Seawright, Santabarbara, Buttenschon, Otis, Weprin, Jacobson, Meeks, Kelles, Rosenthal L
MLTSPNSR
Amd §606, Tax L
Relates to a credit for purchase, construction or retrofitting of a principal residence to achieve universal visitability pursuant to guidelines developed by the division of code enforcement and administration within the department of state; caps tax credits awarded at 1 million dollars per year for 5 years.
STATE OF NEW YORK
________________________________________________________________________
3409--A
Cal. No. 125
2021-2022 Regular Sessions
IN ASSEMBLY
January 26, 2021
___________
Introduced by M. of A. LAVINE, SEAWRIGHT, SANTABARBARA, BUTTENSCHON,
OTIS, WEPRIN, JACOBSON, MEEKS -- read once and referred to the Commit-
tee on Ways and Means -- ordered to a third reading, amended and
ordered reprinted, retaining its place on the order of third reading
AN ACT to amend the tax law, in relation to providing a tax credit for
universal visitability; and providing for the repeal of such
provisions upon expiration thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 606 of the tax law is amended by adding a new
2 subsection (nnn) to read as follows:
3 (nnn) Universal visitability tax credit. (1) For taxable years begin-
4 ning on or after January first, two thousand twenty-three, until Decem-
5 ber thirty-first, two thousand twenty-seven, a taxpayer shall be allowed
6 a credit against the tax imposed by this article for a portion of the
7 total purchase price paid by such taxpayer for a principal residence
8 attributable to universal visitability or the total amount expended by a
9 taxpayer to retrofit an existing principal residence to achieve
10 universal visitability provided that the principal residence or the
11 retrofitting of the existing principal residence is located within this
12 state and designed to provide universal visitability as defined through
13 the eligibility requirements established by guidelines developed by the
14 division of code enforcement and administration within the department of
15 state. For the purpose of this subsection, principal residence shall
16 mean such residence pursuant to section one hundred twenty-one of the
17 internal revenue code.
18 (2) The credit shall be allowed for the taxable year in which the
19 principal residence has been purchased or constructed, or the retrofit-
20 ting or renovation of the residence or residential unit has been
21 completed, or the year of allocation to the taxpayer as provided in
22 paragraph seven of this subsection. The credit allowed under this
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06606-02-2
A. 3409--A 2
1 subsection shall not exceed (A) twenty-seven hundred fifty dollars for
2 the purchase of a new residence, or (B) fifty percent of the total
3 amount expended, but not to exceed twenty-seven hundred fifty dollars
4 for the retrofitting or renovation of each existing residence or unit.
5 (3) No credit shall be allowed under this subsection for the purchase,
6 retrofitting or renovation of residential rental property.
7 (4) The credit shall be allowed under this subsection only for
8 universal visitability improvements made by or at the direction of the
9 taxpayer.
10 (5) If the amount of the credit allowable under this subsection shall
11 exceed the taxpayer's tax for such year, the excess may be carried over
12 to the following year or years and may be deducted from the taxpayer's
13 tax for such year or years.
14 (6) Eligible taxpayers shall apply for the credit through the division
15 of code enforcement and administration within the department of state.
16 The division of code enforcement and administration within the depart-
17 ment of state shall issue a certification for an approved application to
18 the taxpayer that states the amount of the credit allocated to the
19 taxpayer and the allocation year.
20 (7) (A) The aggregate amount of tax credits allowed pursuant to the
21 authority of this subsection shall be one million dollars each year
22 during the period two thousand twenty-three through two thousand twen-
23 ty-seven. Such aggregate amounts of credits shall be allocated by the
24 department of state among taxpayers in order of priority based upon the
25 date of filing an application for allocation of credit with the division
26 of code enforcement and administration. If the total amount of allocated
27 credits applied for in any particular year exceeds the aggregate amount
28 of tax credits allowed for such year under this subsection, such excess
29 shall be treated as having been applied for on the first day of the
30 subsequent year.
31 (B) The secretary of state, after consulting with the commissioner,
32 shall promulgate regulations by October thirty-first, two thousand twen-
33 ty-two to establish procedures for the allocation of tax credits as
34 required by this subparagraph. Such rules and regulations shall include
35 provisions describing the application process, the due dates for such
36 applications, the standards which shall be used to evaluate the applica-
37 tions, the documentation that will be provided to taxpayers to substan-
38 tiate to the department the amount of tax credits allocated to such
39 taxpayers, and such other provisions as deemed necessary and appropri-
40 ate. Notwithstanding any other provisions to the contrary in the state
41 administrative procedure act, such rules and regulations may be adopted
42 on an emergency basis if necessary to meet such October thirty-first,
43 two thousand twenty-two deadline.
44 (8) The department of state shall submit to the governor, the tempo-
45 rary president of the senate, and the speaker of the assembly, an annual
46 report to be submitted by February first of each year evaluating the
47 effectiveness of the universal visitability tax credit provided by this
48 subsection. Such report shall be based on data available from the appli-
49 cation filed with the division of code enforcement and administration
50 for universal visitability credits. Notwithstanding any provision of law
51 to the contrary, the information contained in the report shall be public
52 information. The report may also include any recommendations of changes
53 in the calculation or administration of the credit, and any other recom-
54 mendation of the commissioner of the department of state or the division
55 of code enforcement and administration regarding continuing modifica-
A. 3409--A 3
1 tion, repeal of such act, and such other information regarding the act
2 as the division may feel useful and appropriate.
3 § 2. This act shall take effect immediately and shall apply to taxable
4 years commencing on and after January 1, 2023 and shall expire and be
5 deemed repealed December 31, 2027.
