New York A 3736: Relates to special proceedings to convey title to abandoned real property to cities, towns or villages

Bill Text

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A03736 Summary:

BILL NOA03736 

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SAME ASSAME AS S05808

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SPONSORAlvarez

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COSPNSRTapia

&nbsp

MLTSPNSRDavila

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Amd §606, Tax L

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Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.

Go to top A03736 Actions:

BILL NOA03736 

&nbsp

01/30/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA03736 Committee&nbspVotes:

Go to topA03736 Floor&nbspVotes:

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

Go to topA03736 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3736

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. ALVAREZ -- read once and referred to the Commit-
 tee on Ways and Means

 AN ACT to amend the tax law, in relation to establishing a tax credit
 for rent paid on the personal residence of certain taxpayers

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

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (bbb) to read as follows:
 3 (bbb) Rent relief credit. (1) Allowance of credit. A qualified taxpay-
 4 er shall be allowed a credit to be computed as provided in paragraph two
 5 of this subsection against the tax imposed by this article.
 6 (2) Computation of credit. The credit allowed under this subsection
 7 shall be one hundred percent of the excess of thirty percent of the
 8 taxpayer's gross income such taxpayer pays in rent for such taxable year
 9 for taxpayers whose income is less than fifty percent of the area median
 10 income.
 11 (3) Advance payments. (A) The commissioner shall establish a mechanism
 12 by which a qualified taxpayer may apply for an advance payment of the
 13 credit authorized by this subsection, provided that:
 14 (i) A qualified taxpayer who fails to apply for an advance payment of
 15 such credit by the date on which the commissioner requires, may apply
 16 for and receive such credit in the manner prescribed by the commission-
 17 er, provided that such application shall be made within three years from
 18 the time that a return for the taxable year would have had to be filed
 19 pursuant to section six hundred fifty-one of this article. If approved,
 20 such payment shall be issued as soon as is practicable after the
 21 submission of the application but shall not be subject to the processing
 22 schedule prescribed by subparagraph (B) of this paragraph, and
 23 (ii) A qualified taxpayer who has applied for an advance payment of
 24 such credit in a taxable year may continue to receive such advance

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01418-01-5

 A. 3736 2

 1 payments in future taxable years without reapplying as long as such
 2 taxpayer remains eligible therefor.
 3 (B) The commissioner shall determine the eligibility of taxpayers for
 4 this credit utilizing the information available to such commissioner as
 5 obtained from the applications submitted and from such other sources as
 6 the commissioner deems reliable and appropriate. For those taxpayers
 7 whom the commissioner has determined eligible for this credit, the
 8 commissioner shall advance a payment of up to one-half of the total
 9 amount of the total credit owed.
 10 (C) A taxpayer who has failed to receive an advance payment that such
 11 taxpayer believes was due to them, or who has received an advance
 12 payment that such taxpayer believes is less than the amount that was due
 13 to such taxpayer, may request payment of the claimed deficiency in a
 14 manner prescribed by the commissioner.
 15 (D) An advance payment of credit provided pursuant to this subsection
 16 that exceeds the taxpayer's qualifying taxes for that taxable year shall
 17 be added back as tax on the income tax return for that taxable year.
 18 (E) If the commissioner determines after issuing an advance payment
 19 that it was issued in an excessive amount