Bill Text: NY S02906 | 2017-2018 | General Assembly | Amended
Bill Title: Relates to establishing a business franchise tax credit of ten percent of the fair market value of real property of a taxpayer that is foreclosed upon in a given taxable year and donated to a municipality.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-02-23 - PRINT NUMBER 2906A [S02906 Detail]
Download: New_York-2017-S02906-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2906--A 2017-2018 Regular Sessions IN SENATE January 18, 2017 ___________ Introduced by Sen. RITCHIE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing a business franchise tax credit for ten percent of the value of foreclosed prop- erties The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 53 to read as follows: 3 53. Foreclosed property tax credit. A taxpayer shall be allowed a 4 credit against the tax imposed by this article. The credit shall equal 5 ten percent of the fair market value of all real property of such 6 taxpayer foreclosed upon in this state in a given taxable year, 7 provided, however, that such properties are donated to a municipality 8 agreeing to such donation. 9 § 2. This act shall take effect immediately and shall apply to taxable 10 years beginning January 1, 2019. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08232-02-8
