Bill Text: NY S02906 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2906
                               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
        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 52 to read as follows:
     3    52. 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, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08232-01-7