S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2493
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2019
                                ___________
 
 Introduced  by  M. of A. LAVINE, LIFTON -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to providing a tax  credit  for
   universal   visitability;   and  providing  for  the  repeal  of  such
   provisions upon expiration thereof

   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 (jjj) to read as follows:
   (JJJ) UNIVERSAL VISITABILITY TAX CREDIT. (1) FOR TAXABLE YEARS  BEGIN-
 NING  ON  OR  AFTER  JANUARY  FIRST, TWO THOUSAND TWENTY, UNTIL DECEMBER
 THIRTY-FIRST, TWO THOUSAND TWENTY-FOUR, A TAXPAYER SHALL  BE  ALLOWED  A
 CREDIT  AGAINST  THE  TAX  IMPOSED  BY THIS ARTICLE FOR A PORTION OF THE
 TOTAL PURCHASE PRICE PAID BY SUCH TAXPAYER  FOR  A  PRINCIPAL  RESIDENCE
 ATTRIBUTABLE TO UNIVERSAL VISITABILITY OR THE TOTAL AMOUNT EXPENDED BY A
 TAXPAYER   TO  RETROFIT  AN  EXISTING  PRINCIPAL  RESIDENCE  TO  ACHIEVE
 UNIVERSAL VISITABILITY PROVIDED THAT  THE  PRINCIPAL  RESIDENCE  OR  THE
 RETROFITTING  OF THE EXISTING PRINCIPAL RESIDENCE IS LOCATED WITHIN THIS
 STATE AND DESIGNED TO PROVIDE UNIVERSAL VISITABILITY AS DEFINED  THROUGH
 THE  ELIGIBILITY REQUIREMENTS ESTABLISHED BY GUIDELINES DEVELOPED BY THE
 DIVISION OF CODE ENFORCEMENT AND ADMINISTRATION WITHIN THE DEPARTMENT OF
 STATE. FOR THE PURPOSE OF THIS  SUBSECTION,  PRINCIPAL  RESIDENCE  SHALL
 MEAN  SUCH  RESIDENCE  PURSUANT TO SECTION ONE HUNDRED TWENTY-ONE OF THE
 INTERNAL REVENUE CODE.
   (2) THE CREDIT SHALL BE ALLOWED FOR THE  TAXABLE  YEAR  IN  WHICH  THE
 PRINCIPAL  RESIDENCE HAS BEEN PURCHASED OR CONSTRUCTED, OR THE RETROFIT-
 TING OR RENOVATION  OF  THE  RESIDENCE  OR  RESIDENTIAL  UNIT  HAS  BEEN
 COMPLETED,  OR  THE  YEAR  OF  ALLOCATION TO THE TAXPAYER AS PROVIDED IN
 PARAGRAPH SEVEN OF  THIS  SUBSECTION.  THE  CREDIT  ALLOWED  UNDER  THIS
 SUBSECTION  SHALL  NOT EXCEED (A) TWENTY-SEVEN HUNDRED FIFTY DOLLARS FOR
 THE PURCHASE OF A NEW RESIDENCE, OR  (B)  FIFTY  PERCENT  OF  THE  TOTAL
 AMOUNT  EXPENDED,  BUT  NOT TO EXCEED TWENTY-SEVEN HUNDRED FIFTY DOLLARS
 FOR THE RETROFITTING OR RENOVATION OF EACH EXISTING RESIDENCE OR UNIT.
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04612-01-9

 A. 2493                             2
 
   (3) NO CREDIT SHALL BE ALLOWED UNDER THIS SUBSECTION FOR THE PURCHASE,
 RETROFITTING OR RENOVATION OF RESIDENTIAL RENTAL PROPERTY.
   (4)  THE  CREDIT  SHALL  BE  ALLOWED  UNDER  THIS  SUBSECTION ONLY FOR
 UNIVERSAL VISITABILITY IMPROVEMENTS MADE BY OR AT THE DIRECTION  OF  THE
 TAXPAYER.
   (5)  IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
 EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED  OVER
 TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
 TAX FOR SUCH YEAR OR YEARS.
   (6) ELIGIBLE TAXPAYERS SHALL APPLY FOR THE CREDIT THROUGH THE DIVISION
 OF CODE ENFORCEMENT AND ADMINISTRATION WITHIN THE DEPARTMENT  OF  STATE.
 THE  DIVISION  OF CODE ENFORCEMENT AND ADMINISTRATION WITHIN THE DEPART-
 MENT OF STATE SHALL ISSUE A CERTIFICATION FOR AN APPROVED APPLICATION TO
 THE TAXPAYER THAT STATES THE AMOUNT  OF  THE  CREDIT  ALLOCATED  TO  THE
 TAXPAYER AND THE ALLOCATION YEAR.
   (7)  (A)  THE  AGGREGATE AMOUNT OF TAX CREDITS ALLOWED PURSUANT TO THE
 AUTHORITY OF THIS SUBSECTION SHALL BE  ONE  MILLION  DOLLARS  EACH  YEAR
 DURING  THE PERIOD TWO THOUSAND TWENTY THROUGH TWO THOUSAND TWENTY-FOUR.
 SUCH AGGREGATE AMOUNTS OF CREDITS SHALL BE ALLOCATED BY  THE  DEPARTMENT
 OF  STATE  AMONG  TAXPAYERS  IN ORDER OF PRIORITY BASED UPON THE DATE OF
 FILING AN APPLICATION FOR ALLOCATION OF CREDIT WITH THE DIVISION OF CODE
 ENFORCEMENT AND ADMINISTRATION. IF THE TOTAL AMOUNT OF ALLOCATED CREDITS
 APPLIED FOR IN ANY PARTICULAR YEAR EXCEEDS THE AGGREGATE AMOUNT  OF  TAX
 CREDITS  ALLOWED  FOR SUCH YEAR UNDER THIS SUBSECTION, SUCH EXCESS SHALL
 BE TREATED AS HAVING BEEN APPLIED FOR ON THE FIRST DAY OF THE SUBSEQUENT
 YEAR.
   (B) THE SECRETARY OF STATE, AFTER CONSULTING  WITH  THE  COMMISSIONER,
 SHALL PROMULGATE REGULATIONS BY OCTOBER THIRTY-FIRST, TWO THOUSAND NINE-
 TEEN  TO  ESTABLISH  PROCEDURES  FOR  THE  ALLOCATION  OF TAX CREDITS AS
 REQUIRED BY THIS SUBPARAGRAPH. SUCH RULES AND REGULATIONS SHALL  INCLUDE
 PROVISIONS  DESCRIBING  THE  APPLICATION PROCESS, THE DUE DATES FOR SUCH
 APPLICATIONS, THE STANDARDS WHICH SHALL BE USED TO EVALUATE THE APPLICA-
 TIONS, THE DOCUMENTATION THAT WILL BE PROVIDED TO TAXPAYERS TO  SUBSTAN-
 TIATE  TO  THE  DEPARTMENT  THE  AMOUNT OF TAX CREDITS ALLOCATED TO SUCH
 TAXPAYERS, AND SUCH OTHER PROVISIONS AS DEEMED NECESSARY  AND  APPROPRI-
 ATE.  NOTWITHSTANDING  ANY OTHER PROVISIONS TO THE CONTRARY IN THE STATE
 ADMINISTRATIVE PROCEDURE ACT, SUCH RULES AND REGULATIONS MAY BE  ADOPTED
 ON  AN  EMERGENCY  BASIS IF NECESSARY TO MEET SUCH OCTOBER THIRTY-FIRST,
 TWO THOUSAND NINETEEN DEADLINE.
   (8) THE DEPARTMENT OF STATE SHALL SUBMIT TO THE GOVERNOR,  THE  TEMPO-
 RARY PRESIDENT OF THE SENATE, AND THE SPEAKER OF THE ASSEMBLY, AN ANNUAL
 REPORT  TO  BE  SUBMITTED  BY FEBRUARY FIRST OF EACH YEAR EVALUATING THE
 EFFECTIVENESS OF THE UNIVERSAL VISITABILITY TAX CREDIT PROVIDED BY  THIS
 SUBSECTION. SUCH REPORT SHALL BE BASED ON DATA AVAILABLE FROM THE APPLI-
 CATION  FILED  WITH  THE DIVISION OF CODE ENFORCEMENT AND ADMINISTRATION
 FOR UNIVERSAL VISITABILITY CREDITS. NOTWITHSTANDING ANY PROVISION OF LAW
 TO THE CONTRARY, THE INFORMATION CONTAINED IN THE REPORT SHALL BE PUBLIC
 INFORMATION. THE REPORT MAY ALSO INCLUDE ANY RECOMMENDATIONS OF  CHANGES
 IN THE CALCULATION OR ADMINISTRATION OF THE CREDIT, AND ANY OTHER RECOM-
 MENDATION OF THE COMMISSIONER OF THE DEPARTMENT OF STATE OR THE DIVISION
 OF  CODE  ENFORCEMENT  AND ADMINISTRATION REGARDING CONTINUING MODIFICA-
 TION, REPEAL OF SUCH ACT, AND SUCH OTHER INFORMATION REGARDING  THE  ACT
 AS THE DIVISION MAY FEEL USEFUL AND APPROPRIATE.
   § 2. This act shall take effect immediately and shall apply to taxable
 years  commencing  on  and after January 1, 2020 and shall expire and be
 deemed repealed December 31, 2024.