Assembly Bill A10668

2017-2018 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-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
2021-2022: A3409

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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