senate Bill S3701

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

  • 11 / Feb / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 21 / May / 2013
    • REPORTED AND COMMITTED TO FINANCE
  • 10 / Jun / 2013
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 10 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1188
  • 13 / Jun / 2013
    • PASSED SENATE
  • 13 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 13 / Jun / 2013
    • REFERRED TO WAYS AND MEANS
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 28 / Apr / 2014
    • RECOMMIT, ENACTING CLAUSE STRICKEN

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:
A1855
Versions:
S3701
Legislative Cycle:
2013-2014
Current Committee:
Senate Investigations And Government Operations
Law Section:
Taxation
Versions Introduced in 2011-2012 Legislative Cycle:
S7557, A9532

Sponsor Memo

BILL NUMBER:S3701

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 cred-
it for rehabilitation of historic property

PURPOSE: 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 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 histor-
ic 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 New 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 fund-
ing for the project. Historic preservation tax credits are an important
funding aspect for the rehabilitation.

The Huntley Building currently qualifies for Federal Historic Preserva-
tion 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 tax 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.

LEGISLATIVE HISTORY: 2012: S.7557 (Passed Senate) A.9532 (Ways and
Means)

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
________________________________________________________________________

                                  3701

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 11, 2013
                               ___________

Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment 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, 2016, 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, 2016, 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04514-01-3

S. 3701                             2

state; provided, however, the credit shall not exceed one hundred  thou-
sand  dollars.    Tax  credits allowed pursuant to this section shall be
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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