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NY A02574
Bill
Status
1/19/2011
Primary Sponsor
Michael Fitzpatrick
Click for details
AI Summary
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Allows a 15 percent tax credit for qualified rehabilitation expenses on eligible residences, with a minimum expenditure threshold of $5,000 for interior and exterior work combined
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Defines "qualified residence" as a 1-4 unit home, condominium, or cooperative housing unit that is at least 40 years old and located in low-income census tracts (70 percent of families below 90 percent of area/statewide median income), rural areas, Indian reservations, or areas of chronic economic distress
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Requires the residence to be the taxpayer's principal residence during the taxable year in which the credit is claimed; allows first-time purchasers of rehabilitated homes to claim credits for seller's rehabilitation expenses if purchased within 5 years of completion
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Requires recapture of the credit on a prorated basis (60-month period) if the taxpayer disposes of the property or ceases using it as a principal residence within 5 years
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Allows excess credits for taxpayers with adjusted gross income under $100,000 to be refunded as overpayment with no interest; excess credits for higher-income taxpayers may be carried forward to future years
Legislative Description
Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses.
Last Action
held for consideration in ways and means
6/19/2012