NY State Senate Bill 2019-S8077

Senate Bill S8077

2019-2020 Legislative Session

Relates to adding certain properties to the definition of a qualified historic home for the historic homeownership rehabilitation credit

download bill text pdf

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 17, 2020	referred to budget and revenue

2019-S8077 (ACTIVE) - Details

Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S293
2023-2024: S224

2019-S8077 (ACTIVE) - Summary

Relates to adding certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.

2019-S8077 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8077

SPONSOR: MYRIE
 
TITLE OF BILL:

An act to amend the tax law, in relation to adding certain properties to
the definition of a qualified historic home for the historic homeowner-
ship rehabilitation credit

 
PURPOSE:

This bill expands the scope of the term "qualified historic home" to
include residences within "qualifying census tracts" located in cities
with a population greater than one million people and therefore subject
to the Homeowner Tax Credit.

 
SUMMARY OF PROVISIONS:

Section 1 amends clause (iv) of subparagraph (A) of paragraph 5 of
subsection (pp) of section 606 of the tax law to provide tax credits to
qualified historic homes that are located in cities with a population

greater than one million within a "Qualified Census Tract", defined as
any census tract (or equivalent geographic area defined by the Census
Bureau) in which at least 50% of households have an income less than 60%
of the Area Median Gross Income (AMGI).

 
EXISTING LAW:

Tax Law section 606(pp)(5)(iv).

 
JUSTIFICATION:

Many homeowners who live in New York City historic districts purchased
their homes at a time when the neighborhood was economically distressed,
and as a result of those homeowners remaining, these neighborhoods have
experienced exponential economic growth. As contributors to this growth,
longtime homeowners should benefit from available tax credits to improve
their homes, and the "Historic homeownership rehabilitation credit"
provides such an opportunity. As the "Historic homeownership rehabili-
tation credit" currently exists, however, longtime homeowners who have
had to withstand the forces of gentrification and displacement are not
eligible to take advantage of these tax credits.  This bill would adjust
the application criteria for "Historic homeownership rehabilitation
credit" to ensure that the homeowners who made their neighborhoods
attractive reap the benefits of their stability and investment.

 
LEGISLATIVE HISTORY:

This provision of the law was last amended by section 3-a of part U of
chapter 59 of the Laws of 2019.

 
FISCAL IMPLICATIONS:

To be determined.

 
LOCAL FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act has immediate effect and shall apply to taxable years beginning
on and after January 1, 2020.

2019-S8077 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8077
 
                             I N  S E N A T E
 
                              March 17, 2020
                                ___________
 
 Introduced  by  Sen.  MYRIE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to adding certain properties to
   the definition of a qualified historic home for the historic  homeown-
   ership rehabilitation credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Clause  (iv)  of  subparagraph  (A)  of  paragraph  5  of
 subsection (pp) of section 606 of the tax law, as amended by section 3-a
 of  part  U  of  chapter  59  of the laws of 2019, is amended to read as
 follows:
   (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  (2)  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 (3) which is located in a city with a  population  of
 less  than one million with a poverty rate greater than fifteen percent,
 rounded to the nearest whole number, in the most recent five year  esti-
 mate  from  the American community survey published by the United States
 census bureau; OR (4) IS LOCATED IN A CITY  WITH  A  POPULATION  GREATER
 THAN  ONE MILLION, IN A QUALIFYING CENSUS TRACT AS OF JANUARY FIRST, TWO
 THOUSAND SEVENTEEN, AND WAS OWNED BY THE APPLICANT ON JANUARY FIRST, TWO
 THOUSAND TEN.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2020.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15972-01-0

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