New York A 5453: Authorizes persons under the age of eighteen to participate in certain organized racing and competitive events involving snowmobiles

Bill Text

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A05453 Summary:

BILL NOA05453A

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SAME ASSAME AS S04057-A

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SPONSORWoerner

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COSPNSRLupardo, McDonald, Yeger, Magnarelli, Romero, Brabenec, Buttenschon, Burroughs, Santabarbara,
 Shimsky, Schiavoni, Torres, Manktelow, Glick, Kassay, Rivera, Shrestha

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MLTSPNSR

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Amd §606, Tax L; amd §14.05, Pks & Rec L

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Extends the benefit window of the historic homeownership rehabilitation tax credit; requires additional reporting on the utilization of such credit.

Go to top A05453 Actions:

BILL NOA05453A

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02/14/2025referred to ways and means

12/03/2025amend and recommit to ways and means

12/03/2025print number 5453a

01/07/2026referred to ways and means

Go to topA05453 Committee&nbspVotes:

Go to topA05453 Floor&nbspVotes:

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

Go to topA05453 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5453--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 14, 2025
 ___________

 Introduced by M. of A. WOERNER, LUPARDO, McDONALD, YEGER, MAGNARELLI,
 ROMERO, BRABENEC, BUTTENSCHON, BURROUGHS -- read once and referred to
 the Committee on Ways and Means -- committee discharged, bill amended,
 ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the tax law and the parks, recreation and historic pres-
 ervation law, in relation to extending the historic homeownership
 rehabilitation tax credit and requiring additional reporting

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

 1 Section 1. Paragraphs 2 and 3 of subsection (pp) of section 606 of the
 2 tax law, paragraph 2 as amended by section 4 of part RR of chapter 59 of
 3 the laws of 2018 and paragraph 3 as added by chapter 547 of the laws of
 4 2006, are amended and a new paragraph 13 is added to read as follows:
 5 (2) (A) With respect to any particular residence of a taxpayer, the
 6 credit allowed under paragraph one of this subsection shall not exceed
 7 fifty thousand dollars for taxable years beginning on or after January
 8 first, two thousand ten [and before January first, two thousand twenty-
 9 five and twenty-five thousand dollars for taxable years beginning on or
 10 after January first, two thousand twenty-five]. In the case of a
 11 [husband and wife] married couple, the amount of the credit shall be
 12 divided between them equally or in such other manner as they may both
 13 elect. If a taxpayer incurs qualified rehabilitation expenditures in
 14 relation to more than one residence in the same year, the total amount
 15 of credit allowed under paragraph one of this subsection for all such
 16 expenditures shall not exceed fifty thousand dollars for taxable years
 17 beginning on or after January first, two thousand ten [and before Janu-
 18 ary first, two thousand twenty-five and twenty-five thousand dollars for
 19 taxable years beginning on or after January first, two thousand twenty-
 20 five].
 21 (B) For taxable years beginning on or after January first, two thou-
 22 sand ten [and before January first, two thousand twenty-five], if the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08172-03-5

 A. 5453--A 2

 1 amount of credit allowable under this subsection shall exceed the
 2 taxpayer's tax for such year, and the taxpayer's New York adjusted gross
 3 income for such year does not exceed sixty thousand dollars, the excess
 4 shall be treated as an overpayment of tax to be credited or refunded in
 5 accordance with the provisions of section six hundred eighty-six of this
 6 article, provided, however, that no interest shall be paid thereon. If
 7 the taxpayer's New York adjusted gross income for such year exceeds
 8 sixty thousand dollars, the excess credit [that] may be carried over to
 9 the following year or years and may be deducted from the taxpayer's tax
 10 for such year or years. [For taxable years beginning on or after January
 11 first, two thousand twenty-five, if the amount of credit allowable under
 12 this subsection shall exceed the taxpayer's tax for such year, the
 13 excess may be carried over to the following year or years and may be
 14 deducted from the taxpayer's tax for such ye