New York A 2709: Excludes certain owners of single family residential rental properties from being eligible for credits for interest payments and depreciation for such rental properties

Bill Text

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A02709 Summary:

BILL NOA02709 

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SAME ASNo Same As

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SPONSORRosenthal

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COSPNSR

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MLTSPNSR

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Amd §§210-B & 606, Tax L

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Excludes certain owners of single family residential rental properties who own more than one single family residential rental property from being eligible for credits for interest payments and depreciation for such rental properties; provides exceptions for qualified nonprofit organization; defines terms; grants the commissioner of taxation and finance the authority to make rules and regulations pertaining to carrying out such provisions and preventing avoidance of compliance with such provisions.

Go to top A02709 Actions:

BILL NOA02709 

&nbsp

01/22/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA02709 Committee&nbspVotes:

Go to topA02709 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA02709 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2709

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 22, 2025
 ___________

 Introduced by M. of A. ROSENTHAL -- read once and referred to the
 Committee on Ways and Means

 AN ACT to amend the tax law, in relation to excluding certain owners of
 single family residential rental properties from being eligible for
 credits for interest payments and depreciation for such rental proper-
 ties

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 1 of section 210-B of the tax law is amended by
 2 adding a new paragraph (g) to read as follows:
 3 (g) (1) A taxpayer shall not be allowed a credit under this subdivi-
 4 sion for any interest paid or accrued in connection with any single
 5 family residential rental property owned (directly or indirectly) by a
 6 disqualified single family property owner; provided, however that this
 7 paragraph shall not apply with respect to interest paid or accrued in
 8 the taxable year in which such single family residential rental property
 9 is sold to an individual for use as the principle residence of the indi-
 10 vidual or to a qualified nonprofit organization.
 11 (2) A taxpayer shall not be allowed a credit under this subdivision
 12 for depreciation in connection with any single family residential rental
 13 property owned by a disqualified single family property owner; provided,
 14 however that this paragraph shall not apply with respect to depreciation
 15 in connection with a single family residential rental property in the
 16 taxable year in which such single family residential rental property is
 17 sold to an individual for use as the principle residence of the individ-
 18 ual or to a qualified nonprofit organization.
 19 (3) For the purposes of this paragraph, the following terms shall have
 20 the following meanings:
 21 (i) "Community land trust" means a nonprofit organization or state or
 22 local government instrumentality that: (A) uses a ground lease or deed
 23 covenant with an affordability period of at least thirty years or more

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04946-01-5

 A. 2709 2

 1 to make rental homeownership units affordable to households and stipu-
 2 lates a preemptive option to purchase the affordable rentals or homeown-
 3 ership units so that the affordability or the units is preserved for
 4 successive income-eligible households; and (B) monitors properties to
 5 ensure affordability is preserved.
 6 (ii) "Disqualified single family property owner" means any taxpayer
 7 who owns (directly or indirectly) more than one single family residen-
 8 tial rental property.
 9 (iii) "Land bank" means a government entity, agency, or program, or a
 10 special purpose nonprofit entity formed by one or more units of govern-
 11 ment in accordance with state or local land bank enabling law, that has
 12 been designated by one or more state or local governments to acquire,
 13 steward, and dispose of vacant, abandoned, or other problem properties
 14 in accordance with locally-determined priorities and goals.
 15 (iv) "Qualified nonprofit organization" means any organization which
 16 is not organized for profit and has as a p