New York A 7507: Relates to requiring military courtesy centers in all airports

Bill Text

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A07507 Summary:

BILL NOA07507 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORNovakhov

&nbsp

COSPNSRFitzpatrick, Tague, Blankenbush, Norber, Hawley, Mikulin

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Creates a homeownership rehabilitation credit; allows a taxpayer to be credited for fifteen percent of the qualified rehabilitation expenses made by such taxpayer with respect to a qualified residence against the tax imposed; defines qualified residence and qualified rehabilitation expenses.

Go to top A07507 Actions:

BILL NOA07507 

&nbsp

03/28/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA07507 Committee&nbspVotes:

Go to topA07507 Floor&nbspVotes:

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

Go to topA07507 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7507

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 28, 2025
 ___________

 Introduced by M. of A. NOVAKHOV, FITZPATRICK, TAGUE, BLANKENBUSH,
 NORBER, HAWLEY, MIKULIN -- read once and referred to the Committee on
 Ways and Means

 AN ACT to amend the tax law, in relation to establishing a homeownership
 rehabilitation credit

 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 (o-1) to read as follows:
 3 (o-1) Homeownership rehabilitation credit. (1) A taxpayer shall be
 4 allowed a credit of fifteen percent of the qualified rehabilitation
 5 expenses made by the taxpayer with respect to a qualified residence
 6 against the tax imposed by this article. For the purposes of this
 7 subsection:
 8 (A) "Qualified residence" means any residence which is located:
 9 (i) in a census tract in which seventy percent or more of the families
 10 have income that is less than ninety percent of the greater of area or
 11 statewide median gross income;
 12 (ii) in a rural area as defined under section 520 of the federal hous-
 13 ing act of 1949;
 14 (iii) on a reservation for a federally recognized Indian tribe; or
 15 (iv) in an area of chronic economic distress, as defined by section
 16 143 of the internal revenue code.
 17 (B) "Residence" means:
 18 (i) a single family home containing one to four housing units;
 19 (ii) a condominium unit, or stock in a cooperative housing corpo-
 20 ration; or
 21 (iii) that is owned or purchased by a taxpayer or such taxpayer's
 22 principal residence and is at least forty years old in the case of a
 23 single family home or in the case of a multiple dwelling containing
 24 condominium or cooperative housing units the exterior is at least forty
 25 years old.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04015-01-5

 A. 7507 2

 1 (C) "Qualified rehabilitation expenses" means any amount properly
 2 chargeable to capital account that exceeds five thousand dollars for
 3 both interior and exterior work.
 4 (2) The qualified residence shall be used by the taxpayer as such
 5 taxpayer's principal residence during the taxable year in which the
 6 taxpayer claims the credit.
 7 (3) In the case of a qualified purchased residence, the taxpayer shall
 8 be treated as having made, on the date of purchase, the qualified reha-
 9 bilitation expenditures made by the seller of such home. Expenditures
 10 made by the seller shall be deemed qualified rehabilitation expenditures
 11 of such expenditures if made by the purchaser would have so qualified.
 12 For purposes of this paragraph, the term "qualified purchased resi-
 13 dence" means any rehabilitated residence purchased by the taxpayer if:
 14 (A) the taxpayer is the first purchaser of such structure after the
 15 date rehabilitation is completed and the purchase occurs within five
 16 years after such date;
 17 (B) the structure or a portion thereof shall, within a reasonable
 18 period, be the principal residence of the taxpayer;
 19 (C) no credit was allowed to the seller under this paragraph with
 20 respect to such rehabilitation; and
 21 (D) the taxpayer is furnished with such information as the commission-
 22 er decides is necessary to determine the credit under this paragraph.
 23 (4)(A) If before the end of the five-year period