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NY A03184
Bill
Status
1/22/2015
Primary Sponsor
Michael Fitzpatrick
Click for details
AI Summary
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Establishes a 15% tax credit for qualified rehabilitation expenses on eligible residences in New York, with a minimum $5,000 threshold for interior and exterior work combined.
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Defines qualified residences as single-family homes (1-4 units), condominiums, or cooperative housing units that are at least 40 years old, located in low-income census tracts, rural areas, Indian reservations, or economically distressed areas.
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Allows first-time purchasers of rehabilitated homes to claim the credit within 5 years of completion if the seller did not claim it and the property becomes the purchaser's principal residence.
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Requires recapture of credited amounts if the taxpayer disposes of the property or stops using it as a principal residence within 5 years, with recapture reduced proportionally based on months of residence.
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Permits taxpayers earning $100,000 or less to treat excess credits as tax overpayments for refund, while higher-income taxpayers may carry unused credits forward to subsequent years; takes effect immediately for taxable years beginning January 1 of the enactment year.
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
6/14/2016