Assembly BillIntroduced
A 5588: Adds certain properties located in a city of one million or more to the definition of a qualified historic home for the historic homeownership rehabilitation credit.
What A 5588 does, verified July 2, 2025
The bill aims to expand the definition of a qualified historic home for the historic homeownership rehabilitation credit. This expansion includes properties that meet certain criteria, such as being located in targeted areas or census tracts with low median family income, or in cities with high poverty rates. Additionally, properties owned by the applicant on a specific date may qualify, regardless of the city's population. The bill takes effect immediately and applies to taxable years beginning on and after January 1, 2026.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: substituted by s405 (2025-06-17)Alert me
Quick answers about A 5588
- What is the current status of A 5588?
- As of July 2, 2025, A 5588 is recorded as "Introduced": it has been introduced and is waiting for its first committee hearing or floor vote. The last recorded action, on June 17, 2025, was "substituted by s405".
- Did A 5588 pass?
- Not yet. A 5588 has been introduced and has not passed either house.
- Who wrote A 5588, and where is it now?
- A 5588 was authored by Asm. Stefani Zinerman with 4 coauthors.
Author and sponsors
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| Jun. 17, 2025 | substituted by s405 |
| Jun. 17, 2025 | ordered to third reading rules cal.863 |
| Jun. 17, 2025 | rules report cal.863 |
| Jun. 17, 2025 | reported |
| Jun. 17, 2025 | reported referred to rules |
Latest bill textIntroduced version, February 18, 2025 · 340 words
STATE OF NEW YORK ________________________________________________________________________ 5588 2025-2026 Regular Sessions IN ASSEMBLY February 18, 2025 ___________ Introduced by M. of A. ZINERMAN, SIMON, CUNNINGHAM, CLARK, TAYLOR -- Multi-Sponsored by -- M. of A. LEVENBERG -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to adding certain properties to the definition of a qualified historic home for the historic homeown- ership rehabilitation credit The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Clause (iv) of subparagraph (A) of paragraph 5 of 2 subsection (pp) of section 606 of the tax law, as amended by section 3-a 3 of part U of chapter 59 of the laws of 2019, is amended to read as 4 follows: 5 (iv) (1) which is in whole or in part a targeted area residence within 6 the meaning of section 143(j) of the internal revenue code; or (2) is 7 located within a census tract which is identified as being at or below 8 one hundred percent of the state median family income in the most recent 9 federal census; or (3) which is located in a city with a population of 10 less than one million with a poverty rate greater than fifteen percent, 11 rounded to the nearest whole number, in the most recent five year esti- 12 mate from the American community survey published by the United States 13 census bureau; or (4) is located in a city with a population greater 14 than one million, in a qualifying census tract as of January first, two 15 thousand seventeen, and was owned by the applicant on January first, two 16 thousand ten. 17 § 2. This act shall take effect immediately and shall apply to taxable 18 years beginning on and after January 1, 2026. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01565-01-5
Text of A 5588 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions