New York S 5808: Establishes a tax credit for rent paid on the personal residence of certain taxpayers

Bill Text

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S05808 Summary:

BILL NOS05808 

&nbsp

SAME ASSAME AS A03736

&nbsp

SPONSORSEPULVEDA

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

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 S05808 Actions:

BILL NOS05808 

&nbsp

03/03/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS05808 Committee&nbspVotes:

Go to topS05808 Floor&nbspVotes:

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

Go to topS05808 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5808

 2025-2026 Regular Sessions

 IN SENATE

 March 3, 2025
 ___________

 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 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

 S. 5808 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