Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 14, 2012 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1262 committee discharged and committed to rules |
Jun 04, 2012 |
referred to investigations and government operations |
Senate Bill S7557
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly 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
Actions
Votes
2011-S7557 (ACTIVE) - Details
2011-S7557 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7557 TITLE OF BILL: An act in relation to qualifying a certain parcel of land located in the city of Syracuse, county of Onondaga for a tax credit for rehabilitation of historic property PURPOSE OR GENERAL IDEA OF BILL: Provides an exception to the census-tract requirement for the Huntley Apartment building at 407 Stolp Avenue in Syracuse to qualify for New York State historic property rehabilitation tax credits. SUMMARY OF SPECIFIC PROVISIONS: Section 1. provides as exception to the requirement in subsection (oo) of section 606 of the tax law that for a property to qualify for historic rehabilitation tax credits it must be located in a qualifying census-tract. This section also provides the legal description of the property. Section 2. establishes the effective date. JUSTIFICATION: The purpose of the Hew York State tax credit for the rehabilitation of historic properties was to provide aid and incentive to restore
2011-S7557 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7557 I N S E N A T E June 4, 2012 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT in relation to qualifying a certain parcel of land located in the city of Syracuse, county of Onondaga for a tax credit for rehabili- tation of historic property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any provision of subsection (oo) of section 606 of the tax law or any other provision of law to the contrary, the owners of all that tract or parcel of land situate in the city of Syra- cuse, county of Onondaga, located at 409 and 419-421 Stolp Avenue, otherwise known and distinguished as section 87, block 12, lots 113, 114 and 115 of the Stolp Addition and commonly known as the "Huntley Apart- ments", shall qualify for a tax credit for rehabilitation of historic real property. For taxable years before January 1, 2015, the owners of all that tract or parcel of land described above shall be allowed a credit as herein- after provided, against the tax imposed by article 22 of the tax law, 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 million dollars. For taxable years beginning on or after January 1, 2015, the owners of all that tract or parcel of land described above shall be allowed a credit as hereinafter provided, against the tax imposed by article 22 of the tax law, 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 thou- sand dollars. Tax credits allowed pursuant to this section shall be EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14821-01-2
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