N.Y. Public Housing Law § 22

§ 22. Allowance of credit, amount and limitations. 1. A taxpayer\nsubject to tax under article nine-A, twenty-two, thirty-two or\nthirty-three of the tax law which owns an interest in one or more\neligible low-income buildings shall be allowed a credit against such tax\nfor the amount of low-income housing credit allocated by the\ncommissioner to each such building. Except as provided in subdivision\ntwo of this section, the credit amount so allocated shall be allowed as\na credit against the tax for the ten taxable years in the credit period.\n 2. Adjustment of first-year credit allowed in eleventh year. The\ncredit allowable for the first taxable year of the credit period with\nrespect to any building shall be adjusted using the rules of section\n42(f)(2) of the internal revenue code (relating to first-year adjustment\nof qualified basis by the weighted average of low-income to total\nresidential units), and any reduction in first-year credit by reason of\nsuch adjustment shall be allowable for the first taxable year following\nthe credit period.\n 3. Amount of credit. Except as provided in subdivisions four and five\nof this section, the amount of low-income housing credit shall be the\napplicable percentage of the qualified basis of each eligible low-income\nbuilding.\n * 4. Statewide limitation. The aggregate dollar amount of credit which\nthe commissioner may allocate to eligible low-income buildings under\nthis article shall be seventy-two million dollars. The limitation\nprovided by this subdivision applies only to allocation of the aggregate\ndollar amount of credit by the commissioner, and does not apply to\nallowance to a taxpayer of the credit with respect to an eligible\nlow-income building for each year of the credit period.\n * NB Effective until April 1, 2017\n * 4. Statewide limitation. The aggregate dollar amount of credit which\nthe commissioner may allocate to eligible low-income buildings under\nthis article shall be eighty million dollars. The limitation provided by\nthis subdivision applies only to allocation of the aggregate dollar\namount of credit by the commissioner, and does not apply to allowance to\na taxpayer of the credit with respect to an eligible low-income building\nfor each year of the credit period.\n * NB Effective April 1, 2017 until April 1, 2018\n * 4. Statewide limitation. The aggregate dollar amount of credit which\nthe commissioner may allocate to eligible low-income buildings under\nthis article shall be eighty-eight million dollars. The limitation\nprovided by this subdivision applies only to allocation of the aggregate\ndollar amount of credit by the commissioner, and does not apply to\nallowance to a taxpayer of the credit with respect to an eligible\nlow-income building for each year of the credit period.\n * NB Effective April 1, 2018 until April 1, 2019\n * 4. Statewide limitation. The aggregate dollar amount of credit which\nthe commissioner may allocate to eligible low-income buildings under\nthis article shall be ninety-six million dollars. The limitation\nprovided by this subdivision applies only to allocation of the aggregate\ndollar amount of credit by the commissioner, and does not apply to\nallowance to a taxpayer of the credit with respect to an eligible\nlow-income building for each year of the credit period.\n * NB Effective until April 1, 2019 until April 1, 2020\n * 4. Statewide limitation. The aggregate dollar amount of credit which\nthe commissioner may allocate to eligible low-income buildings under\nthis article shall be one hundred four million dollars. The limitation\nprovided by this subdivision applies only to allocation of the aggregate\ndollar amount of credit by the commissioner, and does not apply to\nallowance to a taxpayer of the credit with respect to an eligible\nlow-income building for each year of the credit period.\n * NB Effective April 1, 2020\n 5. Building limitation. The dollar amount of credit allocated to any\nbuilding shall not exceed the amount the commissioner determines is\nnecessary for the financial feasibility of the project and the viability\nof the building as an eligible low-income building throughout the credit\nperiod. In allocating a dollar amount of credit to any building, the\ncommissioner shall specify the applicable percentage and the maximum\nqualified basis which may be taken into account under this article with\nrespect to such building. The applicable percentage and the maximum\nqualified basis with respect to a building shall not exceed the amounts\ndetermined in subdivisions one and six, respectively, of section\ntwenty-one of this article.\n 6. Long-term commitment to low-income housing required. No credit\nshall be allowed under this article with respect to a building for the\ntaxable year unless an extended low-income housing commitment is in\neffect as of the end of such taxable year. For purposes of this\nsubdivision, the term "extended low-income housing commitment" means an\nagreement between the taxpayer and the commissioner substantially\nsimilar to the agreement specified in section 42(h)(6)(B) of the\ninternal revenue code.\n 7. Credit to successor owner. If a credit is allowed under subdivision\none of this section with respect to an eligible low-income building and\nsuch building (or an interest therein) is sold during the credit period,\nthe credit for the period after the sale which would have been allowable\nunder such subdivision one to the prior owner had the building not been\nsold shall be allowable to the new owner. Credit for the year of sale\nshall be allocated between the parties on the basis of the number of\ndays during such year that the building or interest was held by each.\n