Senate BillVetoed
S 405: 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 S 405 does, verified December 13, 2025
The bill aims to expand the definition of a qualified historic home for the historic homeownership rehabilitation credit. This expansion allows for properties that meet certain criteria to be eligible for the credit, including: - Being located in a targeted area or census tract with low median family income. - Being in a city with a poverty rate above 15% or a population under 1 million. - Being in a city with a population over 1 million and in a qualifying census tract as of January 1, 2017. These properties must have been owned by the applicant on January 1, 2010, to be eligible for the credit. The bill takes effect immediately and applies to taxable years beginning on and after January 1, 2026.
Bill journey
✓IntroducedComplete
✓In CommitteeComplete
✓First Chamber FloorComplete
✓Second ChamberComplete
5GovernorCurrent
6ChapteredPending
Last action: VETOED MEMO.109 (2025-12-12)Alert me
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Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions14 total · showing 5
| Dec. 12, 2025 | VETOED MEMO.109 |
| Dec. 08, 2025 | DELIVERED TO GOVERNOR |
| Jun. 17, 2025 | returned to senate |
| Jun. 17, 2025 | passed assembly |
| Jun. 17, 2025 | ordered to third reading rules cal.863 |
Latest bill textIntroduced version, January 8, 2025 · 339 words
STATE OF NEW YORK ________________________________________________________________________ 405 2025-2026 Regular Sessions IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sens. MYRIE, CLEARE, WEBB -- read twice and ordered print- ed, and when printed to be committed to the Committee on Budget and Revenue 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 S 405 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions