Bill Text: NY A05710 | 2019-2020 | General Assembly | Introduced

Bill Title: Provides for a tax credit against personal income tax of $1000 for each homeless person, aged 62 years or older, that the taxpayer provides shelter to the taxpayer's home; the taxpayer must also provide room and board for not less than one year to receive the credit.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced) 2019-02-14 - referred to ways and means [A05710 Detail]

Download: New_York-2019-A05710-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 14, 2019
        Introduced  by M. of A. ENGLEBRIGHT, CAHILL, RIVERA, BENEDETTO -- Multi-
          Sponsored by -- M. of A. AUBRY, COOK, PEOPLES-STOKES,  PERRY  --  read
          once and referred to the Committee on Ways and Means
        AN  ACT  to  amend  the  tax  law, in relation to providing for a credit
          against personal income tax for sheltering a homeless person sixty-two
          years of age or older
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  606  of  the  tax law is amended by adding a new
     2  subsection (o-1) to read as follows:
     3    (o-1) Sheltering homeless person credit. (1) For taxable years  begin-
     4  ning  on  or  after two thousand nineteen, a taxpayer shall be allowed a
     5  credit, to be credited against the tax imposed by  this  article,  after
     6  allowance  of any other credit provided under this section and any cred-
     7  its permitted under sections six hundred twenty, six hundred  twenty-one
     8  and  six  hundred  thirty-five of this article. The amount of the credit
     9  shall be one thousand dollars for each homeless person  sixty-two  years
    10  of age or older whom the taxpayer shelters in his or her home, providing
    11  room  and  board,  during  the taxable year, provided that such homeless
    12  person shall have been sheltered by the taxpayer for not less  than  one
    13  year.
    14    (2)  In  no  event shall the amount of the credit provided for in this
    15  subsection be allowed in excess of the taxpayer's  tax  for  such  year.
    16  However,  if  the  amount  of  credit  otherwise  allowable  under  this
    17  subsection for any taxable year  results  in  such  excess  amount,  any
    18  amount of credit not deductible in such taxable year may be carried over
    19  to  the  following year or years and may be deducted from the taxpayer's
    20  tax for such year or years.
    21    (3) For purposes of this subsection, "homeless person" shall have  the
    22  meaning prescribed in subdivision two of section forty-two of the social
    23  services  law,  provided  that  such person is sixty-two years of age or
    24  older.
    25    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.