S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8390
 
                             I N  S E N A T E
 
                               May 21, 2020
                                ___________
 
 Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to amend the public housing law and the tax law, in relation to
   enacting the COVID-19 housing tax credit act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "COVID-19 housing tax credit act".
   § 2. The public housing law is amended by adding a new article 2-B  to
 read as follows:
                                 ARTICLE 2-B
        TAX CREDITS FOR RENTAL LOSSES DURING THE COVID-19 PANDEMIC
 SECTION 26. DEFINITIONS.
         27. ALLOWANCE  OF  CREDIT,  APPLICATION  FOR  CREDIT, AMOUNT AND
               LIMITATIONS.
         28. CREDIT MONITORING.
         29. REGULATIONS.
 § 26. DEFINITIONS. AS USED IN THIS ARTICLE, THE  FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING DEFINITIONS:
   1.  "FAIR MARKET RENT" SHALL MEAN THE FAIR MARKET RENT FOR EACH RENTAL
 AREA AS PROMULGATED ANNUALLY BY THE UNITED STATES DEPARTMENT OF  HOUSING
 AND URBAN DEVELOPMENT'S OFFICE OF POLICY DEVELOPMENT AND RESEARCH PURSU-
 ANT TO 42 USC 1437F, AS AMENDED FROM TIME TO TIME.
   2.  "LEASE"  SHALL  MEAN  A  WRITTEN  AGREEMENT BETWEEN AN OWNER AND A
 TENANT FOR THE LEASING OF A DWELLING  UNIT  TO  THE  TENANT.  THE  LEASE
 ESTABLISHES  THE  CONDITIONS  FOR  OCCUPANCY  OF THE DWELLING UNIT BY AN
 INDIVIDUAL OR FAMILY.
   3. "OWNER" SHALL MEAN ANY PRIVATE PERSON OR ANY  ENTITY,  INCLUDING  A
 COOPERATIVE, HAVING THE LEGAL RIGHT TO LEASE OR SUBLEASE DWELLING UNITS.
   4.  "TENANT" MEANS A PERSON OCCUPYING OR ENTITLED TO OCCUPY A RESIDEN-
 TIAL RENTAL PREMISES WHO IS EITHER A PARTY TO THE LEASE OR RENTAL AGREE-
 MENT FOR SUCH PREMISES OR IS A STATUTORY TENANT PURSUANT TO THE EMERGEN-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD16437-02-0

 S. 8390                             2
 
 CY HOUSING RENT CONTROL LAW OR THE NEW YORK CITY RENT AND REHABILITATION
 LAW OR ARTICLE SEVEN-C OF THE MULTIPLE DWELLING LAW.
   5. "ELIGIBILITY STATEMENT" MEANS A STATEMENT ISSUED BY THE COMMISSION-
 ER CERTIFYING THAT A BUILDING IS AN ELIGIBLE BUILDING.
   6.  "ELIGIBLE  BUILDING" MEANS A BUILDING APPROVED BY THE COMMISSIONER
 AS ELIGIBLE TO RECEIVE CREDITS UNDER THIS ARTICLE.
   7. "STATE OF EMERGENCY" SHALL MEAN THE STATE  DISASTER  EMERGENCY  FOR
 THE  ENTIRE  STATE  OF  NEW YORK DECLARED IN EXECUTIVE ORDER TWO HUNDRED
 TWO, BEGINNING ON MARCH  SEVENTH,  TWO  THOUSAND  TWENTY  AND  EXTENDING
 THROUGH  SEPTEMBER  SEVENTH,  TWO  THOUSAND TWENTY, AS WELL AS ANY ADDI-
 TIONAL TIME DURING WHICH SUCH STATE DISASTER  EMERGENCY  IS  IN  EFFECT,
 SHOULD  THE  GOVERNOR  EXTEND  IT BEYOND SEPTEMBER SEVENTH, TWO THOUSAND
 TWENTY.
   8. "ADJUSTED INCOME" SHALL MEAN INCOME MINUS ANY DEDUCTIONS  ALLOWABLE
 AT  THE  DISCRETION  OF  THE  COMMISSIONER PURSUANT TO THIS ARTICLE. THE
 CALCULATION OF INCOME PERFORMED AT THE TIME OF APPLICATION SHALL CONSID-
 ER ONLY INCOME THAT THE HOUSEHOLD IS CURRENTLY RECEIVING  AT  SUCH  TIME
 AND  ANY  INCOME  RECENTLY  TERMINATED SHALL NOT BE INCLUDED. THE CALCU-
 LATION OF INCOME PERFORMED WITH RESPECT TO HOUSEHOLDS RECEIVING  ASSIST-
 ANCE  FOR  ARREARAGES  SHALL CONSIDER ONLY THE INCOME THAT THE HOUSEHOLD
 WAS RECEIVING AT THE TIME SUCH ARREARAGES WERE INCURRED.
   9. (A) "FAMILY" SHALL MEAN A GROUP  OF  PERSONS  LIVING  IN  THE  SAME
 HOUSEHOLD WHO:
   (I)  ARE  RELATED BY BIRTH, MARRIAGE OR ADOPTION. THIS GROUP INCLUDES,
 BUT IS NOT LIMITED TO A FAMILY WITH OR WITHOUT CHILDREN (A CHILD WHO  IS
 TEMPORARILY  AWAY  FROM  THE HOME BECAUSE OF PLACEMENT IN FOSTER CARE IS
 CONSIDERED A MEMBER OF THE FAMILY), AN ELDERLY  FAMILY,  A  NEAR-ELDERLY
 FAMILY,  A  DISABLED FAMILY, A DISPLACED FAMILY, OR THE REMAINING MEMBER
 OF A TENANT FAMILY; OR
   (II) ARE TWO OR  MORE  INDIVIDUALS  WHO  ARE  NOT  RELATED  BY  BLOOD,
 MARRIAGE,  ADOPTION,  OR OTHER OPERATION OF LAW, BUT WHO CAN DEMONSTRATE
 THAT THEY HAVE LIVED TOGETHER PREVIOUSLY AND CERTIFY THAT EACH  INDIVID-
 UAL'S  INCOME AND OTHER RESOURCES WILL BE AVAILABLE TO MEET THE NEEDS OF
 THE FAMILY.
   (B) THE COMMISSIONER SHALL HAVE THE DISCRETION  TO  DETERMINE  IF  ANY
 OTHER GROUP OF PERSONS QUALIFIES AS A FAMILY.
   10.  "MANUFACTURED  HOME"  SHALL  HAVE  THE SAME MEANING AS DEFINED IN
 SECTION TWO HUNDRED THIRTY-THREE OF THE REAL PROPERTY LAW.
   11. "MANUFACTURED HOME TENANT" SHALL HAVE THE SAME MEANING AS  DEFINED
 IN SECTION TWO HUNDRED THIRTY-THREE OF THE REAL PROPERTY LAW.
   §  27. ALLOWANCE OF CREDIT, APPLICATION FOR CREDIT, AMOUNT AND LIMITA-
 TIONS. 1.  ALLOWANCE OF CREDIT. A TAXPAYER SUBJECT TO TAX UNDER  ARTICLE
 NINE-A,  TWENTY-TWO, OR THIRTY-THREE OF THE TAX LAW WHICH OWNS AN INTER-
 EST IN ONE OR MORE POTENTIAL ELIGIBLE BUILDINGS, OR A TRANSFEREE OF SUCH
 A TAXPAYER AS DESCRIBED IN SUBDIVISION SIX OF  THIS  SECTION,  SHALL  BE
 ALLOWED  A CREDIT AGAINST SUCH TAX FOR THE AMOUNT OF CREDIT ALLOCATED BY
 THE COMMISSIONER TO EACH SUCH POTENTIAL  ELIGIBLE  BUILDING.  EXCEPT  AS
 PROVIDED  IN SUBDIVISION TWO OF THIS SECTION, THE CREDIT AMOUNT SO ALLO-
 CATED SHALL BE ALLOWED AS A CREDIT AGAINST THE TAX FOR THE  TEN  TAXABLE
 YEARS  IN THE CREDIT PERIOD BEGINNING IN AND AFTER TAX YEAR TWO THOUSAND
 TWENTY-FOUR.
   2. AMOUNT OF CREDIT. (A) EXCEPT AS PROVIDED IN SUBDIVISIONS THREE  AND
 FOUR  OF  THIS  SECTION,  THE  AMOUNT  OF CREDIT SHALL BE THE DIFFERENCE
 BETWEEN THE CUMULATIVE AMOUNT OF RENTS OWED ON A MONTHLY BASIS  PURSUANT
 TO  THE  LEASES  COVERING EACH OCCUPIED DWELLING UNIT MINUS THE TENANT'S
 RENTAL OBLIGATION, FOR THOSE  MONTHS  DURING  THE  STATE  OF  EMERGENCY.

 S. 8390                             3
 
 CREDITS SHALL BE REDUCED BY ANY AMOUNT OF RENT PAYMENTS MADE BY A TENANT
 ABOVE THEIR RENTAL OBLIGATION UNDER THIS ARTICLE.
   (B)  NOTWITHSTANDING PARAGRAPH (A) OF THIS SUBDIVISION, IF A LEASE HAS
 AS ITS RENT AN AMOUNT THAT EXCEEDS TWO HUNDRED  FIFTY  PERCENT  OF  FAIR
 MARKET  RENT  FOR THE RENTAL AREA, THE COLLECTIBLE RENT FOR THE DWELLING
 UNIT SUBJECT TO THE LEASE SHALL  BE  DEEMED  TO  BE  TWO  HUNDRED  FIFTY
 PERCENT OF THE FAIR MARKET RENT FOR THE RENTAL AREA.
   (C)  (I)  THE COMMISSIONER SHALL RECEIVE APPLICATIONS FOR CREDIT.  THE
 APPLICATION FOR CREDIT BY THE OWNER OR OWNERS  OF  THE  RENTAL  PROPERTY
 SHALL  INCLUDE  THE AMOUNT OF THE CREDIT REQUESTED, WHICH SHALL BE BASED
 UPON THE CUMULATIVE MONTHLY RENT OWED BY TENANTS PURSUANT TO THE  LEASES
 COVERING  EACH OCCUPIED DWELLING DURING EACH MONTH OF THE STATE OF EMER-
 GENCY,  AND THE ACTUAL MONTHLY RENT  COLLECTED  DURING  EACH  RESPECTIVE
 MONTH  OF THE STATE OF EMERGENCY, TO BE ALLOCATED BY THE COMMISSIONER TO
 THE POTENTIAL ELIGIBLE BUILDING. THE APPLICATION SHALL ALSO INCLUDE  THE
 TENANT'S  NAME  AND  MAILING  ADDRESS  FOR EACH UNIT FOR WHICH CREDIT IS
 SOUGHT.  THE APPLICANT HAS THE BURDEN OF PROVIDING SUFFICIENT  PROOF  TO
 THE  COMMISSIONER  FOR  REVIEW  AND DETERMINATION. THE APPLICATION SHALL
 CONTAIN SUFFICIENT INFORMATION TO IDENTIFY EACH SUCH  BUILDING  AND  THE
 TAXPAYER OR TAXPAYERS WITH RESPECT TO EACH SUCH BUILDING, AND SUCH OTHER
 INFORMATION  AS  THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER
 OF TAXATION AND FINANCE, SHALL PRESCRIBE.  THE COMMISSIONER SHALL DEVEL-
 OP PROCEDURES FOR VERIFYING THE  TENANT'S  INCOME  AND  DETERMINING  THE
 TENANT'S RENTAL OBLIGATION FOR THE TAX CREDIT BENEFIT PERIOD.
   (II)  WHILE THE APPLICATION IS PENDING, THE APPLICANT MAY NOT COMMENCE
 A PROCEEDING TO RECOVER POSSESSION OF THE PROPERTY FOR  THE  NON-PAYMENT
 OF RENT WHICH IS THE SUBJECT OF THE APPLICATION.
   (III) SUBJECT TO THE AVAILABILITY OF CREDITS, THE AMOUNT OF THE CREDIT
 AVAILABLE TO THE POTENTIAL ELIGIBLE BUILDING SHALL BE THE ACTUAL DIFFER-
 ENCE  BETWEEN  THE  MONTHLY  LEASE  AMOUNTS FOR OCCUPIED UNITS MINUS THE
 TENANT'S RENTAL  OBLIGATION  AND  THE  ACTUAL  AMOUNT  OF  MONTHLY  RENT
 COLLECTED, AS DETERMINED BY THE COMMISSIONER. UPON APPROVAL OF THE CRED-
 IT  TO  AN  OWNER,  THE OWNER SHALL RELEASE THE OCCUPANTS OF THE UNIT OR
 BUILDING FROM ANY LIABILITY FOR THE NON-PAYMENT  OF  RENT  THAT  IS  THE
 SUBJECT OF THE CREDIT.
   (IV)  OWNERS  SHALL  NOT  BE ELIGIBLE FOR CREDIT (1) IF SUCH OWNER HAS
 RECEIVED PROPERTY TAX RELIEF, RENTAL VOUCHER ASSISTANCE,  OR  ANY  OTHER
 FEDERAL,  STATE  OR  LOCALLY  FUNDED  BENEFIT  INTENDED TO PAY, ABATE OR
 COMPENSATE THE OWNER FOR ELIGIBLE UNPAID RENT,  (2)  IF  THE  OWNER  HAS
 COMMENCED  A  PROCEEDING  TO  RECOVER POSSESSION OF THE PROPERTY FOR THE
 NON-PAYMENT OF RENT WHICH IS THE SUBJECT  OF  THE  APPLICATION,  OR  (3)
 ANOTHER OWNER, CO-OWNER OR APPLICANT HAS APPLIED FOR TAX CREDITS FOR THE
 UNPAID RENT OF THE SAME UNITS.
   3. TENANT RENTAL OBLIGATION. (A) THE MONTHLY RENTAL OBLIGATION OF EACH
 TENANT FOR WHICH CREDIT IS SOUGHT SHALL BE THIRTY PERCENT OF THE MONTHLY
 ADJUSTED INCOME OF SUCH TENANT.
   (B)  IF  A  TENANT  SHARES A DWELLING OR MANUFACTURED HOME WITH ONE OR
 MORE INDIVIDUALS WHO ARE NOT PART OF  THEIR  FAMILY  OR  HOUSEHOLD,  THE
 MONTHLY  RENTAL  OBLIGATION  OF THE TENANT SHALL BE CALCULATED USING THE
 PORTION OF THE TENANT'S RENT FOR WHICH THEY ARE RESPONSIBLE RATHER  THAN
 THE ENTIRE RENT FOR THE SHARED DWELLING UNIT OR MANUFACTURED HOME.
   (C)  EACH  FAMILY SHALL IDENTIFY THE INDIVIDUALS TO BE INCLUDED IN THE
 FAMILY AT THE TIME OF APPLICATION, AND SHALL UPDATE SUCH INFORMATION  IF
 THE FAMILY'S COMPOSITION CHANGES.
   4.  VERIFICATION  OF  INCOME  AND  ASSETS.  (A) THE COMMISSIONER SHALL
 ESTABLISH PROCEDURES THAT ARE APPROPRIATE AND NECESSARY TO  ASSURE  THAT

 S. 8390                             4

 DATA  REGARDING  INCOME, AND ASSETS TO THE EXTENT NECESSARY TO DETERMINE
 ELIGIBILITY, PROVIDED BY TENANTS UNDER  THIS  ARTICLE  IS  COMPLETE  AND
 ACCURATE.  ACCEPTABLE METHODS OF VERIFICATION SHALL INCLUDE, BUT ARE NOT
 LIMITED  TO, PAYCHECK STUBS, EARNING STATEMENTS, TAX RECORDS, W-2 FORMS,
 WRITTEN STATEMENTS FROM A  FORMER  OR  CURRENT  EMPLOYER,  TELEPHONE  OR
 IN-PERSON  CONTACT  WITH  A FORMER OR CURRENT EMPLOYER, NOTARIZED STATE-
 MENTS OR AFFIDAVITS SIGNED BY THE APPLICANT, OR OTHER  METHODS  APPROVED
 BY THE COMMISSIONER.
   5.  STATEWIDE  LIMITATION.  (A)  THE AGGREGATE DOLLAR AMOUNT OF CREDIT
 WHICH THE COMMISSIONER MAY ALLOCATE TO  ELIGIBLE  BUILDINGS  UNDER  THIS
 ARTICLE SHALL BE ONE BILLION DOLLARS.
   (B)  AN ELIGIBLE BUILDING SHALL BE LIMITED TO A CREDIT AMOUNT EQUAL TO
 THE DIFFERENCE BETWEEN THE CUMULATIVE MONTHLY RENT  AMOUNT  PURSUANT  TO
 THE  LEASES  IN  EFFECT  ON  MARCH  FIRST, TWO THOUSAND TWENTY MINUS THE
 TENANT'S RENTAL OBLIGATION AND THE ACTUAL MONTHLY RENT AMOUNT  COLLECTED
 FOR  THE MONTHS DURING THE STATE OF EMERGENCY. THE TAXPAYER SHALL PROVE,
 TO THE SATISFACTION OF THE COMMISSIONER, THE AMOUNT OF RENT DUE.
   (C) THE AMOUNT OF THE TAX CREDIT PAYMENT WITH RESPECT TO ANY  DWELLING
 UNIT  OR  MANUFACTURED  HOME  TENANT SHALL BE THE DIFFERENCE BETWEEN THE
 MONTHLY CONTRACTUAL OR STATUTORY RENT THE OWNER IS TO  RECEIVE  FOR  THE
 UNIT OR HOME AND THIRTY PERCENT OF THE TENANT'S MONTHLY ADJUSTED INCOME.
   (D)  NOTWITHSTANDING  PARAGRAPH  (B)  OF THIS SUBDIVISION, THE MAXIMUM
 MONTHLY TAX CREDIT FOR EACH TENANT SHALL BE THE DIFFERENCE  BETWEEN  THE
 RENTAL  OBLIGATION  ESTABLISHED  IN  THIS  SECTION AND TWO HUNDRED FIFTY
 PERCENT OF THE FAIR MARKET RENT FOR THE RENTAL AREA.
   6. BUILDING PRIORITIZATION. THE COMMISSIONER SHALL PRIORITIZE APPLICA-
 TIONS FOR BUILDINGS BASED ON THE AMOUNT OF CREDIT REQUESTED  IN  COMPAR-
 ISON  TO THE CUMULATIVE AMOUNT OF RENTS OWED ON A MONTHLY BASIS PURSUANT
 TO THE LEASES COVERING ALL OCCUPIED DWELLING UNITS DURING THE RESPECTIVE
 MONTHS OF THE STATE OF EMERGENCY. BUILDINGS IN WHICH THE AMOUNT OF CRED-
 IT REQUESTED EXCEEDS SEVENTY-FIVE PERCENT OF THE  CUMULATIVE  AMOUNT  OF
 RENTS OWED SHALL BE HIGHEST PRIORITY, FOLLOWED BY BUILDINGS IN WHICH THE
 AMOUNT EXCEEDS FIFTY PERCENT BUT IS BELOW SEVENTY-FIVE PERCENT, FOLLOWED
 BY  BUILDINGS  IN  WHICH THE AMOUNT EXCEEDS TWENTY-FIVE PERCENT BUT DOES
 NOT EXCEED FIFTY PERCENT, AND THEN ANY OTHER APPLICATIONS.  THE  COMMIS-
 SIONER  SHALL ALSO PRIORITIZE APPLICATIONS FOR BUILDINGS WITH LOW-INCOME
 HOUSING REGULATORY AGREEMENTS OR WHERE FIFTY PERCENT OF THE UNITS ARE AT
 OR BELOW THE FAIR MARKET RENT.
   7. TRANSFER OF CREDIT. (A) A TAXPAYER ALLOWED  A  CREDIT  PURSUANT  TO
 THIS  ARTICLE  MAY  TRANSFER THE CREDIT, IN WHOLE OR IN PART, TO ANOTHER
 PERSON OR ENTITY, WHO SHALL BE REFERRED TO AS THE TRANSFEREE.  TRANSFER-
 EES SHALL BE ENTITLED TO APPLY TRANSFERRED CREDIT TO A TAX IMPOSED UNDER
 ARTICLE  NINE-A, TWENTY-TWO OR THIRTY-THREE OF THE TAX LAW, PROVIDED ALL
 REQUIREMENTS FOR CLAIMING THE CREDIT  ARE  MET.  A  TRANSFEREE  MAY  NOT
 TRANSFER ANY CREDIT, OR PORTION THEREOF, ACQUIRED BY TRANSFER.
   (B)  A  TAXPAYER  ALLOWED A CREDIT PURSUANT TO THIS ARTICLE MUST ENTER
 INTO A TRANSFER CONTRACT WITH THE TRANSFEREE. THE TRANSFER CONTRACT MUST
 SPECIFY (I) THE BUILDING ADDRESS AND ANY OTHER  LOCATION  IDENTIFICATION
 INFORMATION;  (II)  THE  SCHEDULE OF YEARS FOR WHICH THE TRANSFER CREDIT
 MAY BE CLAIMED AND THE AMOUNT OF CREDIT PREVIOUSLY  CLAIMED;  (III)  THE
 AMOUNT  OF CONSIDERATION RECEIVED BY THE TAXPAYER FOR THE TRANSFER CRED-
 IT; AND (IV) THE AMOUNT OF CREDIT BEING TRANSFERRED.
   (C) NO TRANSFER SHALL BE EFFECTIVE UNLESS THE TAXPAYER ALLOWED A CRED-
 IT PURSUANT TO THIS ARTICLE AND SEEKING TO TRANSFER THE CREDIT  FILES  A
 TRANSFER  STATEMENT  WITH THE COMMISSIONER PRIOR TO THE TRANSFER AND THE
 COMMISSIONER  APPROVES  SUCH  TRANSFER.  THE  TRANSFER  STATEMENT  SHALL

 S. 8390                             5
 
 PROVIDE  THE  NAME  AND  FEDERAL  IDENTIFICATION  NUMBERS  OF THE FILING
 TRANSFEROR AND THE TAXPAYER TO WHOM THE  FILING  TRANSFEROR  TRANSFERRED
 THE  CREDIT, AND THE AMOUNT OF CREDIT TRANSFERRED TO EACH SUCH PERSON OR
 ENTITY.  A COPY OF THE TRANSFER CONTRACT SHALL BE ATTACHED TO THE TRANS-
 FER STATEMENT. THE STATEMENT SHALL ALSO CONTAIN SUCH  OTHER  INFORMATION
 AS  THE  COMMISSIONER MAY REQUIRE. AFTER REVIEWING THE TRANSFER CONTRACT
 AND THE TRANSFER STATEMENT, THE COMMISSIONER SHALL APPROVE OR  DENY  THE
 TRANSFER  AS  PROVIDED IN THIS SUBDIVISION. IF THE COMMISSIONER APPROVES
 THE TRANSFER, THE COMMISSIONER SHALL ISSUE AN  APPROVAL  STATEMENT  THAT
 PROVIDES THE NAME OF THE TRANSFEROR AND TRANSFEREE, THE AMOUNT OF CREDIT
 BEING TRANSFERRED AND SUCH OTHER INFORMATION AS THE COMMISSIONER AND THE
 COMMISSIONER  OF  TAXATION  AND  FINANCE  DEEM  NECESSARY. A COPY OF THE
 COMMISSIONER'S APPROVAL STATEMENT MUST BE ATTACHED TO  THE  TRANSFEREE'S
 TAX  RETURN.  IF  THE COMMISSIONER DENIES THE TRANSFER, THE COMMISSIONER
 SHALL PROVIDE THE TAXPAYER A WRITTEN DETERMINATION FOR SUCH DENIAL.  THE
 COMMISSIONER,  IN  CONSULTATION  WITH  THE  COMMISSIONER OF TAXATION AND
 FINANCE, MAY ESTABLISH SUCH OTHER PROCEDURES AND STANDARDS DEEMED NECES-
 SARY FOR THE TRANSFERABILITY OF THE RENTAL LOSSES CREDIT.
   (D) THE COMMISSIONER SHALL FORWARD COPIES OF ALL  TRANSFER  STATEMENTS
 AND  ATTACHMENTS  THERETO  AND  APPROVAL STATEMENTS TO THE DEPARTMENT OF
 TAXATION AND FINANCE WITHIN THIRTY DAYS AFTER THE TRANSFER  IS  APPROVED
 BY THE COMMISSIONER.
   §  28. CREDIT MONITORING. THE COMMISSIONER SHALL ESTABLISH SUCH PROCE-
 DURES DEEMED NECESSARY FOR MONITORING COMPLIANCE OF AN ELIGIBLE BUILDING
 WITH THE PROVISIONS OF THIS ARTICLE, AND FOR NOTIFYING THE  COMMISSIONER
 OF TAXATION AND FINANCE OF ANY SUCH NONCOMPLIANCE.
   §  29.  REGULATIONS.  THE  COMMISSIONER SHALL PROMULGATE ANY RULES AND
 REGULATIONS NECESSARY TO ADMINISTER THE PROVISIONS OF THIS ARTICLE.
   § 3. The tax law is amended by adding a new  section  45  to  read  as
 follows:
   § 45. COVID-19 HOUSING TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
 SUBJECT  TO TAX UNDER ARTICLE NINE-A, TWENTY-TWO OR THIRTY-THREE OF THIS
 CHAPTER SHALL BE ALLOWED A CREDIT AGAINST  SUCH  TAX,  PURSUANT  TO  THE
 PROVISIONS  REFERENCED  IN SUBDIVISION (B) OF THIS SECTION, WITH RESPECT
 TO RENTAL LOSSES DURING THE COVID-19 PANDEMIC FOR WHICH  AN  ELIGIBILITY
 STATEMENT HAS BEEN ISSUED BY THE COMMISSIONER OF THE DIVISION OF HOUSING
 AND  COMMUNITY  RENEWAL.  THE  AMOUNT OF SUCH CREDIT SHALL BE THE CREDIT
 AMOUNT ALLOCATED BY SUCH COMMISSIONER AS PROVIDED IN  ARTICLE  TWO-B  OF
 THE  PUBLIC HOUSING LAW.  THE CREDIT AMOUNT SHALL BE ALLOWED FOR EACH OF
 THE TEN TAXABLE YEARS IN THE CREDIT PERIOD BEGINNING IN  AND  AFTER  TAX
 YEAR TWO THOUSAND TWENTY-FOUR.
   (B)  CROSS-REFERENCES.  FOR  APPLICATION OF THE CREDIT PROVIDED FOR IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B: SUBDIVISION 55,
   (2) ARTICLE 22: SECTION 606: SUBSECTION (KKK),
   (3) ARTICLE 33: SECTION 1511: SUBDIVISION (EE).
   § 4. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 55 to read as follows:
   55.  COVID-19  HOUSING TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS  ARTICLE  WITH
 RESPECT  TO  RENTAL  LOSSES  DURING  THE  COVID-19 PANDEMIC, COMPUTED AS
 PROVIDED IN SECTION FORTY-FIVE OF THIS CHAPTER.
   (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER  THIS  SUBDIVISION
 FOR  ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
 THAN THE FIXED DOLLAR MINIMUM AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D)  OF
 SUBDIVISION  ONE  OF  SECTION TWO HUNDRED TEN OF THIS ARTICLE. PROVIDED,

 S. 8390                             6
 
 HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR  ANY
 TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE
 PAYS  TAX BASED ON THE FIXED DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT
 THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR SHALL BE TREATED AS AN OVERPAY-
 MENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS
 OF  SECTION  ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, FURTHER,
 THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF
 THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 5. Section 606 of the tax law is amended by adding a new  subsection
 (kkk) to read as follows:
   (KKK) COVID-19 HOUSING TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL  BE  ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE WITH
 RESPECT TO THE RENTAL LOSSES DURING THE COVID-19 PANDEMIC,  COMPUTED  AS
 PROVIDED IN SECTION FORTY-FIVE OF THIS CHAPTER.
   (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
 CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
 HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
 SHALL BE PAID THEREON.
   §  6.  Section 1511 of the tax law is amended by adding a new subdivi-
 sion (ee) to read as follows:
   (EE) COVID-19 HOUSING TAX CREDIT. (1) ALLOWANCE OF CREDIT. A  TAXPAYER
 SHALL  BE  ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE WITH
 RESPECT TO RENTAL LOSSES  DURING  THE  COVID-19  PANDEMIC,  COMPUTED  AS
 PROVIDED IN SECTION FORTY-FIVE OF THIS CHAPTER.
   (2)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
 THAN  THE  MINIMUM  TAX  FIXED  BY  PARAGRAPH FOUR OF SUBDIVISION (A) OF
 SECTION FIFTEEN HUNDRED TWO  OF  THIS  ARTICLE  OR  BY  SECTION  FIFTEEN
 HUNDRED  TWO-A  OF  THIS  ARTICLE,  WHICHEVER IS APPLICABLE.   PROVIDED,
 HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR  ANY
 TAXABLE  YEAR  REDUCES THE TAX TO SUCH AMOUNT, THEN ANY AMOUNT OF CREDIT
 THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR SHALL BE TREATED AS AN OVERPAY-
 MENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS
 OF SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAPTER.   PROVIDED,  FURTHER,
 THE  PROVISIONS OF SUBSECTION (C) OF SECTION TEN HUNDRED EIGHTY-EIGHT OF
 THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 7. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xlvi) to read as
 follows:
 (XLVI) COVID-19 HOUSING TAX           AMOUNT OF CREDIT FOR THE SUM OF
 CREDIT UNDER SUBSECTION (KKK)         THE COVID-19 HOUSING TAX
                                      CREDIT UNDER SUBDIVISION FIFTY-FIVE
                                      OF SECTION TWO HUNDRED TEN-B
   § 8. This act shall take effect immediately;  provided  that  sections
 two,  three,  four  and  five  of  this act shall apply to taxable years
 beginning on or after January 1, 2020.