Senate Bill S6168A

2009-2010 Legislative Session

Relates to conveyances involving real property financed with federal low-income housing tax credits

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Archive: Last Bill Status - In Senate Committee Finance 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

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Bill Amendments

2009-S6168 (ACTIVE) - Details

See Assembly Version of this Bill:
A8794
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §1405, Tax L

2009-S6168 (ACTIVE) - Summary

Relates to conveyances involving real property financed with federal low-income housing tax credits.

2009-S6168 (ACTIVE) - Sponsor Memo

2009-S6168 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6168

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                           September 14, 2009
                               ___________

Introduced  by  Sen.  ESPADA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the tax law, in relation to conveyances  involving  real
  property financed with federal low-income housing tax credits

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision (b) of section 1405 of the tax law  is  amended
by adding a new paragraph 11 to read as follows:
  11.  CONVEYANCES INVOLVING REAL PROPERTY FINANCED WITH FEDERAL LOW-IN-
COME HOUSING TAX CREDITS, AND SUBJECT TO A HOUSING CREDIT AGENCY'S REGU-
LATORY AGREEMENT FOR A MINIMUM PERIOD OF FIFTEEN YEARS FROM THE DATE  OF
CONVEYANCE, TO A CORPORATION ORGANIZED PURSUANT TO ARTICLE ELEVEN OF THE
PRIVATE HOUSING FINANCE LAW OR TO A NEW YORK NOT-FOR-PROFIT CORPORATION,
AND  NO  PART OF THE NET EARNINGS OF SAID NEW YORK NOT-FOR-PROFIT CORPO-
RATION SHALL INURE TO THE BENEFIT OF ANY PERSON, AND NO SUBSTANTIAL PART
OF THE ACTIVITIES OF WHICH  IS  CARRYING  ON  PROPAGANDA,  OR  OTHERWISE
ATTEMPTING  TO INFLUENCE LEGISLATION; PROVIDED, HOWEVER, THAT NOTHING IN
THIS PARAGRAPH SHALL INCLUDE AN ORGANIZATION OPERATED  FOR  THE  PRIMARY
PURPOSE  OF  CARRYING  ON A TRADE OR BUSINESS FOR PROFIT, WHETHER OR NOT
ALL OF ITS PROFITS ARE PAYABLE TO ONE OR MORE ORGANIZATIONS DESCRIBED IN
THIS PARAGRAPH.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after June 1, 2009.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14180-01-9


              

2009-S6168A - Details

See Assembly Version of this Bill:
A8794
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §1405, Tax L

2009-S6168A - Summary

Relates to conveyances involving real property financed with federal low-income housing tax credits.

2009-S6168A - Sponsor Memo

2009-S6168A - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6168--A

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                           September 14, 2009
                               ___________

Introduced  by  Sen.  ESPADA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules  --  recommitted  to
  the  Committee  on Investigations and Government Operations in accord-
  ance with Senate Rule 6, sec. 8 -- committee discharged and said  bill
  committed to the Committee on Finance -- committee discharged and said
  bill committed to the Committee on Housing, Construction and Community
  Development  --  committee discharged, bill amended, ordered reprinted
  as amended and recommitted to said committee

AN ACT to amend the tax law, in relation to conveyances  involving  real
  property financed with federal low-income housing tax credits

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision (b) of section 1405 of the tax law  is  amended
by adding a new paragraph 11 to read as follows:
  11.  CONVEYANCES INVOLVING REAL PROPERTY FINANCED WITH FEDERAL LOW-IN-
COME HOUSING TAX CREDITS, AND SUBJECT TO A HOUSING CREDIT AGENCY'S REGU-
LATORY AGREEMENT FOR A MINIMUM PERIOD OF FIFTEEN YEARS FROM THE DATE  OF
CONVEYANCE, TO A CORPORATION ORGANIZED PURSUANT TO ARTICLE ELEVEN OF THE
PRIVATE HOUSING FINANCE LAW OR TO A NEW YORK NOT-FOR-PROFIT CORPORATION,
AND  NO  PART OF THE NET EARNINGS OF SAID NEW YORK NOT-FOR-PROFIT CORPO-
RATION SHALL INURE TO THE BENEFIT OF ANY PERSON, AND NO SUBSTANTIAL PART
OF THE ACTIVITIES OF WHICH  IS  CARRYING  ON  PROPAGANDA,  OR  OTHERWISE
ATTEMPTING  TO INFLUENCE LEGISLATION; PROVIDED, HOWEVER, THAT NOTHING IN
THIS PARAGRAPH SHALL INCLUDE AN ORGANIZATION OPERATED  FOR  THE  PRIMARY
PURPOSE  OF  CARRYING  ON A TRADE OR BUSINESS FOR PROFIT, WHETHER OR NOT
ALL OF ITS PROFITS ARE PAYABLE TO ONE OR MORE ORGANIZATIONS DESCRIBED IN
THIS PARAGRAPH.
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after June 1, 2010.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14180-02-0


              

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