BILL NO | S01295A |
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SAME AS | SAME AS A04371-A
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SPONSOR | RANZENHOFER |
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COSPNSR | FELDER, FUNKE, LARKIN, PANEPINTO, SERINO |
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MLTSPNSR | |
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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. |