senate Bill S6134

Vetoed

Increases the maximum award available under the historic preservation tax credit

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor
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actions

  • 04 / Jan / 2012
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 02 / May / 2012
    • REPORTED AND COMMITTED TO FINANCE
  • 12 / Jun / 2012
    • REPORTED AND COMMITTED TO RULES
  • 12 / Jun / 2012
    • ORDERED TO THIRD READING CAL.1170
  • 12 / Jun / 2012
    • PASSED SENATE
  • 12 / Jun / 2012
    • DELIVERED TO ASSEMBLY
  • 12 / Jun / 2012
    • REFERRED TO WAYS AND MEANS
  • 19 / Jun / 2012
    • SUBSTITUTED FOR A9110
  • 19 / Jun / 2012
    • ORDERED TO THIRD READING RULES CAL.350
  • 19 / Jun / 2012
    • PASSED ASSEMBLY
  • 19 / Jun / 2012
    • RETURNED TO SENATE
  • 05 / Dec / 2012
    • DELIVERED TO GOVERNOR
  • 17 / Dec / 2012
    • VETOED MEMO.183

Summary

Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars.

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Bill Details

See Assembly Version of this Bill:
A9110
Versions:
S6134
Legislative Cycle:
2011-2012
Law Section:
Tax Law
Laws Affected:
Amd ยงยง606, 210, 1456 & 1511, Tax L

Sponsor Memo

BILL NUMBER:S6134

TITLE OF BILL:
An act
to amend the tax law, in relation to increasing the maximum
award available under the historic preservation tax credit

PURPOSE:
To increase to $12 million the maximum award available under
the historic preservation tax credit.

SUMMARY OF SPECIFIC PROVISIONS:
Sections 1-4 amend the tax law to
raise the maximum award available under the historic preservation
tax credit to $12 million from $5 million.

Section 5 is the effective date.

JUSTIFICATION:
The Historic Preservation Tax Credit is a great tool to
be used to revitalize historic properties throughout New York. This
tax credit has been used successfully by developers throughout New
York to redo buildings that have long fallen into neglect and in dire
need of repair.
However, there is a current cap of $5 million per project. This $5
million cap, acts as a disincentive for developers to tackle larger,
more blighted, and more expensive projects.

Current law allows for a 20% tax credit up to a maximum of $5 million
dollars, this legislation continues the 20% credit, but raises the
maximum threshold to $12 million therefore increasing the number of
properties that developers will likely rehabilitate under this program.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This bill shall take effect immediately and shall
apply to taxable years beginning on and after January 1, 2012.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6134

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to increasing the maximum award
  available under the historic preservation tax credit

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subparagraph  (A)  of  paragraph  1 of subsection (oo) of
section 606 of the tax law, as amended by chapter 472  of  the  laws  of
2010, is amended to read as follows:
  (A)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first,  two  thousand  fifteen,  a  taxpayer
shall  be  allowed  a  credit  as  hereinafter provided, against the tax
imposed by this article, in an amount equal to one  hundred  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 to  a  certified  historic  structure
located within the state. Provided, however, the credit shall not exceed
[five]  TWELVE  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
to  a  certified  historic structure located within the state; provided,
however, the credit shall not exceed one hundred thousand dollars.
  S 2. Subparagraph (A) of paragraph 1 of subdivision 40 of section  210
of  the  tax  law,  as  amended  by  chapter 472 of the laws of 2010, is
amended to read as follows:
  (A) For taxable years beginning on or after January first,  two  thou-
sand  ten  and  before  January  first, two thousand fifteen, a taxpayer
shall be allowed a credit  as  hereinafter  provided,  against  the  tax
imposed  by  this  article, in an amount equal to one hundred percent of

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13898-01-2

S. 6134                             2

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 to a certified historic structure
located within the state. Provided, however, the credit shall not exceed
[five]  TWELVE  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
to  a  certified  historic structure located within the state. Provided,
however, the credit shall not exceed one hundred thousand dollars.
  S 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
of the tax law, as added by chapter 472 of the laws of 2010, is  amended
to read as follows:
  (A)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first,  two  thousand  fifteen,  a  taxpayer
shall  be  allowed  a  credit  as  hereinafter provided, against the tax
imposed by this article, in an amount equal to one  hundred  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 to a certified historic structure
located within the state. Provided, however, the credit shall not exceed
[five] TWELVE 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
to a certified historic structure located within  the  state.  Provided,
however, the credit shall not exceed one hundred thousand dollars.
  S  4.  Subparagraph (A) of paragraph (1) of subdivision (y) of section
1511 of the tax law, as added by chapter 472 of the  laws  of  2010,  is
amended to read as follows:
  (A)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first,  two  thousand  fifteen,  a  taxpayer
shall  be  allowed  a  credit  as  hereinafter provided, against the tax
imposed by this article, in an amount equal to one  hundred  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 to a certified historic structure
located within the state. Provided, however, the credit shall not exceed
[five] TWELVE 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
to a certified historic structure located within  the  state.  Provided,
however, the credit shall not exceed one hundred thousand dollars.
  S 5. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2012.

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