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.