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Sponsors
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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, the multiple dwelling law, and the multiple residence law, in relation to disallowing corporate and personal income tax deductions for property in continued noncompliance with regards to rent impairing violations
Purpose
This bill would disallow State income tax deductions for owners of substandard residential rental property.
Summary of provisions
Section 210 of the tax law is amended by adding a new subdivision 24-a. Subsection (b) of section 612 of the tax law is amended by adding a new paragraph 39. Section 303 of the multiple dwelling law is amended with 2 new subdivisions, 1b and lc. Section 303 of the multiple residence law is amended by adding a new subdivision 7.
Justification
This bill provides local officials with additional means of dealing with the problem of substandard rental housing. If the owner derives rental income from this substandard housing, and refuses to comply with a notice of the violations, this bill provides that any tax deductions taken for interest, taxes, depreciation or amortization paid with respect to the housing cannot be allowed in the computation of the owner's personal income or corporate tax liability. The State of New York should not allow landlords who maintain substandard property, much of which is used for illegal purposes to receive tax breaks on such property. This bill will stop such parties as demonstrated in California which enacted similar legislation.
Legislative history
S.3498 of 2005/2006; S628 of 2007/2008.
Fiscal implications
None to the State; provides additional revenue to local governments.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.