Bill > A4779

Introduced Session

This bill would provide a refundable gross income tax credit to resident taxpayers for a portion of homeowners' association assessments that are paid by taxpayers for primary residences within any common interest community, and which are used by the homeowners' association to support infrastructure improvements within the community. A taxpayer would be eligible for the credit regardless of whether the primary residence is subject to property taxes or an agreement for payments in lieu of taxes ("PILOT payments"). Specifically, the homeowners' association infrastructure improvement tax credit would equal the amount of "homeowners' association assessments constituting infrastructure improvements" paid by the taxpayer during the taxable year. The bill defines "homeowners' association assessments constituting infrastructure improvements" to include 18 percent of the total homeowners' association assessments paid by a taxpayer during a taxable year. When filing a tax return that includes a claim for the credit, a taxpayer would be required to submit a copy of a certification, issued upon application by the taxpayer to their homeowners' association, that calculates the amount of the homeowners' association assessments constituting infrastructure improvements paid by the taxpayer during the taxable year for which the credit is claimed.

AI Summary

Committee Categories

Alex Sauickie (R)*,  Robert Clifton (R), 

Introduced, Referred to Assembly Housing Committee (on 09/19/2024)

Official Document