Senate Bill S1026

2023-2024 Legislative Session

Establishes a tax credit for rent paid on the personal residence of certain taxpayers

download bill text pdf

Sponsored By

Current 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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2023-S1026 (ACTIVE) - Details

See Assembly Version of this Bill:
A1182
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S6801, A8716
2021-2022: S1240, S8142, A3437

2023-S1026 (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.

2023-S1026 (ACTIVE) - Sponsor Memo

2023-S1026 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1026
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- 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 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 (bbb) to read as follows:
   (BBB) 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
 FOR TAXPAYERS WHOSE GROSS INCOME IS  SEVENTY-FIVE  THOUSAND  DOLLARS  OR
 GREATER BUT LESS THAN ONE HUNDRED THOUSAND DOLLARS; OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01239-01-3
 S. 1026                             2
 
              

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