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Bill > A08716
NY A08716
NY A08716Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.
summary
Introduced
10/23/2019
10/23/2019
In Committee
01/08/2020
01/08/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
2019-2020 General Assembly
Bill Summary
Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.
AI Summary
This bill establishes a tax credit for certain taxpayers who lease their primary residence during the taxable year and pay rent in excess of 30% of their gross income. The credit amount varies based on the taxpayer's gross income, with higher income taxpayers receiving a lower percentage of the excess rent paid. The credit is limited to 150% of the fair market rent for the residence, and any excess credit can be treated as an overpayment of tax to be credited or refunded. The bill also authorizes the Commissioner to promulgate rules and regulations necessary for the administration of the credit.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
referred to ways and means (on 01/08/2020)
Official Document
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