New York A 10588: Permits multiple transfers of low-income housing tax credits

Bill Text

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A10588 Summary:

BILL NOA10588 

&nbsp

SAME ASSAME AS S09571

&nbsp

SPONSORRosenthal

&nbsp

COSPNSROtis

&nbsp

MLTSPNSR

&nbsp

Amd §22, Pub Hous L

&nbsp

Permits multiple transfers of low-income housing tax credits.

Go to top A10588 Actions:

BILL NOA10588 

&nbsp

03/13/2026referred to housing

05/12/2026reported referred to ways and means

06/01/2026reported referred to rules

06/01/2026reported 

06/01/2026rules report cal.318

06/01/2026ordered to third reading rules cal.318

06/01/2026substituted by s9571

&nbspS09571 AMEND= KAVANAGH

&nbsp03/25/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

&nbsp05/04/20261ST REPORT CAL.892

&nbsp05/05/20262ND REPORT CAL.

&nbsp05/06/2026ADVANCED TO THIRD READING 

&nbsp05/12/2026PASSED SENATE

&nbsp05/12/2026DELIVERED TO ASSEMBLY

&nbsp05/12/2026referred to ways and means

&nbsp06/01/2026substituted for a10588

&nbsp06/01/2026ordered to third reading rules cal.318

&nbsp06/01/2026passed assembly

&nbsp06/01/2026returned to senate

Go to topA10588 Committee&nbspVotes:

Committee:HOUSING Chair:Rosenthal 
DATE:05/12/2026AYE/NAY:19/4 Action: Favorable refer to committee Ways and Means RosenthalAyeFitzpatrickExcused

CookExcusedNovakhovAye

KimAyeBrown K Nay

WalkerAyeBrown EANay

Bichotte HermelAyeBrook-KrasnyAye

DavilaAyeChangAye

EichensteinAyeNorberNay

MeeksExcusedMolitorNay

BurdickExcused

RiveraAye

JacksonAye

KellesAye

TapiaAye

LucasExcused

Chandler-WatermAye

LevenbergAye

DaisAye

TorresAye

ReyesAye

ZaccaroAye

Committee:WAYS AND MEANS Chair:Pretlow 
DATE:06/01/2026AYE/NAY:30/2 Action: Favorable refer to committee Rules PretlowAyePalmesanoAye

GlickAyeFitzpatrickAye

ColtonAyeHawleyAye

CookExcusedBlankenbushAye

BenedettoAyeWalshAye

WeprinAyeDeStefanoNay

RamosAbsentManktelowAye

BraunsteinAyeSmullenAye

McDonaldAyeGiglioNay

RozicAyeSlaterAye

DinowitzAye

MagnarelliAye

BronsonAye

DilanAbsent

SeawrightAye

HyndmanAye

WalkerAye

Bichotte HermelAye

SimonAye

CruzAye

OtisAye

SolagesAye

HunterAye

SeptimoAye

HevesiAye

Committee:RULES Chair:Glick 
DATE:06/01/2026AYE/NAY:28/0 Action: Favorable HeastieExcusedRaAye

PretlowAyeHawleyAye

CookExcusedBlankenbushAye

GlickAyeBrabenecAye

DinowitzAyePalmesanoAye

ColtonAyeReillyAye

MagnarelliAyeSmithAye

PaulinAyeJensenAye

Peoples-StokesAyeGandolfoAye

BenedettoAye

LavineAye

LupardoAye

BraunsteinAye

DavilaExcused

HyndmanAye

RozicAye

BronsonAye

HevesiAye

HunterAye

TaylorAye

CruzAye

VanelAye

Go to topA10588 Floor&nbspVotes:

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

Go to topA10588 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10588

 IN ASSEMBLY

 March 13, 2026
 ___________

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

 AN ACT to amend the public housing law, in relation to permitting multi-
 ple transfers of low-income housing tax credits

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

 1 Section 1. Subdivision 1 and paragraph (a) of subdivision 8 of section
 2 22 of the public housing law, subdivision 1 as amended by section 1 and
 3 paragraph (a) of subdivision 8 as added by section 2 of part PP of chap-
 4 ter 59 of the laws of 2018, are amended to read as follows:
 5 1. A taxpayer subject to tax under article nine-A, twenty-two, or
 6 thirty-three of the tax law which owns an interest in one or more eligi-
 7 ble low-income buildings, or [a transferee] one or more transferees of
 8 such a taxpayer as described in subdivision eight of this section, shall
 9 be allowed a credit against such tax for the amount of low-income hous-
 10 ing credit allocated by the commissioner to each such building. Except
 11 as provided in subdivision two of this section, the credit amount so
 12 allocated shall be allowed as a credit against the tax for the ten taxa-
 13 ble years in the credit period.
 14 (a) A taxpayer allowed a credit pursuant to this article may transfer
 15 the credit, in whole or in part, to another person or entity, who shall
 16 be referred to as the transferee, without regard to how any federal
 17 low-income housing tax credit with respect to the low-income building
 18 may be allocated and notwithstanding that such other person or