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Assembly Bill A888

2017-2018 Legislative Session

Provides personal income tax credits for cold war veterans who own tangible real property

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Archive: Last Bill Status - In Assembly Committee

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2017-A888 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A7101
2011-2012: A652
2013-2014: A3773
2015-2016: A808

2017-A888 (ACTIVE) - Summary

Provides personal income tax credits for cold war veterans who own tangible real property.

2017-A888 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    888
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced  by  M.  of  A. GUNTHER, COLTON, HAWLEY, GRAF, STEC -- Multi-
   Sponsored by -- M.  of A. COOK, CROUCH, LOPEZ, PERRY -- read once  and
   referred to the Committee on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to providing personal income
   tax credits for cold war veterans who own tangible real property

   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 (e-3) to read as follows:
   (E-3) COLD WAR VETERAN'S TAX CREDIT. (1) FOR TAXABLE  YEARS  BEGINNING
 ON  JANUARY  FIRST,  TWO THOUSAND NINETEEN, A RESIDENT TAXPAYER WHO IS A
 COLD WAR VETERAN AS DEFINED IN  PARAGRAPH  (A)  OF  SUBDIVISION  ONE  OF
 SECTION FOUR HUNDRED FIFTY-EIGHT-B OF THE REAL PROPERTY TAX LAW SHALL BE
 ALLOWED  A  CREDIT  AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL TO TWO
 HUNDRED DOLLARS.
   (2) IF A TAXPAYER RECEIVES A REAL PROPERTY TAX EXEMPTION  RELATING  TO
 SUCH STATUS UNDER SECTION FOUR HUNDRED FIFTY-EIGHT-B OF THE REAL PROPER-
 TY TAX LAW, SUCH TAXPAYER SHALL NOT BE ELIGIBLE FOR THIS CREDIT.
   (3)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
 TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
 SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
 ARTICLE, PROVIDED HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02596-01-7

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