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Assembly Bill A9954

2017-2018 Legislative Session

Provides for an alternative distribution of the low-income housing tax credit to the partners of a partnership, members of a limited liability company and multiple owners

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Archive: Last Bill Status - In Assembly Committee

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2017-A9954 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Public Housing Law
Laws Affected:
Amd §25, Pub Hous L

2017-A9954 (ACTIVE) - Summary

Provides for alternate distribution of the low-income housing tax credit to the partners of a partnership, members of a limited liability company and multiple owners.

2017-A9954 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9954
 
                           I N  A S S E M B L Y
 
                             February 28, 2018
                                ___________
 
 Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
   Committee on Housing
 
 AN ACT to amend the public housing law, in relation to the allocation of
   the New York state low-income housing tax credit to partners,  limited
   liability company members and multiple owners
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 25 of the public housing law is amended by adding a
 new subdivision 3 to read as follows:
   3. ON AND AFTER JUNE FIRST, TWO THOUSAND EIGHTEEN, THE CREDITS ALLOWED
 PURSUANT TO THIS ARTICLE TO A  PARTNERSHIP,  LIMITED  LIABILITY  COMPANY
 TAXED  AS  A  PARTNERSHIP OR MULTIPLE OWNERS OF PROPERTY SHALL BE PASSED
 THROUGH TO THE PERSONS DESIGNATED AS PARTNERS, MEMBERS OR OWNERS  PURSU-
 ANT  TO  AN EXECUTED AGREEMENT AMONG THE PERSONS DESIGNATED AS PARTNERS,
 MEMBERS OR OWNERS DOCUMENTING AN ALTERNATIVE DISTRIBUTION METHOD WITHOUT
 REGARD TO THEIR SHARING OF OTHER TAX OR ECONOMIC ATTRIBUTES OF THE ENTI-
 TY, INCLUDING BUT NOT LIMITED TO HOW THE FEDERAL LOW-INCOME HOUSING  TAX
 CREDIT WITH RESPECT TO THE PROJECT IS ALLOCATED TO THE PARTNERS, MEMBERS
 OR OWNERS.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14668-03-8

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