New York State Assembly

 
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A09303 Summary:

A09303 Actions:

A09303 Committee Votes:

Committee:WAYS AND MEANS   Chair:Farrell      
DATE:05/25/2016AYE/NAY:34/0  Action: Favorable         
Farrell
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Excused
Barclay
Aye
Gantt
Aye
Fitzpatrick
Aye
Weinstein
Aye
Saladino
Aye
Glick
Aye
Hawley
Aye
Nolan
Aye
Duprey
Aye
Pretlow
Aye
Corwin
Aye
Perry
Aye
Malliotakis
Aye
Colton
Aye
Walter
Aye
Cook
Aye
Cahill
Aye
Aubry
Aye
Hooper
Aye
Thiele
Aye
Wright
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Aye
Markey
Aye
Moya
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Aye
Braunstein
Aye

A09303 Floor Votes:

A09303 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9303--B
 
                   IN ASSEMBLY
 
                                    February 17, 2016
                                       ___________
 
        Introduced by M. of A. LAVINE -- read once and referred to the Committee
          on  Ways  and  Means  --  committee  discharged, bill amended, ordered
          reprinted as amended  and  recommitted  to  said  committee  --  again
          reported  from  said  committee  with amendments, ordered reprinted as
          amended and recommitted to said committee
 
        AN ACT to amend the tax law, in relation to providing a tax  credit  for
          universal   visitability;   and  providing  for  the  repeal  of  such
          provisions upon the expiration thereof
 
          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) Universal visitability tax credit. 1. For taxable  years  begin-
     4  ning  on  or after January first, two thousand seventeen, until December
     5  thirty-first, two thousand twenty-one, a taxpayer  shall  be  allowed  a
     6  credit  against  the  tax  imposed  by this article for a portion of the
     7  total purchase price paid by such taxpayer  for  a  principal  residence
     8  attributable to universal visitability or the total amount expended by a
     9  taxpayer   to  retrofit  an  existing  principal  residence  to  achieve
    10  universal visitability provided that  the  principal  residence  or  the
    11  retrofitting  of the existing principal residence is located within this
    12  state and designed to provide universal visitability as defined  through
    13  the  eligibility requirements established by guidelines developed by the
    14  division of code enforcement and administration within the department of
    15  state. For the purpose of this  subsection,  principal  residence  shall
    16  mean  such  residence  pursuant to section one hundred twenty-one of the
    17  internal revenue code.
    18    2. The credit shall be allowed for the taxable year in which the resi-
    19  dence has been purchased or constructed, or the  retrofitting  or  reno-
    20  vation  of  the  residence  or  residential unit has been completed. The
    21  credit allowed under this section  shall  not  exceed  (i)  twenty-seven
    22  hundred fifty dollars for the purchase of a new residence, or (ii) fifty
    23  percent  of  the  total  amount expended, but not to exceed twenty-seven
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02817-05-6
        A. 9303--B                          2
 
     1  hundred fifty dollars for the retrofitting or renovation of each  exist-
     2  ing residence or unit.
     3    3.  No  credit  shall  be allowed under this section for the purchase,
     4  retrofitting or renovation of residential rental property.
     5    4. If the amount of the credit allowable under this  subsection  shall
     6  exceed  the taxpayer's tax for such year, the excess may be carried over
     7  to the following year or years and may be deducted from  the  taxpayer's
     8  tax for such year or years.
     9    5. Eligible taxpayers shall apply for the credit by making application
    10  to  the  division  of  code  enforcement  and  administration within the
    11  department of state. The division of code enforcement and administration
    12  within the department of  state  shall  issue  a  certification  for  an
    13  approved  application  to  the  taxpayer.  The taxpayer shall submit the
    14  certification together with their personal income return.
    15    6. (A) The aggregate amount of tax credits  allowed  pursuant  to  the
    16  authority  of  this  subsection  shall  be one million dollars each year
    17  during the period two thousand seventeen through  two  thousand  twenty-
    18  one. Such aggregate amounts of credits shall be allocated by the depart-
    19  ment  of  state among taxpayers in order of priority based upon the date
    20  of filing an application for allocation of credit with the  division  of
    21  code  enforcement  and  administration. If the total amount of allocated
    22  credits applied for in any particular year exceeds the aggregate  amount
    23  of  tax  credits  allowed  for such year under this section, such excess
    24  shall be treated as having been applied for on  the  first  day  of  the
    25  subsequent year.
    26    (B)  The  secretary  of state, after consulting with the commissioner,
    27  shall promulgate  regulations  by  October  thirty-first,  two  thousand
    28  sixteen  to  establish  procedures  for the allocation of tax credits as
    29  required by this subparagraph. Such rules and regulations shall  include
    30  provisions  describing  the  application  process, the due days for such
    31  applications, the standards which shall be used to evaluate the applica-
    32  tions, the documentation that will be provided to taxpayers to  substan-
    33  tiate  to  the  department  the  amount of tax credits allocated to such
    34  taxpayers, and such other provisions as deemed necessary  and  appropri-
    35  ate.  Notwithstanding  any other provisions to the contrary in the state
    36  administrative procedure act, such rules and regulations may be  adopted
    37  on  an  emergency  basis if necessary to meet such October thirty-first,
    38  two thousand sixteen deadline.
    39    7. The department of state shall submit to the governor, the temporary
    40  president of the senate, and the speaker  of  the  assembly,  an  annual
    41  report  to  be  submitted  by February first of each year evaluating the
    42  effectiveness of the universal visitability tax credit provided by  this
    43  section.  Such report shall be based on data available from the applica-
    44  tion filed with the division of code enforcement and administration  for
    45  universal  visitability credits. Notwithstanding any provision of law to
    46  the contrary, the information contained in the report  shall  be  public
    47  information.  The report may also include any recommendations of changes
    48  in the calculation or administration of the credit, and any other recom-
    49  mendation of the commissioner of the department of state or the division
    50  of code enforcement and administration  regarding  continuing  modifica-
    51  tion,  repeal  of such act, and such other information regarding the act
    52  as the division may feel useful and appropriate.
    53    § 2. This act shall take effect immediately and shall  expire  and  be
    54  deemed repealed December 31, 2021.