Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 30, 2010 |
signed chap.472 |
Aug 18, 2010 |
delivered to governor |
Jun 16, 2010 |
returned to senate passed assembly ordered to third reading cal.848 substituted for a10839 |
Jun 16, 2010 |
substituted by s7556 |
May 06, 2010 |
advanced to third reading cal.848 |
May 03, 2010 |
reported |
Apr 23, 2010 |
referred to ways and means |
Assembly Bill A10839
Signed By Governor2009-2010 Legislative Session
Sponsored By
HOYT
Archive: Last Bill Status Via S7556 - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
Ronald Canestrari
Herman D. Farrell
RoAnn Destito
multi-Sponsors
Michael Benjamin
Jonathan Bing
James F. Brennan
Kevin Cahill
2009-A10839 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7556
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§606, 210, 1456 & 1511, Tax L; amd §5, Chap 239 of 2009
2009-A10839 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10839 TITLE OF BILL: An act to amend the tax law, in relation to clarifying the application of the credit for the rehabilitation of historic proper- ties and historic homes; and to amend chapter 239 of the laws of 2009 amending the tax law and other laws relating to providing a tax credit for the rehabilitation of historic properties, in relation to making permanent the provisions thereof PURPOSE: The purpose of this bill is to amend the Tax Law to make tax credits for the rehabilitation of properties (the "tax credit") available to banks and insurance companies, and to clarify certain current Tax Law provisions relating to historic preservation tax credits. SUMMARY OF PROVISIONS: Section 1 of the bill would amend Tax Law (TL) § 606(oo) to clarify that the tax credit is allowed only to taxpayers subject to tax under the personal income tax provisions. Corporations, certain limited liability companies and other business entities are not subject to tax under the personal income tax provisions. Thus, the reference to these entities is being deleted as superfluous and confusing. Also, this section would change the reference to the federal rehabilitation credit to Internal Revenue Code (IRC) § 47(a)(2), to more accurately reflect that the New
2009-A10839 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10839 I N A S S E M B L Y April 23, 2010 ___________ Introduced by M. of A. HOYT, CANESTRARI, FARRELL, DESTITO -- Multi-Spon- sored by -- M. of A. BENJAMIN, BING, BRENNAN, CAHILL, CLARK, CUSICK, ENGLEBRIGHT, ESPAILLAT, GALEF, GANTT, GLICK, HIKIND, JOHN, KOON, LUPARDO, MAGNARELLI, McENENY, MILLMAN, ORTIZ, PEOPLES-STOKES, PHEFFER, P. RIVERA, SWEENEY, WEINSTEIN -- (at request of the Governor) -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to clarifying the application of the credit for the rehabilitation of historic properties and historic homes; and to amend chapter 239 of the laws of 2009 amending the tax law and other laws relating to providing a tax credit for the rehabilitation of historic properties, in relation to making permanent the provisions thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (oo) of section 606 of the tax law, as amended by chapter 239 of the laws of 2009, is amended to read as follows: (1) (A) For taxable years beginning on or after January first, two thousand ten AND BEFORE JANUARY FIRST, TWO THOUSAND FIFTEEN, [any person, firm, partnership, limited liability company, corporation or other business entity] A TAXPAYER shall be allowed a credit as herein- after provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpay- er [for the same taxable year] with respect to a certified historic structure under subsection [(c)] (A) (2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed five million dollars. FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN, A TAXPAYER SHALL BE ALLOWED A CRED- IT AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE, IN AN AMOUNT EQUAL TO THIRTY PERCENT OF THE AMOUNT OF CREDIT ALLOWED THE TAXPAYER WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE UNDER SUBSECTION (A)(2) OF SECTION 47 OF THE FEDERAL INTERNAL REVENUE CODE WITH RESPECT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD12198-01-0
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