NY S04905 | 2019-2020 | General Assembly

Status

Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: Introduced on March 29 2019 - 25% progression
Action: 2019-03-29 - 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.

Tracking Information

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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


History

DateChamberAction
2019-03-29SenateREFERRED TO BUDGET AND REVENUE

New York State Sources


Bill Comments

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