|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 30, 2019||returned to assembly|
3rd reading cal.997
substituted for s2424
|May 30, 2019||substituted by a2493|
ordered to third reading cal.997
committee discharged and committed to rules
|May 21, 2019||reported and committed to rules|
|Apr 30, 2019||reported and committed to finance|
|Jan 24, 2019||referred to budget and revenue|
senate Bill S2424
Current Bill Status Via A2493 - Passed Senate & Assembly
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2424 (ACTIVE) - Details
S2424 (ACTIVE) - Summary
Relates to a credit for purchase, construction or retrofitting of a principal residence to achieve universal visitability pursuant to guidelines developed by the division of code enforcement and administration within the department of state; caps tax credits awarded at 1 million dollars per year for 5 years.
S2424 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2424 SPONSOR: KAPLAN TITLE OF BILL: 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 PURPOSE: To allow a tax credit for either new or retrofitted principal residences which are universally designed to be accessible and adaptable housing. SUMMARY OF SPECIFIC PROVISIONS: This bill amends section 606 of the tax law by adding a new subsection (ccc) which would provide a one-time tax credit for a newly constructed principal residence not to exceed $2,750 or for a renovated principal residence of 50% of the amount expended, not to exceed $2,750, for universal visitability. Eligibility requirements for universal visita-
S2424 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2424 2019-2020 Regular Sessions I N S E N A T E January 24, 2019 ___________ Introduced by Sen. KAPLAN -- 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 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.
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