Bill Text: NY A06097 | 2019-2020 | General Assembly | Introduced

Bill Title: Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

Spectrum: Strong Partisan Bill (Republican 15-1)

Status: (Introduced) 2019-02-28 - referred to ways and means [A06097 Detail]

Download: New_York-2019-A06097-Introduced.html

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 28, 2019
        Introduced  by  M.  of A. FITZPATRICK, TAGUE, BLANKENBUSH, GIGLIO, KOLB,
          SALKA, MIKULIN -- Multi-Sponsored by -- M. of A.  BARCLAY,  DeSTEFANO,
          FINCH,  HAWLEY,  MANKTELOW,  McDONOUGH,  RAIA, THIELE -- read once and
          referred to the Committee on Ways and Means
        AN ACT to amend the tax law, in relation to the definition of  qualified
          historic home for the purposes of the historic homeownership rehabili-
          tation credit
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subparagraph (A) of  paragraph  5  of  subsection  (pp)  of
     2  section 606 of the tax law, as added by chapter 547 of the laws of 2006,
     3  clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
     4  read as follows:
     5    (A)  The  term  "qualified  historic home" means, for purposes of this
     6  subsection, a certified  historic  structure  located  within  New  York
     7  state:
     8    (i) which has been substantially rehabilitated,
     9    (ii)  which,  or  any portion of which, is owned, in whole or part, by
    10  the taxpayer, and
    11    (iii) in which the taxpayer resides during the taxable year  in  which
    12  the taxpayer is allowed a credit under this subsection[, and
    13    (iv) which is in whole or in part a targeted area residence within the
    14  meaning  of  section  143(j)  of the internal revenue code or is located
    15  within a census tract which is identified  as  being  at  or  below  one
    16  hundred  percent  of  the  state median family income in the most recent
    17  federal census].
    18    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.