Relates to the definition of qualified historic home for the purposes of the historic homeownership rehabilitation credit; adds cities with a population of less than one million with a poverty rate of greater than 25% in the federal census of 2010 to the definition of qualified historic home as an alternative to such home being located in a targeted area residence or within a certain census tract.
STATE OF NEW YORK
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5385
2019-2020 Regular Sessions
IN ASSEMBLY
February 11, 2019
___________
Introduced by M. of A. RYAN -- 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,
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) (1) which is in whole or in part a targeted area residence within
14 the 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, or
18 (2) which is located in a city with a population of less than one
19 million with a poverty rate greater than twenty-five percent in the
20 federal census of two thousand ten.
21 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06310-01-9