN  SUCH  RESIDENCE  PURSUANT TO SECTION ONE HUNDRED TWENTY-ONE OF THE
INTERNAL REVENUE CODE.
  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.

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

                                                           LBD02817-08-6

S. 6943--A                          2

  3.  NO  CREDIT  SHALL  BE ALLOWED UNDER THIS SECTION FOR THE PURCHASE,
RETROFITTING OR RENOVATION OF RESIDENTIAL RENTAL PROPERTY.
  4.  IF  THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED  OVER
TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
TAX FOR SUCH YEAR OR YEARS.
  5. ELIGIBLE TAXPAYERS SHALL APPLY FOR THE CREDIT BY MAKING APPLICATION
TO THE DIVISION  OF  CODE  ENFORCEMENT  AND  ADMINISTRATION  WITHIN  THE
DEPARTMENT OF STATE. THE DIVISION OF CODE ENFORCEMENT AND ADMINISTRATION
WITHIN  THE  DEPARTMENT  OF  STATE  SHALL  ISSUE  A CERTIFICATION FOR AN
APPROVED APPLICATION TO THE TAXPAYER.  THE  TAXPAYER  SHALL  SUBMIT  THE
CERTIFICATION TOGETHER WITH THEIR PERSONAL INCOME RETURN.
  6.  (A)  THE  AGGREGATE  AMOUNT OF TAX CREDITS ALLOWED PURSUANT TO THE
AUTHORITY OF THIS SUBSECTION SHALL BE  ONE  MILLION  DOLLARS  EACH  YEAR
DURING   THE   PERIOD   TWO  THOUSAND  SEVENTEEN  THROUGH  TWO  THOUSAND
TWENTY-ONE. SUCH AGGREGATE AMOUNTS OF CREDITS SHALL BE ALLOCATED BY  THE
DEPARTMENT  OF STATE AMONG TAXPAYERS IN ORDER OF PRIORITY BASED UPON THE
DATE OF FILING AN APPLICATION FOR ALLOCATION OF CREDIT WITH THE DIVISION
OF CODE ENFORCEMENT AND ADMINISTRATION. IF THE TOTAL AMOUNT OF ALLOCATED
CREDITS APPLIED FOR IN ANY PARTICULAR YEAR EXCEEDS THE AGGREGATE  AMOUNT
OF  TAX  CREDITS  ALLOWED  FOR SUCH YEAR UNDER THIS SECTION, SUCH EXCESS
SHALL BE TREATED AS HAVING BEEN APPLIED FOR ON  THE  FIRST  DAY  OF  THE
SUBSEQUENT YEAR.
  (B)  THE  SECRETARY  OF STATE, AFTER CONSULTING WITH THE COMMISSIONER,
SHALL PROMULGATE  REGULATIONS  BY  OCTOBER  THIRTY-FIRST,  TWO  THOUSAND
SIXTEEN  TO  ESTABLISH  PROCEDURES  FOR THE ALLOCATION OF TAX CREDITS AS
REQUIRED BY THIS SUBPARAGRAPH. SUCH RULES AND REGULATIONS SHALL  INCLUDE
PROVISIONS  DESCRIBING  THE  APPLICATION  PROCESS, THE DUE DAYS FOR SUCH
APPLICATIONS, THE STANDARDS WHICH SHALL BE USED TO EVALUATE THE APPLICA-
TIONS, THE DOCUMENTATION THAT WILL BE PROVIDED TO TAXPAYERS TO  SUBSTAN-
TIATE  TO  THE  DEPARTMENT  THE  AMOUNT OF TAX CREDITS ALLOCATED TO SUCH
TAXPAYERS, AND SUCH OTHER PROVISIONS AS DEEMED NECESSARY  AND  APPROPRI-
ATE.  NOTWITHSTANDING  ANY OTHER PROVISIONS TO THE CONTRARY IN THE STATE
ADMINISTRATIVE PROCEDURE ACT, SUCH RULES AND REGULATIONS MAY BE  ADOPTED
ON  AN  EMERGENCY  BASIS IF NECESSARY TO MEET SUCH OCTOBER THIRTY-FIRST,
TWO THOUSAND SIXTEEN DEADLINE.
  7. THE DEPARTMENT OF STATE SHALL SUBMIT TO THE GOVERNOR, THE TEMPORARY
PRESIDENT OF THE SENATE, AND THE SPEAKER  OF  THE  ASSEMBLY,  AN  ANNUAL
REPORT  TO  BE  SUBMITTED  BY FEBRUARY FIRST OF EACH YEAR EVALUATING THE
EFFECTIVENESS OF THE UNIVERSAL VISITABILITY TAX CREDIT PROVIDED BY  THIS
SECTION.  SUCH REPORT SHALL BE BASED ON DATA AVAILABLE FROM THE APPLICA-
TION FILED WITH THE DIVISION OF CODE ENFORCEMENT AND ADMINISTRATION  FOR
UNIVERSAL  VISITABILITY CREDITS. NOTWITHSTANDING ANY PROVISION OF LAW TO
THE CONTRARY, THE INFORMATION CONTAINED IN THE REPORT  SHALL  BE  PUBLIC
INFORMATION.  THE REPORT MAY ALSO INCLUDE ANY RECOMMENDATIONS OF CHANGES
IN THE CALCULATION OR ADMINISTRATION OF THE CREDIT, AND ANY OTHER RECOM-
MENDATION OF THE COMMISSIONER OF THE DEPARTMENT OF STATE OR THE DIVISION
OF CODE ENFORCEMENT AND ADMINISTRATION  REGARDING  CONTINUING  MODIFICA-
TION,  REPEAL  OF SUCH ACT, AND SUCH OTHER INFORMATION REGARDING THE ACT
AS THE DIVISION MAY FEEL USEFUL AND APPROPRIATE.
  S 2. This act shall take effect immediately and shall  expire  and  be
deemed repealed December 31, 2021.