Establishes a tenant association tax credit; establishes a tax credit for five percent of a taxpayer's monthly rent for market rate housing, ten percent of monthly rent for rent regulated housing, and fifteen percent of monthly rent for public housing; requires taxpayers to be members of a tenant association.
STATE OF NEW YORK
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6165
2017-2018 Regular Sessions
IN ASSEMBLY
February 27, 2017
___________
Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a tenant asso-
ciation 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 (ccc) to read as follows:
3 (ccc) Tenant association tax credit. (1) For taxable years beginning
4 on and after January first, two thousand seventeen, a taxpayer who is a
5 member of a tenant association shall be allowed a credit against the tax
6 imposed by this article. The amount of the credit shall be:
7 (A) five percent of the taxpayer's monthly rent for a taxpayer living
8 in market rate housing;
9 (B) ten percent of the taxpayer's monthly rent for a taxpayer living
10 in rent regulated housing; and
11 (C) fifteen percent of the taxpayer's monthly rent for a taxpayer
12 living in public housing.
13 (2) If the amount of the credit allowed under this subsection for any
14 taxable year shall exceed the qualified taxpayer's tax for such year,
15 the excess shall be treated as an overpayment of tax to be credited or
16 refunded in accordance with section six hundred eighty-six of this arti-
17 cle, provided, however, that no interest shall be paid thereon.
18 § 2. This act shall take effect immediately and shall apply to taxable
19 years beginning on and after January 1, 2017.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10232-01-7
