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Senate Bill S902

2019-2020 Legislative Session

Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit

download bill text pdf

Sponsored By

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

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2019-S902 (ACTIVE) - Details

See Assembly Version of this Bill:
A6097
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S4682, A4364
2011-2012: S758, A2678
2013-2014: S2206, A3993
2015-2016: S2317, A3194
2017-2018: S540, A3908
2021-2022: A5600
2023-2024: A4396
2025-2026: A7526

2019-S902 (ACTIVE) - Summary

Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

2019-S902 (ACTIVE) - Sponsor Memo

2019-S902 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    902
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2019
                                ___________
 
 Introduced  by  Sens.  YOUNG, SANDERS -- read twice and ordered printed,
   and when printed to be committed to the  Committee  on  Investigations
   and Government Operations
 
 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, AND
   (iii)  in  which the taxpayer resides during the taxable year in which
 the taxpayer is allowed a credit under this subsection[, and
   (iv) 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].
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03641-01-9

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