Permits multiple transfers of low-income housing tax credits in New York.

The bill amends the public housing law to allow multiple transfers of low-income housing tax credits. A taxpayer can transfer the credit to another person or entity, referred to as the transferee, without regard to ownership of the low-income building. The transferee can then apply the credit to a tax imposed under the tax law. The bill applies to credits allocated under article 2-A of the public housing law, regardless of when they were allocated.

Permits multiple transfers of low-income housing tax credits in New York.

The bill amends the public housing law to allow multiple transfers of low-income housing tax credits. A taxpayer can transfer the credit to another person or entity, referred to as the transferee, without regard to ownership of the low-income building. The transferee can then apply the credit to a tax imposed under the tax law. The bill applies to credits allocated under article 2-A of the public housing law, regardless of when they were allocated.