New York S 4057: Extends historic homeownership rehabilitation tax credit and requires additional reporting

Bill Text

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S04057 Summary:

BILL NOS04057A

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SAME ASSAME AS A05453-A

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SPONSORFAHY

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COSPNSRBASKIN, HINCHEY

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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 S04057 Actions:

BILL NOS04057A

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01/31/2025REFERRED TO BUDGET AND REVENUE

12/03/2025AMEND AND RECOMMIT TO BUDGET AND REVENUE

12/03/2025PRINT NUMBER 4057A

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04057 Committee&nbspVotes:

Go to topS04057 Floor&nbspVotes:

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

Go to topS04057 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4057--A

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. FAHY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue --
 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.
 LBD08172-04-5

 S. 4057--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 year or years.]
 15 (3)(A) The term "qualified rehabilitation expenditure" means, for
 16 purposes of this subsection, any amount properly chargeable to a capital
 17 account:
 18 (i) in