senate Bill S7557

Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property

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Bill Status


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

  • 04 / Jun / 2012
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 14 / Jun / 2012
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 14 / Jun / 2012
    • ORDERED TO THIRD READING CAL.1262
  • 14 / Jun / 2012
    • PASSED SENATE
  • 14 / Jun / 2012
    • DELIVERED TO ASSEMBLY
  • 14 / Jun / 2012
    • REFERRED TO WAYS AND MEANS

Summary

Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property.

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Bill Details

See Assembly Version of this Bill:
A9532
Versions:
S7557
Legislative Cycle:
2011-2012
Current Committee:
Law Section:
Taxation

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
historic buildings in distressed areas. The Huntley Apartment
building in the Strathmore neighborhood of Syracuse, NY is one of
those properties. The Huntley was once a vibrant apartment building
that has become vacant and a center for crime in recent years. A
local group of neighborhood based developers known as the
"Strathmore-Huntley Group" is seeking to rehabilitate the property.
They are currently seeking funding for the project. Historic
preservation tax credits are an important funding aspect for the
rehabilitation.

The Huntley Building currently qualifies for Federal Historic
Preservation tax credits, but does not qualify for New York historic
tax credits because the property is not located in a qualifying
census-tract, despite being only a few blocks from a qualifying
tract. The Huntley is the type of property the historic preservation
Lax credits were meant to help. If the property is made eligible for
State tax credits, it would be an important step in solidifying the
needed funding to make this building a viable taxpaying property
again. A technicality in the law should not prevent this important
project from going forward. This bill would provide a one-time
exception to the census-tract requirement for the Huntley building.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
Immediately.


view bill text
                    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

S. 7557                             2

allowed  in the taxable year that the qualified rehabilitation is placed
in service under section 167 of the federal internal revenue code.
  If  the  taxpayer  is a partner in a partnership or a shareholder of a
New York S corporation, then the credit  cap  imposed  by  this  section
shall  be  applied  at  the  entity  level, so that the aggregate credit
allowed to all the partners or shareholders of each such entity  in  the
taxable  year  does not exceed the credit cap that is applicable in that
taxable year.
   If the credit allowed the taxpayer pursuant  to  section  47  of  the
internal  revenue  code  with  respect  to a qualified rehabilitation is
recaptured pursuant to subsection (a) of  section  50  of  the  internal
revenue code, a portion of the credit allowed under this section must be
added  back  in  the same taxable year and in the same proportion as the
federal recapture.  If the amount of the  credit  allowable  under  this
section  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.
  S 2. This act shall take effect immediately.

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