Assembly Bill A5385

2019-2020 Legislative Session

Relates to the definition of qualified historic home for the purposes of the historic homeownership rehabilitation credit

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2019-A5385 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A9987

2019-A5385 (ACTIVE) - Summary

Relates to the definition of qualified historic home for the purposes of the historic homeownership rehabilitation credit; adds cities with a population of less than one million with a poverty rate of greater than 25% in the federal census of 2010 to the definition of qualified historic home as an alternative to such home being located in a targeted area residence or within a certain census tract.

2019-A5385 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5385
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 11, 2019
                                ___________
 
 Introduced  by  M. of A. RYAN -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to the definition of  qualified
   historic home for the purposes of the historic homeownership rehabili-
   tation credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (A) of  paragraph  5  of  subsection  (pp)  of
 section 606 of the tax law, as added by chapter 547 of the laws of 2006,
 clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
 read as follows:
   (A)  The  term  "qualified  historic home" means, for purposes of this
 subsection, a certified  historic  structure  located  within  New  York
 state:
   (i) which has been substantially rehabilitated,
   (ii)  which,  or  any portion of which, is owned, in whole or part, by
 the taxpayer,
   (iii) in which the taxpayer resides during the taxable year  in  which
 the taxpayer is allowed a credit under this subsection, and
   (iv) (1) which is in whole or in part a targeted area residence within
 the meaning of section 143(j) of the internal revenue code or is located
 within  a  census  tract  which  is  identified as being at or below one
 hundred percent of the state median family income  in  the  most  recent
 federal census, OR
   (2)  WHICH  IS  LOCATED  IN  A CITY WITH A POPULATION OF LESS THAN ONE
 MILLION WITH A POVERTY RATE GREATER  THAN  TWENTY-FIVE  PERCENT  IN  THE
 FEDERAL CENSUS OF TWO THOUSAND TEN.
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06310-01-9

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