NY A03437

Bill

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.

Introduced
01/26/2021

In Committee
01/05/2022

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

2021-2022 General Assembly

Bill Summary

AI Summary

This bill establishes a tax credit for rent paid on the personal residence of 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 credits for lower-income taxpayers. The credit is limited to 150% of the fair market rent for the residence. If the credit amount exceeds the taxpayer's tax liability, the excess will be treated as an overpayment to be credited or refunded. The bill also authorizes the commissioner to promulgate rules and regulations for the administration of the credit.

Committee Categories

Budget and Finance

Sponsors (1)

Linda Rosenthal (D)*,

Last Action

print number 3437a (on 08/03/2022)

Official Document

https://www.nysenate.gov/legislation/bills/2021/A3437

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.nysenate.gov/legislation/bills/2021/A3437
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=A03437&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A03437A
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=A03437&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A03437

Bill	Bill Name	Last Action	Type
A08716	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.	referred to ways and means	Reintroduced
S01240	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.	REFERRED TO BUDGET AND REVENUE	Same As
S08142	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.	REFERRED TO BUDGET AND REVENUE	Same As

Bill > A03437

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary