§ 22. Allowance of credit, amount and limitations. 1. A taxpayer\nsubject to tax under article nine-A, twenty-two, or thirty-three of the\ntax law which owns an interest in one or more eligible low-income\nbuildings, or a transferee of such a taxpayer as described in\nsubdivision eight of this section, shall be allowed a credit against\nsuch tax for 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. Buildings financed by refunded bonds using the rules of\nsection 146(i)(6) of the internal revenue code, shall be eligible for\ncredit pursuant to the rules of section 42(b)(2) of the internal revenue\ncode.\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 two hundred seventeen million dollars. The\nlimitation provided by this subdivision applies only to allocation of\nthe aggregate dollar amount of credit by the commissioner and does not\napply to allowance to a taxpayer of the credit with respect to an\neligible low-income building for each year of the credit period.\n * NB Effective until April 1, 2027\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 two hundred forty-seven million dollars. The\nlimitation provided by this subdivision applies only to allocation of\nthe aggregate dollar amount of credit by the commissioner and does not\napply to allowance to a taxpayer of the credit with respect to an\neligible low-income building for each year of the credit period.\n * NB Effective April 1, 2027 until April 1, 2028\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 two hundred seventy-seven million dollars. The\nlimitation provided by this subdivision applies only to allocation of\nthe aggregate dollar amount of credit by the commissioner and does not\napply to allowance to a taxpayer of the credit with respect to an\neligible low-income building for each year of the credit period.\n * NB Effective April 1, 2028 until April 1, 2029\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 three hundred seven million dollars. The\nlimitation provided by this subdivision applies only to allocation of\nthe aggregate dollar amount of credit by the commissioner and does not\napply to allowance to a taxpayer of the credit with respect to an\neligible low-income building for each year of the credit period.\n * NB Effective April 1, 2029\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.
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