New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

A00775 Summary:

A00775 Actions:

A00775 Floor Votes:

A00775 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         775--A
                                                                 Cal. No. 56
 
                               2011-2012 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 5, 2011
                                       ___________
 
        Introduced  by M. of A. GANTT -- Multi-Sponsored by -- M. of A. PERRY --
          read once and referred to the Committee on Ways and Means --  advanced
          to a third reading, amended and ordered reprinted, retaining its place

          on the order of third reading
 
        AN  ACT  to  amend the tax law and the state finance law, in relation to
          gifts to the housing assistance fund
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  The  tax  law is amended by adding a new section 630-c to
     2  read as follows:
     3    § 630-c. Gift to the housing assistance fund.  Effective for  any  tax
     4  year commencing on or after January first, two thousand twelve, an indi-
     5  vidual  may elect to contribute to the housing assistance fund for home-
     6  less housing projects. Such contributions shall be in any  whole  dollar
     7  amount  and  shall not reduce the amount of tax owed by such individual.
     8  The commissioner shall include space on the personal income  tax  return

     9  to  enable  a  taxpayer  to  make such contribution. Notwithstanding any
    10  other provision of law, all revenues collected pursuant to this section,
    11  shall be credited to the housing assistance fund and used only for those
    12  purposes enumerated in section ninety-two-q of the state finance law.
    13    § 2. Subdivision 3 of section 92-q of the state finance law, as  added
    14  by chapter 261 of the laws of 1988, is amended to read as follows:
    15    3.  Moneys  of  the  fund may be invested by the state comptroller and
    16  income from such investments shall  be  credited  to  the  general  fund
    17  provided,  however,  that income from the investment of moneys deposited
    18  to this fund pursuant to section six hundred thirty-c  of  the  tax  law
    19  shall be credited solely to this fund and not to the general fund.

    20    § 3. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03369-03-2