NY State Senate Bill 2011-S6946

Senate Bill S6946

2011-2012 Legislative Session

Relates to carryovers of the tax credit for the rehabilitation of historic properties and historic homes

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 13, 2012	referred to investigations and government operations

co-Sponsors

2011-S6946 (ACTIVE) - Details

See Assembly Version of this Bill:: A9914
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§210, 606, 1456 & 1511, Tax L
Versions Introduced in 2013-2014 Legislative Session:: S2164

2011-S6946 (ACTIVE) - Summary

Relates to carry overs of the tax credit for the rehabilitation of historic properties and historic homes.

2011-S6946 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S6946

TITLE OF BILL:
An act
to amend
the tax law, in relation to carryovers of the tax credit for the
rehabilitation of historic properties and historic homes

PURPOSE:
This bill makes the New York State rehabilitation tax credit for
historic commercial properties also available as a refund to
qualified taxpayers.

SUMMARY OF PROVISIONS:
Section 1 amends Section 210 of the tax code, as amended by chapter
472 of the laws of 2010 to make the New York State rehabilitation tax
credit for historic properties also available as a refund to
qualified taxpayers.

EFFECT OF PRESENT LAW WHICH THIS BILL WOULD ALTER:
By making the New York State rehabilitation tax credit historic
properties available as a refund as well as a credit, rehabilitation
projects that utilize this program will attract and as a result
secure higher value equity investment for these
for commercial New York State more investors projects.

JUSTIFICATION:
To increase the number of redevelopment projects for historic
properties and increase the value of investments into such projects,
the New York State rehabilitation tax credit program needs to attract
a larger and more diverse pool of investors.

The current state credit program fails to attract a full range of
national investors to New York redevelopment projects because the
state rehabilitation tax credit value is not an asset to investors
with no or limited New York State tax liability. As a result, there
is less investment in New York State rehabilitation projects and
fewer project starts.

Numerous New York State tax credit programs are fully refundable, and
it is appropriate to establish this mechanism for the rehabilitation
tax credit program as well. New York State could get more value from
this program if it incentivized a more diverse investor pool by
establishing refundability.

LEGISLATIVE HISTORY:
This is a new bill.

FISCAL IMPLICATIONS:
This bill will incentivize investments in a larger number of
rehabilitation projects, resulting in more projects utilizing the New
York State rehabilitation tax credit program for commercial
properties, and thus an increased fiscal cost for this program.

The state's fiscal cost, however, will be offset by the economic
stimulus gains generated by increased redevelopment activity,


including enhanced local and state tax revenues, part and full-time
job creation, and other economic benefits, as documented in numerous
national studies regarding the positive impacts of historic
rehabilitation tax credit programs.

EFFECTIVE DATE:
This act shall take effect immediately.

2011-S6946 (ACTIVE) - Bill Text download pdf

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

                                  6946

                            I N  S E N A T E

                             April 13, 2012
                               ___________

Introduced  by  Sens.  VALESKY, YOUNG -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and Government Operations

AN ACT to amend the tax law, in relation to carryovers of the tax credit
  for the rehabilitation of historic properties and historic homes

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

  Section 1.  Paragraph 4 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:
  (4) The credit allowed under this subdivision  for  any  taxable  year
shall  not  reduce  the tax due for such year to less than the higher of
the amounts prescribed in paragraphs (c) and (d) of subdivision  one  of
this  section. However, if the amount of the credit allowable under this
subdivision for any taxable year shall exceed  the  taxpayer's  tax  for
such  year,  the  excess  may  be  carried over to the following year or
years, and may be deducted from the taxpayer's  tax  for  such  year  or
years.  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOU-
SAND THIRTEEN, THE CREDIT AND ANY CARRYOVERS OF  SUCH  CREDIT  SHALL  BE
TREATED  AS  AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORD-
ANCE WITH THE PROVISIONS OF SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAP-
TER.  PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION TEN
HUNDRED EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST  SHALL
BE PAID THEREON.
  S  2. Paragraph 4 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:
  (4)  If  the  amount of the credit allowable under this subsection for
any taxable year shall exceed the taxpayer's  tax  for  such  year,  the
excess  may  be  carried over to the following year or years, and may be
applied against the taxpayer's tax for such year or years AND, FOR TAXA-
BLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, IF
THE AMOUNT OF CREDIT AND ANY CARRYOVERS OF SUCH CREDIT FROM PRIOR  TAXA-
BLE  YEARS  ALLOWABLE  UNDER  THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL

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

                                                           LBD15052-01-2

S. 6946                             2

EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED  AS
AN  OVERPAYMENT,  OF  TAX,  TO  BE  CREDITED  OR REFUNDED AS PROVIDED IN
SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER,  THAT
NO INTEREST SHALL BE PAID THEREON.
  S 3. Paragraph 4 of subdivision (u) of section 1456 of the tax law, as
added by chapter 472 of the laws of 2010, is amended to read as follows:
  (4)  The  credit  allowed  under  this subsection for any taxable year
shall not reduce the tax to less than the dollar amount fixed as a mini-
mum tax by subsection (b) of section fourteen hundred fifty-five of this
article. If the amount of credit allowable under this subsection for any
taxable year reduces the tax to such amount, the excess may  be  carried
over  to  the  following  year  or  years,  and may be deducted from the
taxpayer's tax for such year or years. FOR TAXABLE YEARS BEGINNING ON OR
AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, THE CREDIT  AND  ANY  CARRY-
OVERS  OF  SUCH  CREDIT  FROM PRIOR TAXABLE YEARS SHALL BE TREATED AS AN
OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORDANCE  WITH  THE
PROVISIONS  OF SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAPTER. PROVIDED,
HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION TEN HUNDRED  EIGHT-
Y-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THER-
EON.
  S 4. Paragraph 4 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:
  (4)  The  credit  allowed  under this subdivision for any taxable year
shall not reduce the tax due for such year  to  less  than  the  minimum
fixed  by  paragraph  four of subdivision (a) of section fifteen hundred
two or section fifteen hundred  two-a  of  this  article,  whichever  is
applicable.    If the amount of the credit allowable under this subdivi-
sion for any taxable year reduces the tax to such amount, the excess may
be carried over to the following year or years, and may be deducted from
the taxpayer's tax for such year or years.  FOR TAXABLE YEARS  BEGINNING
ON  OR  AFTER  JANUARY  FIRST, TWO THOUSAND THIRTEEN, THE CREDIT AND ANY
CARRYOVERS OF SUCH CREDIT FROM PRIOR TAXABLE YEARS SHALL BE  TREATED  AS
AN  OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE
PROVISIONS OF SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAPTER.  PROVIDED,
HOWEVER,  THE PROVISIONS OF SUBSECTION (C) OF SECTION TEN HUNDRED EIGHT-
Y-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THER-
EON.
  S 5. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.

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Senate Bill S6946

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Sponsored By

David J. Valesky