What's happening
This bill creates a tax credit for members of tenant associations based on a percentage of their monthly rent.
Why it matters
Direct financial support for renters. By creating a refundable tax credit based on a percentage of monthly rent, this bill puts money back into the pockets of tenant association members, which could help alleviate housing cost burdens—especially for those in regulated or public housing.
Incentivizes tenant association participation. Tying the credit to membership in a tenant association may encourage more renters to join or form such groups, potentially strengthening collective tenant advocacy and giving renters a stronger voice in housing issues.
Progressive benefit structure. The bill offers larger credits to those in public (15%) and rent-regulated (10%) housing compared to market-rate tenants (5%). This targets greater relief to lower-income tenants, who are more likely to face housing insecurity.
Potential impact on tax refunds. Since the credit is refundable, renters who owe little or no state income tax could still receive the benefit as a refund, making the support broadly accessible beyond just those with higher tax liabilities.
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Who cares
Headline styles
Give Renters Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to ways and means
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6165
2017-2018 Regular Sessions
IN ASSEMBLY
February 27, 2017
Introduced by M. of A. PICHARDO -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a tenant association tax credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows:
(ccc) Tenant association tax credit. (1) For taxable years beginning on and after January first, two thousand seventeen, a taxpayer who is a member of a tenant association shall be allowed a credit against the tax imposed by this article. The amount of the credit shall be:
(A) five percent of the taxpayer's monthly rent for a taxpayer living in market rate housing;
(B) ten percent of the taxpayer's monthly rent for a taxpayer living in rent regulated housing; and
(C) fifteen percent of the taxpayer's monthly rent for a taxpayer living in public housing.
(2) If the amount of the credit allowed under this subsection for any taxable year shall exceed the qualified taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with section six hundred eighty-six of this article, provided, however, that no interest shall be paid thereon.
§ 2. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2017.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10232-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.