| Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Mar 21, 2023 | 1st report cal.538 |
| Feb 14, 2023 | reported and committed to finance |
| Jan 04, 2023 | referred to budget and revenue |
senate Bill S224
2023-2024 Legislative Session
Sponsored By
Zellnor Myrie
(D) 20th Senate District
Current Bill Status - On Floor Calendar
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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S224 (ACTIVE) - Details
S224 (ACTIVE) - Sponsor Memo
BILL NUMBER: S224 SPONSOR: MYRIE TITLE OF BILL: An act to amend the tax law, in relation to adding certain properties to the definition of a qualified historic home for the historic homeowner- ship rehabilitation credit PURPOSE: This bill expands the scope of the term "qualified historic home" to include residences within "qualifying census tracts" located in cities with a population greater than one million people and, therefore, subject to the Homeowner Tax Credit. SUMMARY OF PROVISIONS: Section 1 amends clause (iv) of subparagraph (A) of paragraph 5 of subsection (pp) of section 606 of the Tax Law to provide tax credits to qualified historic homes that are located in cities with a population greater than one million people in a qualifying census tract as of Janu-
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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