Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Apr 28, 2014 |
recommit, enacting clause stricken |
Jan 08, 2014 |
referred to investigations and government operations |
Jan 14, 2013 |
referred to investigations and government operations |
Senate Bill S2164
2013-2014 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - Stricken
- 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
co-Sponsors
(R, IP) Senate District
(R) Senate District
(R, C, IP) Senate District
(R, C, IP) Senate District
2013-S2164 (ACTIVE) - Details
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง210, 606, 1456 & 1511, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S6946
2013-S2164 (ACTIVE) - Sponsor Memo
BILL NUMBER:S2164 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 quali- fied taxpayers. SUMMARY OF PROVISIONS: Section i 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 taxpay- ers. 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 invest- ment 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
2013-S2164 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2164 2013-2014 Regular Sessions I N S E N A T E January 14, 2013 ___________ Introduced by Sens. VALESKY, GRISANTI, MAZIARZ, RANZENHOFER, 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 FOURTEEN, 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 ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04821-01-3
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