Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 11, 2014 |
referred to housing delivered to assembly passed senate |
Jun 09, 2014 |
advanced to third reading |
Jun 03, 2014 |
2nd report cal. |
Jun 02, 2014 |
1st report cal.1069 |
May 13, 2014 |
reported and committed to finance |
Jan 22, 2014 |
print number 3848a |
Jan 22, 2014 |
amend and recommit to investigations and government operations |
Jan 08, 2014 |
referred to investigations and government operations returned to senate died in assembly |
Jun 13, 2013 |
referred to housing delivered to assembly passed senate |
Jun 12, 2013 |
ordered to third reading cal.1331 committee discharged and committed to rules |
May 21, 2013 |
reported and committed to finance |
Feb 22, 2013 |
referred to investigations and government operations |
Senate Bill S3848A
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2013-S3848 - Details
2013-S3848 - Sponsor Memo
BILL NUMBER:S3848 PURPOSE: This bill would convert the state low income housing tax credit to a refundable tax credit to help stimulate low income housing investment in the state. SUMMARY OF PROVISIONS: This bill would amend subdivision 30 of section 210 of the tax law to provide that for allocations of housing tax credit made pursuant to law after January 1, 2013, the corporate franchise low income housing tax credit shall be treated as a refundable tax credit. Paragraph 3 of subsection(x) of section 606 of the tax law is amended to convert the existing low income housing tax credit to a refundable low income housing tax credit for allocations of housing tax credit made after taxable years beginning after January 1, 2013. Paragraph 3 of subsection (1) of section 1456 of the tax law is amended to convert the existing low income housing tax credit to a refundable low income housing tax credit for allocations of credit made subsequent to January 1, 2012. Paragraph 3 of subdivision (n) of section 1511 of the tax law is amended to convert the low income housing tax credit to a refundable tax credit for purposes of the Insurance Franchise Tax for allocations of tax credit made after January 1, 2013. Furthermore, in order to obtain treatment as a refundable credit for these taxes, a
2013-S3848 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3848 2013-2014 Regular Sessions I N S E N A T E February 22, 2013 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to providing that the low income housing credit shall be treated as an overpayment of taxes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (c) of subdivision 30 of section 210 of the tax law is relettered paragraph (d) and a new paragraph (c) is added to read as follows: (C) TREATMENT OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBDIVISION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED, PROVIDED THAT THE CREDITS: (1) HAVE AN ELIGIBILITY STATEMENT ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT TO ARTICLE TWO-A OF THE PUBLIC HOUSING LAW, AND (2) ARE AVAILABLE PURSUANT TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN. PROVIDED, HOWEVER, THAT NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE PAID THEREON. S 2. Paragraph 3 of subsection (x) of section 606 of the tax law is renumbered paragraph 4 and a new paragraph 3 is added to read as follows: (3) TREATMENT OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED AS PROVIDED IN SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED THAT THE CREDITS: (I) HAVE AN ELIGIBILITY STATEMENT ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT TO ARTICLE TWO-A OF THE PUBLIC HOUSING LAW, AND (II) ARE AVAILABLE PURSUANT TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN. PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05122-01-3
2013-S3848A (ACTIVE) - Details
2013-S3848A (ACTIVE) - Sponsor Memo
BILL NUMBER:S3848A TITLE OF BILL: An act to amend the tax law, in relation to providing that the low income housing credit shall be treated as an overpayment of taxes PURPOSE: This bill would convert the state low income housing tax credit to a refundable tax credit to help stimulate low income housing investment in the state. SUMMARY OF PROVISIONS: This bill would amend subdivision 30 of section 210 of the tax law to provide that for allocations of housing tax credit made pursuant to law after January 1, 2013, the corporate franchise low income housing tax credit shall be treated as a refundable tax credit. Paragraph 3 of subsection (x) of section 606 of the tax law is amended to convert the existing low income housing tax credit to a refundable low income housing tax credit for allocations of housing tax credit made after taxable years beginning after January 1, 2014. Paragraph 3 of subsection (1) of section 1456 of the tax law is amended to convert the existing low income housing tax credit to a refundable low income housing tax credit for allocations of credit made subsequent to January 1, 2014. Paragraph 3 of subdivision (n) of section 1511 of the
2013-S3848A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3848--A 2013-2014 Regular Sessions I N S E N A T E February 22, 2013 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing that the low income housing credit shall be treated as an overpayment of taxes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (c) of subdivision 30 of section 210 of the tax law is relettered paragraph (d) and a new paragraph (c) is added to read as follows: (C) TREATMENT OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBDIVISION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED, PROVIDED THAT THE CREDITS: (1) HAVE AN ELIGIBILITY STATEMENT ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT TO ARTICLE TWO-A OF THE PUBLIC HOUSING LAW, AND (2) ARE AVAILABLE PURSUANT TO LAW ENACTED AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN. PROVIDED, HOWEVER, THAT NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE PAID THEREON. S 2. Paragraph 3 of subsection (x) of section 606 of the tax law is renumbered paragraph 4 and a new paragraph 3 is added to read as follows: (3) TREATMENT OF CREDIT. THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED AS PROVIDED IN SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED THAT THE CREDITS: (I) HAVE AN ELIGIBILITY STATEMENT ISSUED BY THE COMMISSIONER OF HOUSING AND COMMUNITY RENEWAL PURSUANT TO ARTICLE TWO-A OF THE PUBLIC HOUSING LAW, AND (II) ARE AVAILABLE PURSUANT TO LAW EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05122-02-4
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