NY Pub Hsg L § 21 (2021)
2021 New York Laws PBG - Public Housing Article 2-A - New York State Low Income Housing Tax Credit Program 21 - Definitions.

§   21.   Definitions.   1.  (a)  "Applicable  percentage"  means  the appropriate  percentage  (depending  on  whether  a  building  is   new, existing,  or  federally  subsidized) prescribed by the secretary of the treasury for purposes of section 42 of the internal revenue code for the month which is the earlier of  (i) the month in which the eligible low-income building is  placed  in service, or  (ii) at the election of the taxpayer,  (A) the month in which the taxpayer and the commissioner enter into an agreement  with  respect  to  such  building  (which  is  binding on the commissioner, the taxpayer, and all successors in interest)  as  to  the housing credit dollar amount to be allocated to such building, or  (B)  in the case of any building to which subsection (h)(4)(B) of such section 42 applies, the month in which the  tax-exempt  obligations  are issued.  (b) A month may be elected under subparagraph (ii) of paragraph (a) of this  subdivision  only if the election is made not later than the fifth day after the close of such month. Such election, once  made,  shall  be irrevocable.  (c)  If, as of the close of any taxable year in the credit period, the qualified basis of an eligible low-income building exceeds such basis as of the close of the first year of  the  credit  period,  the  applicable percentage  which  shall apply to such excess shall be two-thirds of the applicable percentage originally ascribed to such building.   2. "Compliance period" means, with respect to any building, the period of fifteen taxable years beginning with the first taxable  year  of  the credit period with respect to such building.   3.  "Credit  period"  means,  with  respect to any eligible low-income building, the period of ten taxable years beginning with  (a) the taxable year in which the building is placed in service, or  (b) at the election of the taxpayer, the succeeding taxable year, but only if the building is an eligible low-income building  as  of  the close of the first year of such period. The election under paragraph (b) of this subdivision, once made, shall be irrevocable.   4.   "Eligibility   statement"   means   a  statement  issued  by  the commissioner certifying  that  a  building  is  an  eligible  low-income building.  Such statement shall set forth the taxable year in which such building is placed in service, the dollar amount of  low-income  housing credit  allocated  by  the  commissioner to such building as provided in subdivision five of section twenty-two of this article,  the  applicable percentage  and  maximum  qualified  basis with respect to such building taken  into  account  in  determining  such  dollar  amount,  sufficient information to identify each such building and the taxpayer or taxpayers with  respect  to  each such building, and such other information as the commissioner, in consultation with  the  commissioner  of  taxation  and finance, shall prescribe. Such statement shall be first issued following the  close  of  the  first  taxable  year  in  the  credit  period,  and thereafter, to the extent required by the commissioner of  taxation  and finance,  following  the  close  of  each taxable year of the compliance period.   5. "Eligible low-income building" means a  building  located  in  this state which either  (a)  is a qualified low-income building as defined in section 42(c) of the internal revenue code, or  (b) would be a qualified low-income building under such section if the 20-50  test  specified  in  subsection  (g)(1)  of  such  section   were disregarded  and  the 40-60 test specified in such subsection (requiring that at least forty percent of residential units be both rent-restricted  and occupied by individuals whose income is sixty  percent  or  less  of area median gross income) were a 40-90 test.   6.  "Qualified  basis"  of  an  eligible low-income building means the qualified basis of such building determined under section 42(c)  of  the internal  revenue  code, or which would be determined under such section if the 40-90 test specified in paragraph (b) of subdivision five of this section applied under such section 42 to determine if such building were part of a qualified low-income housing project.   7. References in this article to section 42 of  the  internal  revenue code shall mean such section as amended from time to time.