Relates to a credit for purchase, construction or retrofitting of a principal residence to achieve universal visitability pursuant to standards adopted by the division of housing and community renewal.
TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for universal visitability
PURPOSE OR GENERAL IDEA: To allow a tax credit for either new or retrofitted principal residences which are universally designed to be accessible and adaptable housing.
SUMMARY OF PROVISIONS: This bill amends the Tax Law to provide a tax credit for a newly constructed principal residence not to exceed $2,750 or for a renovated principal residence of 30% of the amount expended, not to exceed $2,750, for universal visitability. Eligibility requirements for universal visitability would be established though guidelines by the Department of State Division of Code Enforcement and Administration. This credit would be effective beginning April 1, 2015.
JUSTIFICATION: This legislation provides a positive incentive for universal design changes to create accessible and adaptable housing which is important to allow individuals to age in place. Universal design changes make residences accessible and user friendly for senior citizens and others with limited mobility. By providing seniors with the opportunity to age in place, this may save some of the costs associated with assisted living or nursing homes. This bill would provide an alternative for many seniors who are able to remain in place with universal design changes. It also will assist in building an inventory of residence which will have universal design to ensure accessibility. The use of a tax credit provides an incentive rather than a mandated approach.
LEGISLATIVE HISTORY: None.
FISCAL IMPLICATIONS: Minimal.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ 3956--C 2013-2014 Regular Sessions IN SENATE February 28, 2013 ___________Introduced by Sens. GRISANTI, KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- reported favorably from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Housing, Construction and Community Development in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to providing a tax credit for universal visitability THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (xx) to read as follows: (XX) UNIVERSAL VISITABILITY TAX CREDIT. 1. FOR TAXABLE YEARS BEGINNING ON OR AFTER APRIL FIRST, TWO THOUSAND FIFTEEN, A RESIDENT TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR A PORTION OF THE TOTAL PURCHASE PRICE PAID BY SUCH RESIDENT TAXPAYER FOR A NEW PRINCIPAL RESIDENCE ATTRIBUTABLE TO UNIVERSAL VISITABILITY OR THE TOTAL AMOUNT EXPENDED BY A RESIDENT TAXPAYER TO RETROFIT AN EXISTING PRINCIPAL RESIDENCE TO ACHIEVE UNIVERSAL VISITABILITY PROVIDED THAT THE NEW PRINCIPAL RESIDENCE OR THE RETROFITTING OF THE EXISTING PRINCIPAL RESIDENCE IS LOCATED WITHIN THIS STATE AND DESIGNED TO PROVIDE UNIVERSAL VISITABILITY AS DEFINED THROUGH THE ELIGIBILITY REQUIREMENTS ESTABLISHED BY GUIDELINES DEVELOPED BY THE DIVISION OF CODE ENFORCEMENT AND ADMINIS- TRATION WITHIN THE DEPARTMENT OF STATE. 2. THE CREDIT SHALL BE ALLOWED FOR THE TAXABLE YEAR IN WHICH THE RESI- DENCE HAS BEEN PURCHASED OR CONSTRUCTED, OR THE RETROFITTING OR RENO-EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09442-06-3 S. 3956--C 2
VATION OF THE RESIDENCE OR RESIDENTIAL UNIT HAS BEEN COMPLETED. THE CREDIT ALLOWED UNDER THIS SECTION SHALL NOT EXCEED (I) TWENTY-SEVEN HUNDRED FIFTY DOLLARS FOR THE PURCHASE OF A NEW RESIDENCE, OR (II) FIFTY PERCENT OF THE TOTAL AMOUNT EXPENDED, BUT NOT TO EXCEED TWENTY-SEVEN HUNDRED FIFTY DOLLARS FOR THE RETROFITTING OR RENOVATION OF EACH EXIST- ING RESIDENCE OR UNIT. 3. NO CREDIT SHALL BE ALLOWED UNDER THIS SECTION FOR THE PURCHASE, RETROFITTING OR RENOVATION OF RESIDENTIAL RENTAL PROPERTY. 4. IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. 5. ELIGIBLE TAXPAYERS SHALL APPLY FOR THE CREDIT BY MAKING APPLICATION TO THE DIVISION OF CODE ENFORCEMENT AND ADMINISTRATION WITHIN THE DEPARTMENT OF STATE. THE DIVISION OF CODE ENFORCEMENT AND ADMINISTRATION WITHIN THE DEPARTMENT OF STATE SHALL ISSUE A CERTIFICATION FOR AN APPROVED APPLICATION TO THE TAXPAYER. THE TAXPAYER SHALL SUBMIT THE CERTIFICATION TOGETHER WITH THEIR PERSONAL INCOME RETURN. S 2. This act shall take effect immediately.