Assembly Actions -
Senate Actions - UPPERCASE
|May 30, 2018||
referred to investigations and government operations
delivered to senate
|May 24, 2018||
advanced to third reading cal.968
|May 22, 2018||
|May 10, 2018||
referred to ways and means
Assembly Bill A10668
2017-2018 Legislative Session
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2017-A10668 (ACTIVE) - Details
2017-A10668 (ACTIVE) - Summary
Relates to a credit for purchase, construction or retrofitting of a principal residence to achieve universal visitability pursuant to guidelines developed by the division of code enforcement and administration within the department of state; caps tax credits awarded at 1 million dollars per year for 5 years.
2017-A10668 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10668 I N A S S E M B L Y May 10, 2018 ___________ Introduced by M. of A. LAVINE -- 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; and providing for the repeal of such provisions upon 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 (jjj) to read as follows: (JJJ) UNIVERSAL VISITABILITY TAX CREDIT. (1) FOR TAXABLE YEARS BEGIN- NING ON OR AFTER JANUARY FIRST, TWO THOUSAND NINETEEN, UNTIL DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-THREE, 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 PRINCIPAL RESIDENCE HAS BEEN PURCHASED OR CONSTRUCTED, OR THE RETROFIT- TING OR RENOVATION OF THE RESIDENCE OR RESIDENTIAL UNIT HAS BEEN COMPLETED, OR THE YEAR OF ALLOCATION TO THE TAXPAYER AS PROVIDED IN PARAGRAPH SEVEN OF THIS SUBSECTION. THE CREDIT ALLOWED UNDER THIS SUBSECTION SHALL NOT EXCEED (A) TWENTY-SEVEN HUNDRED FIFTY DOLLARS FOR THE PURCHASE OF A NEW RESIDENCE, OR (B) FIFTY PERCENT OF THE TOTAL AMOUNT EXPENDED, BUT NOT TO EXCEED TWENTY-SEVEN HUNDRED FIFTY DOLLARS FOR THE RETROFITTING OR RENOVATION OF EACH EXISTING RESIDENCE OR UNIT. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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