Establishes the gift to the housing assistance fund; provides that on or after January 1, 2016 an individual may contribute to the housing assistance fund for homeless housing projects; requires tax commissioner to include space on income tax return for such contribution.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A22A
SPONSOR: Gantt (MS) TITLE OF BILL:
An act to amend the tax law and the state finance law, in relation to
gifts to the housing assistance fund
PURPOSE:
To create a mechanism by which taxpayers may contribute on their
personal income tax returns to the Homeless Housing and Assistance Fund.
SUMMARY OF PROVISIONS:
Section 1) Adds a new section 630-e to the tax law entitled: "Gift to
the Homeless Housing and Assistance Fund."
Section 2) Adds a new part to subdivision 3 of section 92-q of the state
finance law, as added by chapter 261 of the laws of 1983, to require the
following: that income from the investment of moneys deposited to the
homeless housing and assistance fund pursuant to section 630-d of the
tax law shall be credited solely to the homeless housing and assistance
fund, and not to the general fund.
JUSTIFICATION:
In 1983, the Legislature and Governor established the Homeless Housing
and Assistance Fund within the state finance law and established the
Homeless Housing and Assistance Program within the social services law
to govern the administration of monies deposited to the Fund. By creat-
ing a provision on our state's personal income tax forms by which
taxpayers may make gifts to the Homeless Housing and Assistance Fund,
this bill has the potential for generating substantial new revenues for
the Homeless Housing and Assistance Fund.
LEGISLATIVE HISTORY:
2009-2010: A.2665
2011-2012: A.775-A
2013-2014: A.2071-B
FISCAL IMPLICATIONS:
Would result in additional administrative expenses to the Department of
Taxation and Finance, but has the potential for generating substantial
revenues for the state's Homeless Housing and Assistance Fund.
EFFECTIVE DATE:
This act shall take effect immediately.
