Senate Bill S7683B

2017-2018 Legislative Session

Relates to the New York state low-income housing tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance 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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Actions
Votes

Bill Amendments

co-Sponsors

2017-S7683 - Details

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

2017-S7683 - Summary

Relates to the New York state low-income housing tax credit.

2017-S7683 - Sponsor Memo

2017-S7683 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7683
 
                             I N  S E N A T E
 
                             February 8, 2018
                                ___________
 
 Introduced by Sens. YOUNG, LITTLE -- read twice and ordered printed, and
   when printed to be committed to the Committee on Housing, Construction
   and Community Development
 
 AN  ACT  to  amend  the  public housing law, in relation to the New York
   state low-income housing tax credit program
 
   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.  AS  OF JUNE FIRST, TWO THOUSAND EIGHTEEN, THE CREDITS ALLOWED TO A
 PARTNERSHIP, LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP OR  MULTI-
 PLE OWNERS OF PROPERTY SHALL BE PASSED THROUGH TO THE PERSONS DESIGNATED
 AS  PARTNERS,  MEMBERS OR OWNERS PURSUANT 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 ENTITY, 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.
                                                            LBD14668-01-8



              

co-Sponsors

2017-S7683A - Details

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

2017-S7683A - Summary

Relates to the New York state low-income housing tax credit.

2017-S7683A - Sponsor Memo

2017-S7683A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7683--A
 
                             I N  S E N A T E
 
                             February 8, 2018
                                ___________
 
 Introduced by Sens. YOUNG, LITTLE -- read twice and ordered printed, and
   when printed to be committed to the Committee on Housing, Construction
   and  Community  Development  --  committee  discharged,  bill amended,
   ordered reprinted as amended and recommitted to said committee
 
 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.
                                                            LBD14668-02-8



              

co-Sponsors

2017-S7683B (ACTIVE) - Details

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

2017-S7683B (ACTIVE) - Summary

Relates to the New York state low-income housing tax credit.

2017-S7683B (ACTIVE) - Sponsor Memo

2017-S7683B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7683--B
 
                             I N  S E N A T E
 
                             February 8, 2018
                                ___________
 
 Introduced by Sens. YOUNG, LITTLE -- read twice and ordered printed, and
   when printed to be committed to the Committee on Housing, Construction
   and  Community  Development  --  committee  discharged,  bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT to amend the public housing law, in  relation  to  the  New  York
   state low-income housing tax credit program
 
   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. AS OF APRIL FIRST, TWO THOUSAND EIGHTEEN, THE CREDITS ALLOWED TO  A
 TAXPAYER  PURSUANT  TO  SECTION TWENTY-TWO OF THIS ARTICLE MAY BE TRANS-
 FERRED, SOLD OR ASSIGNED TO ANY OTHER PARTY WITHOUT REGARD  TO  HOW  THE
 FEDERAL  LOW-INCOME  HOUSING  TAX  CREDIT WITH RESPECT TO THE LOW-INCOME
 BUILDING IS ALLOCATED; PROVIDED HOWEVER, PRIOR TO SUCH TRANSFER, SALE OR
 ASSIGNMENT, SUCH TAXPAYER SHALL SUBMIT TO THE COMMISSIONER  A  STATEMENT
 WHICH  DESCRIBES  THE  AMOUNT  OF  THE LOW-INCOME HOUSING TAX CREDIT FOR
 TRANSFER, SALE OR ASSIGNMENT, THE PROPOSED RECIPIENT OF THE  CREDIT  AND
 ANY OTHER INFORMATION REQUIRED BY THE COMMISSIONER.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14668-04-8



              

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