Senate Bill S6801

2019-2020 Legislative Session

Relates to establishing a tax credit for rent paid on the personal residence of certain taxpayers

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Sponsored By

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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2019-S6801 (ACTIVE) - Details

See Assembly Version of this Bill:
A8716
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2021-2022: S1240, S8142, A3437
2023-2024: S1026, A1182

2019-S6801 (ACTIVE) - Summary

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

2019-S6801 (ACTIVE) - Sponsor Memo

2019-S6801 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 6801                                                  A. 8716
 
                        2019-2020 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             October 23, 2019
                                ___________
 
 IN  SENATE  --  Introduced  by  Sen.  BENJAMIN -- read twice and ordered
   printed, and when printed to be committed to the Committee on Rules
 
 IN ASSEMBLY -- Introduced by M. of A.  L. ROSENTHAL  --  read  once  and
   referred to the Committee on Ways and Means

 AN  ACT  to  amend the tax law, in relation to establishing a tax credit
   for rent paid on the personal residence of certain taxpayers
 
   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 (kkk) to read as follows:
   (KKK) RENT RELIEF CREDIT. (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAY-
 ER SHALL BE ALLOWED A CREDIT TO BE COMPUTED AS PROVIDED IN PARAGRAPH TWO
 OF THIS SUBSECTION AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (2) COMPUTATION OF CREDIT. (A) EXCEPT AS PROVIDED IN SUBPARAGRAPHS (B)
 AND (C) OF THIS PARAGRAPH THE AMOUNT OF THE CREDIT  ALLOWED  UNDER  THIS
 SUBSECTION SHALL BE AS FOLLOWS:
   (I) ONE HUNDRED PERCENT OF THE EXCESS OF THIRTY PERCENT OF THE TAXPAY-
 ER'S  GROSS  INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE YEAR FOR
 TAXPAYERS WHOSE GROSS INCOME IS TWENTY-FIVE THOUSAND DOLLARS OR LESS;
   (II) SEVENTY-FIVE PERCENT OF THE  EXCESS  OF  THIRTY  PERCENT  OF  THE
 TAXPAYER'S GROSS INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE YEAR
 FOR  TAXPAYERS  WHOSE  GROSS INCOME IS GREATER THAN TWENTY-FIVE THOUSAND
 DOLLARS BUT LESS THAN FIFTY THOUSAND DOLLARS;
   (III) FIFTY PERCENT OF THE EXCESS OF THIRTY PERCENT OF THE  TAXPAYER'S
 GROSS  INCOME  SUCH  TAXPAYER  PAYS  IN  RENT  FOR SUCH TAXABLE YEAR FOR
 TAXPAYERS WHOSE GROSS INCOME IS FIFTY THOUSAND DOLLARS  OR  GREATER  BUT
 LESS THAN SEVENTY-FIVE THOUSAND DOLLARS;
   (IV)  TWENTY-FIVE  PERCENT  OF  THE  EXCESS  OF  THIRTY PERCENT OF THE
 TAXPAYER'S GROSS INCOME SUCH TAXPAYER PAYS IN RENT FOR SUCH TAXABLE YEAR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13836-02-9
              

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