 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4884
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 8, 2021
                                       ___________
 
        Introduced by M. of A. PICHARDO, TAYLOR, EPSTEIN, REYES -- read once and
          referred to the Committee on Ways and Means
 
        AN  ACT to amend the tax law, in relation to establishing a tenant asso-
          ciation tax credit
 
          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 (kkk) to read as follows:
     3    (kkk) Tenant association tax credit.  (1) For taxable years  beginning
     4  on  and  after January first, two thousand nineteen, a taxpayer who is a
     5  member of a tenant association shall be allowed a credit against the tax
     6  imposed by this article. The amount of the credit shall be:
     7    (A) five percent of the taxpayer's monthly rent for a taxpayer  living
     8  in market rate housing;
     9    (B)  ten  percent of the taxpayer's monthly rent for a taxpayer living
    10  in rent regulated housing; and
    11    (C) fifteen percent of the taxpayer's  monthly  rent  for  a  taxpayer
    12  living in public housing.
    13    (2)  If the amount of the credit allowed under this subsection for any
    14  taxable year shall exceed the qualified taxpayer's tax  for  such  year,
    15  the  excess  shall be treated as an overpayment of tax to be credited or
    16  refunded in accordance with section six hundred eighty-six of this arti-
    17  cle, provided, however, that no interest shall be paid thereon.
    18    § 2. This act shall take effect immediately and shall apply to taxable
    19  years beginning on and after January 1, 2021.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08348-01-1
Establishes a tenant association tax credit

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Why It Matters
