Bill Text: NY A09954 | 2017-2018 | General Assembly | Introduced

New York Assembly Bill 9954 (Prior Session Legislation)

Introduced

Bill Title: Provides for alternate distribution of the low-income housing tax credit to the partners of a partnership, members of a limited liability company and multiple owners.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-02-28 - referred to housing [A09954 Detail]

Download: New_York-2017-A09954-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          9954
                   IN ASSEMBLY
                                    February 28, 2018
                                       ___________
        Introduced  by  M.  of  A.  CYMBROWITZ  -- read once and referred to the
          Committee on Housing
        AN ACT to amend the public housing law, in relation to the allocation of
          the New York state low-income housing tax credit to partners,  limited
          liability company members and multiple owners
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 25 of the public housing law is amended by adding a
     2  new subdivision 3 to read as follows:
     3    3. On and after June first, two thousand eighteen, the credits allowed
     4  pursuant to this article to a  partnership,  limited  liability  company
     5  taxed  as  a  partnership or multiple owners of property shall be passed
     6  through to the persons designated as partners, members or owners  pursu-
     7  ant  to  an executed agreement among the persons designated as partners,
     8  members or owners documenting an alternative distribution method without
     9  regard to their sharing of other tax or economic attributes of the enti-
    10  ty, including but not limited to how the federal low-income housing  tax
    11  credit with respect to the project is allocated to the partners, members
    12  or owners.
    13    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14668-03-8