NY S08685

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 whose income is less than fifty percent of the area median income.

Introduced
02/29/2024

In Committee
02/29/2024

Crossed Over

Passed

Dead
12/31/2024

Introduced Session

2023-2024 General Assembly

Bill Summary

AN ACT to amend the tax law, in relation to establishing a tax credit for rent paid on the personal residence of certain taxpayers

AI Summary

This bill establishes a tax credit for certain taxpayers who lease their primary residence and pay rent that exceeds 30% of their gross income, if their income is less than 50% of the area median income. The credit will be 100% of the excess rent paid over 30% of the taxpayer's gross income, up to a limit of 150% of the fair market rent for the residence. The bill also allows for advance payments of the credit and provides guidelines for the commissioner to administer the credit.

Committee Categories

Budget and Finance

Sponsors (1)

Luis Sepúlveda (D)*,

Last Action

REFERRED TO BUDGET AND REVENUE (on 02/29/2024)

Official Document

https://www.nysenate.gov/legislation/bills/2023/S8685

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.nysenate.gov/legislation/bills/2023/S8685
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=S08685&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S08685

Bill	Bill Name	Last Action	Type
A06868	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 whose income is less than fifty percent of the area median income.	referred to ways and means	Same As
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	Reintroduced
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	Reintroduced

Bill > S08685

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary