Senate Bill S224

2023-2024 Legislative Session

Adds certain properties to the definition of a qualified historic home for the historic homeownership rehabilitation credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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-S224 (ACTIVE) - Details

See Assembly Version of this Bill:
A1808
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8077
2021-2022: S293, A7868

2023-S224 (ACTIVE) - Summary

Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.

2023-S224 (ACTIVE) - Sponsor Memo

2023-S224 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    224
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  Sen.  MYRIE  -- 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 adding certain properties to
   the definition of a qualified historic home for the historic  homeown-
   ership rehabilitation credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Clause  (iv)  of  subparagraph  (A)  of  paragraph  5  of
 subsection (pp) of section 606 of the tax law, as amended by section 3-a
 of  part  U  of  chapter  59  of the laws of 2019, is amended to read as
 follows:
   (iv) (1) which is in whole or in part a targeted area residence within
 the meaning of section 143(j) of the internal revenue code;  or  (2)  is
 located  within  a census tract which is identified as being at or below
 one hundred percent of the state median family income in the most recent
 federal census; or (3) which is located in a city with a  population  of
 less  than one million with a poverty rate greater than fifteen percent,
 rounded to the nearest whole number, in the most recent five year  esti-
 mate  from  the American community survey published by the United States
 census bureau; OR (4) IS LOCATED IN A CITY  WITH  A  POPULATION  GREATER
 THAN  ONE MILLION, IN A QUALIFYING CENSUS TRACT AS OF JANUARY FIRST, TWO
 THOUSAND SEVENTEEN, AND WAS OWNED BY THE APPLICANT ON JANUARY FIRST, TWO
 THOUSAND TEN.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2024.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00130-01-3

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