S T A T E O F N E W Y O R K
________________________________________________________________________
9709
I N A S S E M B L Y
April 3, 2024
___________
Introduced by M. of A. FITZPATRICK -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a housing
infrastructure tax credit
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The tax law is amended by adding a new section 49 to read
as follows:
§ 49. HOUSING INFRASTRUCTURE TAX CREDIT. A TAXPAYER SUBJECT TO TAX
UNDER ARTICLE NINE-A OR ARTICLE TWENTY-TWO OF THIS CHAPTER SHALL BE
ALLOWED A CREDIT OF UP TO TEN PERCENT OF COSTS FOR INFRASTRUCTURE
PROJECTS, INCLUDING BUT NOT LIMITED TO ELECTRIC LINES, GAS LINES, SEWER
LINES, SEPTIC SYSTEMS, WATER LINES, OR WELLS, RELATED TO THE
CONSTRUCTION OF NEW HOMES OR MULTIPLE DWELLINGS COMMENCED ON OR AFTER
JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, AND COMPLETED ON OR BEFORE
DECEMBER THIRTIETH, TWO THOUSAND THIRTY.
§ 2. Section 210-B of the tax law is amended by adding a new subdivi-
sion 60 to read as follows:
60. A TAXPAYER SHALL BE ALLOWED A CREDIT OF UP TO TEN PERCENT OF COSTS
FOR INFRASTRUCTURE PROJECTS, INCLUDING BUT NOT LIMITED TO ELECTRIC
LINES, GAS LINES, SEWER LINES, SEPTIC SYSTEMS, WATER LINES, OR WELLS,
RELATED TO THE CONSTRUCTION OF NEW HOMES OR MULTIPLE DWELLINGS COMMENCED
ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, AND COMPLETED ON OR
BEFORE DECEMBER THIRTIETH, TWO THOUSAND THIRTY.
§ 3. Section 606 of the tax law is amended by adding a new subsection
(ppp) to read as follows:
(PPP) A TAXPAYER SHALL BE ALLOWED A CREDIT OF UP TO TEN PERCENT OF
COSTS FOR INFRASTRUCTURE PROJECTS, INCLUDING BUT NOT LIMITED TO ELECTRIC
LINES, GAS LINES, SEWER LINES, SEPTIC SYSTEMS, WATER LINES, OR WELLS,
RELATED TO THE CONSTRUCTION OF NEW HOMES OR MULTIPLE DWELLINGS COMMENCED
ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE, AND COMPLETED ON OR
BEFORE DECEMBER THIRTIETH, TWO THOUSAND THIRTY.
§ 4. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11719-02-4
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