New York State Assembly

 
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A10668 Summary:

A10668 Actions:

A10668 Committee Votes:

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:05/22/2018AYE/NAY:29/0  Action: Favorable         
Weinstein
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Excused
Barclay
Aye
Gantt
Excused
Fitzpatrick
Aye
Glick
Aye
Hawley
Aye
Nolan
Aye
Malliotakis
Aye
Pretlow
Aye
Walter
Aye
Perry
Aye
Montesano
Excused
Colton
Aye
Curran
Aye
Cook
Aye
Ra
Aye
Cahill
Aye
Aubry
Aye
Hooper
Excused
Thiele
Aye
Cusick
Aye
Ortiz
Excused
Benedetto
Aye
Weprin
Aye
Rodriguez
Aye
Ramos
Excused
Braunstein
Aye
McDonald
Aye
Rozic
Aye
Peoples-Stokes
Aye
Simotas
Aye

A10668 Floor Votes:

A10668 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          10668
 
                   IN ASSEMBLY
 
                                      May 10, 2018
                                       ___________
 
        Introduced by M. of A. LAVINE -- read once and referred to the Committee
          on Ways and Means
 
        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 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 (jjj) to read as follows:
     3    (jjj)  Universal visitability tax credit. (1) For taxable years begin-
     4  ning on or after January first, two thousand  nineteen,  until  December
     5  thirty-first,  two  thousand twenty-three, 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
    19  principal residence has been purchased or constructed, or the  retrofit-
    20  ting  or  renovation  of  the  residence  or  residential  unit has been
    21  completed, or the year of allocation to  the  taxpayer  as  provided  in
    22  paragraph  seven  of  this  subsection.  The  credit  allowed under this
    23  subsection shall not exceed (A) twenty-seven hundred fifty  dollars  for
    24  the  purchase  of  a  new  residence,  or (B) fifty percent of the total
    25  amount expended, but not to exceed twenty-seven  hundred  fifty  dollars
    26  for the retrofitting or renovation of each existing residence or unit.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08043-06-8
        A. 10668                            2
 
     1    (3) No credit shall be allowed under this subsection for the purchase,
     2  retrofitting or renovation of residential rental property.
     3    (4)  The  credit  shall  be  allowed  under  this  subsection only for
     4  universal visitability improvements made by or at the direction  of  the
     5  taxpayer.
     6    (5)  If the amount of the credit allowable under this subsection shall
     7  exceed the taxpayer's tax for such year, the excess may be carried  over
     8  to  the  following year or years and may be deducted from the taxpayer's
     9  tax for such year or years.
    10    (6) Eligible taxpayers shall apply for the credit through the division
    11  of code enforcement and administration within the department  of  state.
    12  The  division  of code enforcement and administration within the depart-
    13  ment of state shall issue a certification for an approved application to
    14  the taxpayer that states the amount  of  the  credit  allocated  to  the
    15  taxpayer and the allocation year.
    16    (7)  (A)  The  aggregate amount of tax credits allowed pursuant to the
    17  authority of this subsection shall be  one  million  dollars  each  year
    18  during  the  period  two  thousand nineteen through two thousand twenty-
    19  three. Such aggregate amounts of  credits  shall  be  allocated  by  the
    20  department  of state among taxpayers in order of priority based upon the
    21  date of filing an application for allocation of credit with the division
    22  of code enforcement and administration. If the total amount of allocated
    23  credits applied for in any particular year exceeds the aggregate  amount
    24  of  tax credits allowed for such year under this subsection, such excess
    25  shall be treated as having been applied for on  the  first  day  of  the
    26  subsequent year.
    27    (B)  The  secretary  of state, after consulting with the commissioner,
    28  shall promulgate regulations by October thirty-first, two thousand eigh-
    29  teen to establish procedures  for  the  allocation  of  tax  credits  as
    30  required  by this subparagraph. Such rules and regulations shall include
    31  provisions describing the application process, the due  dates  for  such
    32  applications, the standards which shall be used to evaluate the applica-
    33  tions,  the documentation that will be provided to taxpayers to substan-
    34  tiate to the department the amount of  tax  credits  allocated  to  such
    35  taxpayers,  and  such other provisions as deemed necessary and appropri-
    36  ate. Notwithstanding any other provisions to the contrary in  the  state
    37  administrative  procedure act, such rules and regulations may be adopted
    38  on an emergency basis if necessary to meet  such  October  thirty-first,
    39  two thousand eighteen deadline.
    40    (8)  The  department of state shall submit to the governor, the tempo-
    41  rary president of the senate, and the speaker of the assembly, an annual
    42  report to be submitted by February first of  each  year  evaluating  the
    43  effectiveness  of the universal visitability tax credit provided by this
    44  subsection. Such report shall be based on data available from the appli-
    45  cation filed with the division of code  enforcement  and  administration
    46  for universal visitability credits. Notwithstanding any provision of law
    47  to the contrary, the information contained in the report shall be public
    48  information.  The report may also include any recommendations of changes
    49  in the calculation or administration of the credit, and any other recom-
    50  mendation of the commissioner of the department of state or the division
    51  of code enforcement and administration  regarding  continuing  modifica-
    52  tion,  repeal  of such act, and such other information regarding the act
    53  as the division may feel useful and appropriate.
    54    § 2. This act shall take effect immediately and shall apply to taxable
    55  years commencing on and after January 1, 2019 and shall  expire  and  be
    56  deemed repealed December 31, 2023.