assembly Bill A10668

2017-2018 Legislative Session

Relates to a pilot program providing a tax credit for universal visitability

download bill text pdf

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Archive: Last Bill Status - Passed Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 30, 2018 referred to investigations and government operations
delivered to senate
passed assembly
May 24, 2018 advanced to third reading cal.968
May 22, 2018 reported
May 10, 2018 referred to ways and means

Co-Sponsors

A10668 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7537
2015-2016: A1276, A9303
2019-2020: A2493

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.

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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