STATE OF NEW YORK
________________________________________________________________________
3254--A
2015-2016 Regular Sessions
IN SENATE
February 4, 2015
___________
Introduced by Sen. SANDERS -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations -- recommitted to the Committee on Investigations and
Government Operations in accordance with Senate Rule 6, sec. 8 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the tax law, in relation to establishing a renters' and
small homeowners' tax credit
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 (b-1) to read as follows:
3 (b-1) Renters' and small homeowners' credit in a city with a popu-
4 lation of one million or more.
5 (1) For the purposes of this subsection:
6 (A) "Qualified taxpayer" means a resident individual who lives in a
7 city with a population of one million or more who has occupied and paid
8 rent for his or her primary residence in such city for six months or
9 more of the taxable year, is required or chooses to file a return under
10 this article, and (i) is sixty-five years of age or older, (ii) is
11 filing a joint return with a spouse who is sixty-five years of age or
12 older, (iii) is a head of household, (iv) is a married individual filing
13 a joint return with a spouse and has at least one dependent, (v) is a
14 married individual filing a separate return and has at least one depend-
15 ent, or (vi) is a surviving spouse and has at least one dependent. For
16 purposes of this subsection "qualified taxpayer" shall also include the
17 owner of any dwelling with six units or less in a city with a population
18 of one million or more who occupies such dwelling as his or her primary
19 residence for six months or more of the taxable year and who is required
20 or chooses to file a return under this article. An individual cannot be
21 a qualified taxpayer if he or she is an individual with respect to whom
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08824-02-6
S. 3254--A 2
1 a deduction under subsection (c) of section 151 of the internal revenue
2 code is allowable to another taxpayer for the taxable year or pays rent
3 for his or her primary residence to a family member sharing the same
4 primary residence. A family member of an individual is the individual's
5 spouse, brother, sister, parent, grandparent, child, grandchild, uncle,
6 aunt, nephew, or niece, related to the individual by blood, marriage or
7 adoption.
8 (B) "Residence" means a dwelling in a city with a population of one
9 million or more and may consist of a part of a multi-dwelling or multi-
10 purpose building including a cooperative or condominium, one, two or
11 three family dwellings and rental units within a single dwelling which
12 are either owner-occupied or rented by a qualified taxpayer. Residence
13 includes a trailer or mobile home, used exclusively for residential
14 purposes and defined as real property pursuant to paragraph (g) of
15 subdivision twelve of section one hundred two of the real property tax
16 law.
17 (2) (A) A qualified taxpayer shall be allowed a credit as provided in
18 this subsection against the taxes imposed by this article reduced by the
19 credits permitted by this article. If the credit exceeds the tax as so
20 reduced for such year under this article, the excess shall be treated as
21 an overpayment of tax to be credited or refunded in accordance with the
22 provisions of section six hundred eighty-six of this article, provided,
23 however, that no interest shall be paid thereon. If a qualified taxpayer
24 is not required to file a return pursuant to section six hundred fifty-
25 one of this article but otherwise qualifies for a credit under this
26 subsection, a claim for a credit may be taken on a return filed with the
27 commissioner within three years from the time that a return would have
28 been required to be filed pursuant to such section had such qualified
29 taxpayer had a taxable year ending on December thirty-first. Returns
30 shall be in such form as prescribed by the commissioner. A qualified
31 taxpayer must provide any information the commissioner deems necessary
32 to determine the credit allowed.
33 (B) If more than one qualified taxpayer pays rent for the same primary
34 residence and has a federal adjusted gross income for which a credit
35 would otherwise be due, each such qualified taxpayer shall divide the
36 base amount of the credit allowed for his or her income level by the
37 total number of individuals or married couples filing a joint return who
38 are paying the rent, whether or not eligible for a credit, to determine
39 the amount of credit allowed to that qualified taxpayer. Any additional
40 amount of credit determined based on the number of exemptions claimed by
41 such taxpayer shall not be so divided.
42 (C) A qualified taxpayer shall be allowed the credit under this
43 subsection or the credit under subsection (e) of this section, whichever
44 is the higher amount.
45 (3) (A) For any qualified taxpayer who is sixty-five years of age or
46 older with a filing status of single, the amount of the credit allowed
47 pursuant to this paragraph shall be determined in accordance with the
48 following tables:
49 For taxable years beginning in 2016,
50 if federal adjusted gross income is:The credit shall be:
51 $25,000 or less$110
52 Over $25,000 but not over $40,000$90
53 Over $40,000 but not over $50,000$70
S. 3254--A 3
1 For taxable years beginning in or
2 after 2017, if federal adjusted gross
3 income is:The credit shall be:
4 $25,000 or less$220
5 Over $25,000 but not over $40,000$180
6 Over $40,000 but not over $50,000$140
7 (B) For any other qualified taxpayer, the amount of the credit allowed
8 pursuant to this paragraph shall be determined in accordance with the
9 following tables; provided, however, that a qualified taxpayer who is a
10 married individual filing a separate New York income tax return shall
11 receive one-half of the base amount of the credit plus any additional
12 amount for which such taxpayer would be eligible based on the income and
13 number of exemptions claimed by such taxpayer:
14 For taxable years beginning in 2016,
15 if federal adjusted gross income is:The credit shall be:
16 $25,000 or less$80 plus an amount
17 equal to $35
18 multiplied by a
19 number which is one
20 less than the number
21 of exemptions for
22 which the taxpayer
23 (or in the case
24 of a married couple
25 filing a joint return,
26 taxpayers) is entitled
27 to a deduction for the
28 taxable year for federal
29 income tax purposes
30 under subsections (b)
31 and (c) of section 151
32 of the internal revenue code
33 Over $25,000 but not over $45,000$65 plus an amount
34 equal to $24
35 multiplied by a number
36 which is one less than
37 the number of exemptions
38 for which the taxpayer
39 (or in the case of
40 a married couple filing a
41 joint return, taxpayers)
42 is entitled to a
43 deduction for the taxable
44 year for federal income
45 tax purposes under
46 subsections (b) and (c)
47 of section 151 of the
48 internal revenue code
49 Over $45,000 but not over $65,000$55 plus an amount
50 equal to $12 multiplied
51 by a number which is one
52 less than the number
53 of exemptions for
S. 3254--A 4
1 which the taxpayer (or
2 in the case of a married
3 couple filing a joint return,
4 taxpayers) is entitled
5 to a deduction for the
6 taxable year for federal
7 income tax purposes under
8 subsections (b) and (c)
9 of section 151 of the
10 internal revenue code
11 Over $65,000 but not over $100,000$45 plus an amount
12 equal to $12 multiplied
13 by a number which is one
14 less than the number
15 of exemptions for which
16 the taxpayer (or in the
17 case of a married couple
18 filing a joint return,
19 taxpayers) is entitled to
20 a deduction for the taxable
21 year for federal income tax
22 purposes under subsections
23 (b) and (c) of section 151
24 of the internal revenue code
25 For taxable years beginning in or
26 after 2017, if federal adjusted gross
27 income is:The credit shall be:
28 $25,000 or less$160 plus an
29 amount equal to $70
30 multiplied by a number which
31 is one less than the
32 number of exemptions
33 for which the taxpayer
34 (or in the case of a
35 married couple filing a
36 joint return, taxpayers)
37 is entitled to a deduction
38 for the taxable year for
39 federal income tax purposes
40 under subsections (b) and
41 (c) of section 151 of the
42 internal revenue code
43 Over $25,000 but not over $45,000$130 plus an amount
44 equal to $48
45 multiplied by a number
46 which is one less than
47 the number of exemptions
48 for which the taxpayer
49 (or in the case of
50 a married couple filing
51 a joint return, taxpayers)
52 is entitled to a deduction
53 for the taxable year for
S. 3254--A 5
1 federal income tax purposes
2 under subsections (b)
3 and (c) of section 151
4 of the internal revenue code
5 Over $45,000 but not over $65,000$110 plus an amount
6 equal to $24 multiplied
7 by a number which is one
8 less than the number
9 of exemptions for
10 which the taxpayer (or
11 in the case of a married
12 couple filing a joint return,
13 taxpayers) is entitled to a
14 deduction for the taxable
15 year for federal income tax
16 purposes under subsections
17 (b) and (c) of section 151
18 of the internal revenue code
19 Over $65,000 but not over $100,000 $90 plus an amount
20 equal to $24 multiplied
21 by a number which is one
22 less than the number
23 of exemptions for
24 which the taxpayer (or
25 in the case of a married
26 couple filing a joint return,
27 taxpayers) is
28 entitled to a deduction
29 for the taxable year for
30 federal income tax purposes
31 under subsections (b) and
32 (c) of section 151 of the
33 internal revenue code
34 § 2. This act shall take effect immediately.
