There is a newer version of the New York Consolidated Laws
2012 New York Consolidated Laws
PBG - Public Housing
Article 2-A - (21 - 25) NEW YORK STATE LOW INCOME HOUSING TAX CREDIT PROGRAM
24 - Credit recapture.
NY Pub Hsg L § 24 (2012) What's This?
§ 24. Credit recapture. If, as of the close of any taxable year in the
compliance period, the amount of the qualified basis of any building
with respect to the taxpayer is less than the amount of such basis as of
the close of the preceding taxable year, the credit under this article
may be recaptured as provided in section eighteen of the tax law.
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