Statutes, codes, and regulations
New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENTSubtitle S - Division of Housing and Community RenewalChapter III - Low Rent HousingSubchapter D - Accounting Manual For Public Housing AgenciesPart 1648 - Subsidies
Subpart 1648-4 - Accounting Entries For Subsidies
Section 1648-4.3 - Recording tax exemption subsidy

N.Y. Comp. Codes R. & Regs. tit. 9 § 1648-4.3

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Current through Register Vol. 46, No. 25, June 18, 2024
Section 1648-4.3 - Recording tax exemption subsidy

Simultaneously with the entries recording the State and local cash subsidies (if any) taken into revenue for the fiscal year, the value of the tax exemption subsidy for the year (see § 1648-3.6) shall be recorded by a journal entry, as follows:

Debit: Memo Account, Subsidies-Tax Exemption.. (Cumulative).. $XXX............................................................................

Credit: 3830, Local Tax Exemption Subsidy (Annual).. $XXX............................................................................

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1648-4.3