NY S04905 | 2019-2020 | General Assembly
Status
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: Introduced on March 29 2019 - 25% progression, died in committee
Action: 2020-01-08 - REFERRED TO BUDGET AND REVENUE
Pending: Senate Budget and Revenue Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on March 29 2019 - 25% progression, died in committee
Action: 2020-01-08 - REFERRED TO BUDGET AND REVENUE
Pending: Senate Budget and Revenue Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.
Title
Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.
Sponsors
Sen. Michael Ranzenhofer [R] | Sen. Simcha Felder [D] | Sen. Rich Funke [R] | Sen. Patricia Ritchie [R] |
Sen. Susan Serino [R] |
History
Date | Chamber | Action |
---|---|---|
2020-01-08 | Senate | REFERRED TO BUDGET AND REVENUE |
2019-03-29 | Senate | REFERRED TO BUDGET AND REVENUE |