Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 25, 2010 |
amend by restoring to original print 6168 |
Mar 10, 2010 |
amend and recommit to housing, construction and community development |
Mar 05, 2010 |
committee discharged and committed to housing, construction and community development |
Feb 23, 2010 |
committee discharged and committed to finance |
Jan 06, 2010 |
referred to investigations and government operations |
Sep 14, 2009 |
referred to rules |
Mar 22, 2010 |
reported and committed to finance |
Mar 10, 2010 |
print number 6168a |
Senate Bill S6168A
2009-2010 Legislative Session
Sponsored By
(D) Senate District
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
Actions
Votes
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) - Sponsor Memo
BILL NUMBER: S6168 TITLE OF BILL : An act to amend the tax law, in relation to conveyances involving real property financed with federal low-income housing tax credits PURPOSE : In order to facilitate the preservation of affordability on not-for-profit sponsored housing projects developed with Low Income Housing Tax Credits. As the housing projects reach an end to their 15 year IRS compliance period, the City and its community partners are implementing a plan to allow for the exit of the limited partner investors through a sale of the project or partnership interests to a not-for-profit organization. SUMMARY OF PROVISIONS : Conveyances involving real property financed with federal low income housing tax credits and subject to a housing credit agency's regulatory agreement for a minimum period of 15 years, from the date of conveyance to a not-for-profit corporation. No part of the net earnings of said not-for-profit shall inure to the benefit of any person. JUSTIFICATION : The Low Income Housing Tax Credit (LIHTC) is a 23 year old federal program that accounts for nearly 90 percent of all affordable rental
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 - Sponsor Memo
BILL NUMBER: S6168A TITLE OF BILL : An act to amend the tax law, in relation to conveyances involving real property financed with federal low-income housing tax credits PURPOSE : In order to facilitate the preservation of affordability on not-for-profit sponsored housing projects developed with Low Income Housing Tax Credits. As the housing projects reach an end to their 15 year IRS Compliance period, the City and its community partners are implementing a plan to allow for the exit of the limited partner investors through a sale of the project or partnership interests to a not-for-profit organization. SUMMARY OF PROVISIONS : Conveyances involving real property financed with federal low income housing tax credits and subject to a housing credit agency's regulatory agreement for a minimum period of 15 years, from the date of conveyance to a not-for-profit corporation. No part of the net earnings of said not-for-profit shall inure to the benefit of any person. JUSTIFICATION : The Low Income Housing Tax Credit (LIHTC) is a 23 year old federal
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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