Assembly Bill A10361

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10361
 
                           I N  A S S E M B L Y
 
                              April 29, 2020
                                ___________
 
 Introduced by M. of A. MOSLEY -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT to amend the tax law, in relation to providing a COVID-19 relief
   tax credit to certain renters and residential rental property  owners;
   and providing for the repeal of such provisions upon expiration there-
   of
 
   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 (kkk) to read as follows:
   (KKK)  COVID-19  HOUSING RELIEF CREDIT. (1) A QUALIFIED TAXPAYER SHALL
 BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE IN AN AMOUNT
 EQUAL TO ONE THOUSAND FIVE HUNDRED DOLLARS FOR THE TWO  THOUSAND  TWENTY
 TAXABLE  YEAR AND SEVEN HUNDRED FIFTY DOLLARS FOR THE TWO THOUSAND TWEN-
 TY-ONE TAXABLE YEAR.
   (2) FOR THE PURPOSE OF THIS SUBSECTION:
   (A) "QUALIFIED TAXPAYER" SHALL MEAN:
   (I) A TAXPAYER WHO IS A TENANT WITH AN ANNUAL INCOME  BETWEEN  TWENTY-
 FIVE  AND  SEVENTY-FIVE  THOUSAND  DOLLARS  WHOSE PRIMARY RESIDENCE IS A
 RESIDENTIAL RENTAL UNIT WITH AN AVERAGE MONTHLY  RENT  OF  TWO  THOUSAND
 FIVE HUNDRED DOLLARS OR LESS, NOT INCLUDING THE COST OF UTILITIES;
   (II)  A  TAXPAYER WITH AN ANNUAL INCOME BETWEEN TWENTY-FIVE AND SEVEN-
 TY-FIVE THOUSAND DOLLARS WHOSE PRIMARY RESIDENCE IS A RESIDENTIAL DWELL-
 ING UNIT IN PROPERTY HELD  IN COOPERATIVE OR CONDOMINIUM FORMS OF OWNER-
 SHIP WITH AN AVERAGE MONTHLY  MORTGAGE  PAYMENT  OF  TWO  THOUSAND  FIVE
 HUNDRED DOLLARS OR LESS; AND
   (III) A TAXPAYER:
   (I)  WITH  AN  ANNUAL  INCOME OF ONE HUNDRED FIFTY THOUSAND DOLLARS OR
 LESS;
   (II) WHO IS THE OWNER OF RESIDENTIAL RENTAL REAL  PROPERTY  THAT  SUCH
 TAXPAYER  IS  RESPONSIBLE  FOR,  AND  HAS  PAID, ALL REAL PROPERTY TAXES
 LEVIED ON SUCH RESIDENTIAL RENTAL REAL PROPERTY; AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD16246-01-0
              

 A. 10361                            2
 
   (III) HAS RECEIVED TWENTY PERCENT OR  LESS  OF  THE  TOTAL  RENT  SUCH
 TAXPAYER  WOULD  HAVE COLLECTED IF THE STATE DISASTER EMERGENCY DECLARED
 PURSUANT TO EXECUTIVE ORDER TWO HUNDRED TWO HAD NOT OCCURRED.
   (B) "TENANT" MEANS A PERSON OCCUPYING OR ENTITLED TO OCCUPY A RESIDEN-
 TIAL  RENTAL UNIT WHO IS EITHER A PARTY TO THE LEASE OR RENTAL AGREEMENT
 FOR SUCH PREMISES OR IS A STATUTORY TENANT  PURSUANT  TO  THE  EMERGENCY
 HOUSING  RENT CONTROL OR THE CITY RENT AND REHABILITATION LAW OR ARTICLE
 SEVEN-C OF THE MULTIPLE DWELLING LAW.
   (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.
   (4) THE COMMISSIONER SHALL HAVE THE AUTHORITY TO PROMULGATE SUCH RULES
 AND  REGULATIONS  AS  MAY BE NECESSARY FOR THE PROCESSING, DETERMINATION
 AND GRANTING OF CREDITS AND REFUNDS UNDER THIS SUBSECTION.
   § 2. This act shall take effect immediately and shall  expire  and  be
 deemed repealed January 1, 2023.