senate Bill S758

Amended

Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit

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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

  • 05 / Jan / 2011
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 25 / Apr / 2011
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 25 / Apr / 2011
    • PRINT NUMBER 758A
  • 04 / Jan / 2012
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Summary

Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

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Bill Details

See Assembly Version of this Bill:
A2678
Versions:
S758
S758A
Legislative Cycle:
2011-2012
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Previous Legislative Cycles:
2009-2010: S4682, A4364
2007-2008: A4117

Sponsor Memo

BILL NUMBER:S758

TITLE OF BILL:
An act
to amend the tax law, in relation to the definition of qualified
historic home for the purposes of the historic homeownership
rehabilitation credit

PURPOSE::
The purpose of this bill is to expand the purview of the historic home
rehabilitation tax credit to include all homes listed on the national
or state historic registers and all homes of a historical
significance in historic districts.

SUMMARY OF PROVISIONS::
The bill amends subparagraph (A) of paragraph 5 of subsection (pp) of
Section 606 of the Tax Law to delete language in the definition of a
"qualified historic home" that requires such home to be a "targeted
area residence within the meaning of Section 143 G) of the Internal
Revenue Code." Thus, the bill expands the application of the historic
home rehabilitation tax credit to all homes listed as historic under
the national and state registers and any home deemed to be of
historical significance located in a registered historic district.

JUSTIFICATION::
Chapter 547 of the laws of 2006 enacted a 20% tax credit for the
rehabilitation of historic homes or homes located in a historic
district provided such homes are located in "distressed areas"
pursuant to the Internal Revenue Code. While Chapter 547 represents a
significant first step in implementing a historic home rehabilitation
tax credit, it unfortunately would only apply to approximately 4,100
homes statewide.

Eliminating the "distressed area" or "targeted area" requirement as
provided for in the bill would expand the tax credit program to
include over 50,000 qualified homes, a goal that was envisioned by
original legislation first introduced in 1995.

Extending the incentives contained in Chapter 547 to historic homes
located anywhere in the state will enhance the revitalization of our
neighborhoods by providing an incentive for investment in New York's
rich legacy of historic housing stock.

Primarily, the bill would create a vastly expanded economic
development program targeted at aging residential properties that
would provide increased housing opportunities; however, it would also
have an economic impact on local economies resulting from spending by
homeowners for labor and materials. Rehabilitation of these
properties would also result in tax base growth and will also help
foster further business growth.

LEGISLATIVE HISTORY::
2009-2010: S.4682/A.4364 Referred to Investigations & Government
Operations
2007-2008: S.4575/A.4117 Passed Senate


FISCAL IMPLICATIONS::
Undetermined; however, any fiscal impact on the state would be
partially offset by increased local property tax revenues through
increased assessments on rehabilitated properties and the return to
the tax rolls of previously abandoned or delinquent properties.

EFFECTIVE DATE::
This act shall take effect immediately.

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

                                   758

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by Sens. YOUNG, RANZENHOFER -- read twice and ordered print-
  ed, and when printed to be committed  to  the  Committee  on  Investi-
  gations and Government Operations

AN  ACT to amend the tax law, in relation to the definition of qualified
  historic home for the purposes of the historic homeownership rehabili-
  tation 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  5 of subsection (pp) of
section 606 of the tax law, as added by chapter 547 of the laws of 2006,
clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
read as follows:
  (A) The term "qualified historic home" means,  for  purposes  of  this
subsection,  a  certified  historic  structure  located  within New York
state:
  (i) which has been substantially rehabilitated,
  (ii) which, or any portion of which, is owned, in whole  or  part,  by
the taxpayer,
  (iii)  in  which the taxpayer resides during the taxable year in which
the taxpayer is allowed a credit under this subsection, and
  (iv) which is [in whole or in part a targeted  area  residence  within
the  meaning  of  section  143(j)  of  the  internal revenue code or is]
located within a census tract which is identified as being at  or  below
one hundred percent of the state median family income in the most recent
federal census.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02630-01-1

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