Senate Bill S4705

2023-2024 Legislative Session

Establishes the renters' and small homeowners' credit in a city with a population of a million or more

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-S4705 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7417
2015-2016: S3254
2017-2018: S3214
2019-2020: S2107
2021-2022: S3861

2023-S4705 (ACTIVE) - Summary

Establishes the renters' and small homeowners' credit in a city with a population of one million or more.

2023-S4705 (ACTIVE) - Sponsor Memo

2023-S4705 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4705
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 13, 2023
                                ___________
 
 Introduced  by  Sen. SANDERS -- 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 renters'  and
   small homeowners' tax credit
 
   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 (b-1) to read as follows:
   (B-1)  RENTERS'  AND  SMALL  HOMEOWNERS' CREDIT IN A CITY WITH A POPU-
 LATION OF ONE MILLION OR MORE.
   (1) FOR THE PURPOSES OF THIS SUBSECTION:
   (A) "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL WHO  LIVES  IN  A
 CITY  WITH A POPULATION OF ONE MILLION OR MORE WHO HAS OCCUPIED AND PAID
 RENT FOR HIS OR HER PRIMARY RESIDENCE IN SUCH CITY  FOR  SIX  MONTHS  OR
 MORE  OF THE TAXABLE YEAR, IS REQUIRED OR CHOOSES TO FILE A RETURN UNDER
 THIS ARTICLE, AND (I) IS SIXTY-FIVE YEARS  OF  AGE  OR  OLDER,  (II)  IS
 FILING  A  JOINT  RETURN WITH A SPOUSE WHO IS SIXTY-FIVE YEARS OF AGE OR
 OLDER, (III) IS A HEAD OF HOUSEHOLD, (IV) IS A MARRIED INDIVIDUAL FILING
 A JOINT RETURN WITH A SPOUSE AND HAS AT LEAST ONE DEPENDENT,  (V)  IS  A
 MARRIED INDIVIDUAL FILING A SEPARATE RETURN AND HAS AT LEAST ONE DEPEND-
 ENT,  OR (VI) IS A SURVIVING SPOUSE AND HAS AT LEAST ONE DEPENDENT.  FOR
 PURPOSES OF THIS SUBSECTION "QUALIFIED TAXPAYER" SHALL ALSO INCLUDE  THE
 OWNER OF ANY DWELLING WITH SIX UNITS OR LESS IN A CITY WITH A POPULATION
 OF  ONE MILLION OR MORE WHO OCCUPIES SUCH DWELLING AS HIS OR HER PRIMARY
 RESIDENCE FOR SIX MONTHS OR MORE OF THE TAXABLE YEAR AND WHO IS REQUIRED
 OR CHOOSES TO FILE A RETURN UNDER THIS ARTICLE.  AN INDIVIDUAL CANNOT BE
 A QUALIFIED TAXPAYER IF HE OR SHE IS AN INDIVIDUAL WITH RESPECT TO  WHOM
 A  DEDUCTION UNDER SUBSECTION (C) OF SECTION 151 OF THE INTERNAL REVENUE
 CODE IS ALLOWABLE TO ANOTHER TAXPAYER FOR THE TAXABLE YEAR OR PAYS  RENT
 FOR  HIS  OR  HER  PRIMARY RESIDENCE TO A FAMILY MEMBER SHARING THE SAME
 PRIMARY RESIDENCE.  A FAMILY MEMBER OF AN INDIVIDUAL IS THE INDIVIDUAL'S
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09536-01-3
              

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