S T A T E O F N E W Y O R K
________________________________________________________________________
6600
2021-2022 Regular Sessions
I N A S S E M B L Y
March 19, 2021
___________
Introduced by M. of A. CYMBROWITZ -- read once and referred to the
Committee on Housing
AN ACT to amend the public housing law, in relation to extending the
credit against income tax for persons or entities investing in low-in-
come housing
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 4 of section 22 of the public housing law, as
amended by section 5 of part H of chapter 60 of the laws of 2016, is
amended to read as follows:
4. Statewide limitation. The aggregate dollar amount of credit which
the commissioner may allocate to eligible low-income buildings under
this article shall be one hundred [four] NINETEEN million dollars. The
limitation provided by this subdivision applies only to allocation of
the aggregate dollar amount of credit by the commissioner, and does not
apply to allowance to a taxpayer of the credit with respect to an eligi-
ble low-income building for each year of the credit period.
§ 2. Subdivision 4 of section 22 of the public housing law, as amended
by section one of this act, is amended to read as follows:
4. Statewide limitation. The aggregate dollar amount of credit which
the commissioner may allocate to eligible low-income buildings under
this article shall be one hundred [nineteen] TWENTY-SEVEN million
dollars. The limitation provided by this subdivision applies only to
allocation of the aggregate dollar amount of credit by the commissioner,
and does not apply to allowance to a taxpayer of the credit with respect
to an eligible low-income building for each year of the credit period.
§ 3. Subdivision 4 of section 22 of the public housing law, as amended
by section two of this act, is amended to read as follows:
4. Statewide limitation. The aggregate dollar amount of credit which
the commissioner may allocate to eligible low-income buildings under
this article shall be one hundred [twenty-seven] THIRTY-FIVE million
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09909-01-1
A. 6600 2
dollars. The limitation provided by this subdivision applies only to
allocation of the aggregate dollar amount of credit by the commissioner,
and does not apply to allowance to a taxpayer of the credit with respect
to an eligible low-income building for each year of the credit period.
§ 4. Subdivision 4 of section 22 of the public housing law, as amended
by section three of this act, is amended to read as follows:
4. Statewide limitation. The aggregate dollar amount of credit which
the commissioner may allocate to eligible low-income buildings under
this article shall be one hundred [thirty-five] FORTY-THREE million
dollars. The limitation provided by this subdivision applies only to
allocation of the aggregate dollar amount of credit by the commissioner,
and does not apply to allowance to a taxpayer of the credit with respect
to an eligible low-income building for each year of the credit period.
§ 5. Subdivision 4 of section 22 of the public housing law, as amended
by section four of this act, is amended to read as follows:
4. Statewide limitation. The aggregate dollar amount of credit which
the commissioner may allocate to eligible low-income buildings under
this article shall be one hundred [forty-three] FIFTY-ONE million
dollars. The limitation provided by this subdivision applies only to
allocation of the aggregate dollar amount of credit by the commissioner,
and does not apply to allowance to a taxpayer of the credit with respect
to an eligible low-income building for each year of the credit period.
§ 6. This act shall take effect immediately; provided, however,
section two of this act shall take effect April 1, 2022; section three
of this act shall take effect April 1, 2023; section four of this act
shall take effect April 1, 2024; and section five of this act shall take
effect April 1, 2025.