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Assembly Bill A8878

2017-2018 Legislative Session

Relates to establishing a fund for the creation of affordable housing

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Archive: Last Bill Status - Stricken

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2017-A8878 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Add §630-f, Tax L; add §99-bb, St Fin L

2017-A8878 (ACTIVE) - Summary

Establishes a fund for the creation of affordable housing for veterans and seniors.

2017-A8878 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8878
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             December 22, 2017
                                ___________
 
 Introduced by M. of A. HARRIS -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend the tax law and the state finance law, in relation to
   gifts to the affordable housing for veterans and seniors fund
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  tax  law is amended by adding a new section 630-f to
 read as follows:
   § 630-F. GIFT FOR THE CREATION OF AFFORDABLE HOUSING FOR VETERANS  AND
 SENIORS.  EFFECTIVE  FOR  ANY  TAX  YEAR  COMMENCING ON OR AFTER JANUARY
 FIRST, TWO THOUSAND EIGHTEEN, AN INDIVIDUAL   IN ANY  TAXABLE  YEAR  MAY
 ELECT  TO  CONTRIBUTE TO THE AFFORDABLE HOUSING FOR VETERANS AND SENIORS
 (A.H.V.S.)  FUND. SUCH CONTRIBUTION SHALL BE IN ANY WHOLE DOLLAR  AMOUNT
 AND  SHALL  NOT  REDUCE THE AMOUNT OF STATE TAX OWED BY SUCH INDIVIDUAL.
 THE COMMISSIONER SHALL INCLUDE SPACE ON THE PERSONAL INCOME  TAX  RETURN
 TO  ENABLE  A  TAXPAYER  TO MAKE SUCH CONTRIBUTION.  NOTWITHSTANDING ANY
 OTHER PROVISION OF LAW ALL REVENUES COLLECTED PURSUANT TO  THIS  SECTION
 SHALL  BE CREDITED TO THE A.H.V.S. FUND AND USED ONLY FOR THOSE PURPOSES
 ENUMERATED IN SECTION NINETY-NINE-BB OF THE STATE FINANCE LAW.
   § 2. The state finance law is amended by adding a new section 99-bb to
 read as follows:
   § 99-BB. AFFORDABLE HOUSING FOR VETERANS AND SENIORS FUND. 1.    THERE
 IS  HEREBY ESTABLISHED IN THE JOINT CUSTODY OF THE COMMISSIONER OF TAXA-
 TION AND FINANCE, THE NEW YORK STATE DIRECTOR OF  VETERANS  AFFAIRS  AND
 THE  COMPTROLLER,  A SPECIAL FUND TO BE KNOWN AS THE "AFFORDABLE HOUSING
 FOR VETERANS AND SENIORS FUND".
   2. THE AFFORDABLE HOUSING FOR VETERANS AND SENIORS FUND SHALL  CONSIST
 OF  ALL  MONEYS  RECEIVED  BY  THE STATE PURSUANT TO SECTION SIX HUNDRED
 THIRTY-F OF THE TAX LAW. SUCH AMOUNTS DEPOSITED SHALL BE CREDITED SOLELY
 TO THE AFFORDABLE HOUSING FOR VETERANS AND SENIORS FUND.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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