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NY A03315
Bill
Status
1/24/2013
Primary Sponsor
Michael Fitzpatrick
Click for details
AI Summary
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Allows a 15% tax credit against New York income tax for qualified rehabilitation expenses made to qualified residences that exceed $5,000
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Defines qualified residences as owner-occupied single-family homes (1-4 units), condominiums, or cooperative housing units at least 40 years old located in low-income census tracts, rural areas, Indian reservations, or areas of chronic economic distress
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Permits first-time purchasers of rehabilitated homes to claim credits for seller rehabilitation expenses if purchased within 5 years of completion
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Requires recapture of credit if the residence is sold or ceases to be the taxpayer's principal residence within 5 years, with the recapture amount reduced proportionally based on months of occupancy
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Allows excess credits to be refunded without interest for taxpayers with adjusted gross income not exceeding $100,000; excess credits above that threshold may be carried forward to subsequent 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
6/17/2014