Bill Text: NY A06165 | 2017-2018 | General Assembly | Introduced
Bill Title: Establishes a tenant association tax credit; establishes a tax credit for five percent of a taxpayer's monthly rent for market rate housing, ten percent of monthly rent for rent regulated housing, and fifteen percent of monthly rent for public housing; requires taxpayers to be members of a tenant association.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-03 - referred to ways and means [A06165 Detail]
Download: New_York-2017-A06165-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6165 2017-2018 Regular Sessions IN ASSEMBLY February 27, 2017 ___________ Introduced by M. of A. PICHARDO -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to establishing a tenant asso- ciation tax credit 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 (ccc) to read as follows: 3 (ccc) Tenant association tax credit. (1) For taxable years beginning 4 on and after January first, two thousand seventeen, a taxpayer who is a 5 member of a tenant association shall be allowed a credit against the tax 6 imposed by this article. The amount of the credit shall be: 7 (A) five percent of the taxpayer's monthly rent for a taxpayer living 8 in market rate housing; 9 (B) ten percent of the taxpayer's monthly rent for a taxpayer living 10 in rent regulated housing; and 11 (C) fifteen percent of the taxpayer's monthly rent for a taxpayer 12 living in public housing. 13 (2) If the amount of the credit allowed under this subsection for any 14 taxable year shall exceed the qualified taxpayer's tax for such year, 15 the excess shall be treated as an overpayment of tax to be credited or 16 refunded in accordance with section six hundred eighty-six of this arti- 17 cle, provided, however, that no interest shall be paid thereon. 18 § 2. This act shall take effect immediately and shall apply to taxable 19 years beginning on and after January 1, 2017. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10232-01-7