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A04507 Summary:

BILL NO    A04507 

SAME AS    SAME AS S02762

SPONSOR    Schimminger (MS)

COSPNSR    Cusick, Colton, Tenney

MLTSPNSR   Cymbrowitz

Amd SS606 & 210, Tax L

Establishes a credit against income tax for the rehabilitation of distressed
commercial properties; allows for 30% of the qualified rehabilitation
expenditures up to $100,000; requires that to be eligible, the commercial
property is located within a distressed commercial area, as identified by each
locality through local law, that is deemed an area in need of community renewal
due to dilapidated vacancies; provides that the property shall be substantially
rehabilitated which is where the qualified rehabilitation expenditures in
relation to such building total ten thousand dollars.