STATE OF NEW YORK
________________________________________________________________________
3908
2017-2018 Regular Sessions
IN ASSEMBLY
January 30, 2017
___________
Introduced by M. of A. FITZPATRICK, KOLB -- Multi-Sponsored by -- M. of
A. BARCLAY, FINCH, GIGLIO, McDONOUGH, RAIA, SALADINO, THIELE -- read
once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to the definition of qualified
historic home for the purposes of the historic homeownership rehabili-
tation credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (A) of paragraph 5 of subsection (pp) of
2 section 606 of the tax law, as added by chapter 547 of the laws of 2006,
3 clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
4 read as follows:
5 (A) The term "qualified historic home" means, for purposes of this
6 subsection, a certified historic structure located within New York
7 state:
8 (i) which has been substantially rehabilitated,
9 (ii) which, or any portion of which, is owned, in whole or part, by
10 the taxpayer, and
11 (iii) in which the taxpayer resides during the taxable year in which
12 the taxpayer is allowed a credit under this subsection[, and
13 (iv) which is in whole or in part a targeted area residence within the
14 meaning of section 143(j) of the internal revenue code or is located
15 within a census tract which is identified as being at or below one
16 hundred percent of the state median family income in the most recent
17 federal census].
18 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05777-01-7
