| BILL NO | A04371A |
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| SAME AS | SAME AS S01295-A
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| SPONSOR | Schimminger |
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| COSPNSR | Cusick, Colton, Tenney, McDonald, Magnarelli |
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| MLTSPNSR | Cymbrowitz, Kearns, Lupinacci, Walter |
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| Amd §§606 & 210-B, Tax L |
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| 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 dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more. |
