STATE OF NEW YORK
________________________________________________________________________
8568
IN ASSEMBLY
January 23, 2014
___________
Introduced by M. of A. WRIGHT -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to conveyances involving real
property financed with federal low-income housing tax credits
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision (b) of section 1405 of the tax law is amended
2 by adding a new paragraph 12 to read as follows:
3 12. Conveyances involving real property financed with federal low-in-
4 come housing tax credits, and subject to a housing credit agency's regu-
5 latory agreement for a minimum period of fifteen years from the date of
6 conveyance, to a corporation organized pursuant to article eleven of the
7 private housing finance law or to a New York not-for-profit corporation,
8 and no part of the net earnings of said New York not-for-profit corpo-
9 ration shall inure to the benefit of any person, and no substantial part
10 of the activities of which is carrying on propaganda, or otherwise
11 attempting to influence legislation; provided, however, that nothing in
12 this paragraph shall include an organization operated for the primary
13 purpose of carrying on a trade or business for profit, whether or not
14 all of its profits are payable to one or more organizations described in
15 this paragraph.
16 § 2. This act shall take effect immediately and shall be deemed to
17 have been in full force and effect on and after June 1, 2014.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05125-02-4
