senate Bill S4642A

Increases the maximum award available under the historic preservation tax 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

  • 16 / Apr / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 21 / May / 2013
    • REPORTED AND COMMITTED TO FINANCE
  • 12 / Jun / 2013
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 12 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1348
  • 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
  • 09 / Jan / 2014
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 09 / Jan / 2014
    • PRINT NUMBER 4642A
  • 29 / Apr / 2014
    • REPORTED AND COMMITTED TO FINANCE
  • 09 / Jun / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 09 / Jun / 2014
    • ORDERED TO THIRD READING CAL.1209
  • 10 / Jun / 2014
    • PASSED SENATE
  • 10 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 10 / Jun / 2014
    • REFERRED TO WAYS AND MEANS

Summary

Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars over a period of three years.

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Bill Details

See Assembly Version of this Bill:
A6979A
Versions:
S4642
S4642A
Legislative Cycle:
2013-2014
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง606, 210, 1456 & 1511, Tax L

Sponsor Memo

BILL NUMBER:S4642A

TITLE OF BILL: An act to amend the tax law, in relation to increasing
the maximum award available under the historic preservation tax
credit; and providing for the repeal of such provisions upon
expiration thereof

PURPOSE: To increase the maximum award under the historic Preservation
tax cap to $7 million in SFY 2015-16, $9 million in SFY 16-17, and $12
million for SFY 17-18.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends the tax law to
increase the maximum award under the historic preservation tax cap to
$7 million in SFY 2016-17, $9 million in SFY 17-18, and $12 million
for SFY 18-19.

Section 2 amends the tax law to increase the maximum award under the
historic preservation tax cap to $7 million in SFY 2016-17, $9 million
in SFY 17-18, and $12 million for SFY 18-19.

Section 3 amends the tax law to increase the maximum award under the
historic preservation tax cap to $7 million in SFY 2016-17, $9 million
in SFY 17-18, and $12 million for SFY 18-19

Section 4 amends the tax law to increase the maximum award under the
historic preservation tax cap to $7 million in SFY 2016-17, $9 Million
in SFY 17-18, and $12 million for SFY 18-19

Section 5 is the effective date and repealer, for December 31, 2020.

JUSTIFICATION: The Historic Preservation Tax Credit is a great tool to
be used to revitalize historic properties throughout New York. This
tax credit has been used successfully by developers throughout New
York to redo buildings that have long fallen into neglect and in dire
need of repair. However, there is a current cap of $5 million per
project. This $5 million cap, acts as a disincentive for developers to
tackle larger, more blighted, and more expensive projects.

Current law allows for a 20% tax credit up to a maximum of $5 million
dollars, this legislation continues the 20% credit, but raises the
maximum threshold over a period of years from $5 million, $7 million,
%9 million, $12 million therefore increasing the number of properties
that developers will likely rehabilitate under this program.

PRIOR LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS: Minimal

EFFECTIVE DATE: This act shall take effect immediately and shall apply
to taxable years beginning on and after January 1, 2014 provided that
his act shall expire on December 31, 2020.

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

                                 4642--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 16, 2013
                               ___________

Introduced by Sens. GRISANTI, VALESKY -- read twice and ordered printed,
  and  when  printed  to be committed to the Committee on Investigations
  and Government Operations -- recommitted to the Committee on  Investi-
  gations  and  Government  Operations in accordance with Senate Rule 6,
  sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

AN ACT to amend the tax law, in relation to increasing the maximum award
  available  under  the  historic preservation tax credit; and providing
  for the repeal of such provisions upon expiration thereof

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subparagraph  (A)  of  paragraph  1 of subsection (oo) of
section 606 of the tax law, as amended by section 1 of part F of chapter
59 of the laws of 2013, is amended to read as follows:
  (A) For taxable years beginning on or after January first,  two  thou-
sand ten and before January first, two thousand twenty, a taxpayer shall
be  allowed a credit as hereinafter provided, against the tax imposed by
this article, in an amount equal to one hundred percent of the amount of
credit allowed the taxpayer with respect to a certified historic  struc-
ture  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]
SEVEN million dollars IN STATE FISCAL  YEAR  TWO  THOUSAND  SIXTEEN--TWO
THOUSAND  SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND SEVENTEEN--TWO THOUSAND EIGHTEEN  AND  TWELVE  MILLION  DOLLARS  IN
STATE  FISCAL  YEAR  TWO  THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN.  For
taxable years beginning on or after January first, two thousand  twenty,
a  taxpayer  shall  be allowed a credit as hereinafter provided, against
the tax imposed by this article, 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04642-07-3

S. 4642--A                          2

internal revenue code with respect to  a  certified  historic  structure
located within the state; provided, however, the credit shall not exceed
one hundred thousand dollars.
  S  2. Subparagraph (A) of paragraph 1 of subdivision 40 of section 210
of the tax law, as amended by section 2 of part F of chapter 59  of  the
laws of 2013, is amended to read as follows:
  (A)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand twenty, a taxpayer shall
be allowed a credit as hereinafter provided, against the tax imposed  by
this article, in an amount equal to one hundred percent of the amount of
credit  allowed the taxpayer with respect to a certified historic struc-
ture 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]
SEVEN  million  dollars  IN  STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO
THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO  THOU-
SAND  SEVENTEEN--TWO  THOUSAND  EIGHTEEN  AND  TWELVE MILLION DOLLARS IN
STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO  THOUSAND  NINETEEN.    For
taxable  years beginning on or after January first, two thousand twenty,
a taxpayer shall be allowed a credit as  hereinafter  provided,  against
the tax imposed by this article, 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 thousand dollars.
  S 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
of the tax law, as amended by section 3 of part F of chapter 59  of  the
laws of 2013, is amended to read as follows:
  (A)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand twenty, a taxpayer shall
be allowed a credit as hereinafter provided, against the tax imposed  by
this article, in an amount equal to one hundred percent of the amount of
credit  allowed the taxpayer with respect to a certified historic struc-
ture 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]
SEVEN  million  dollars  IN  STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO
THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO  THOU-
SAND  SEVENTEEN--TWO  THOUSAND  EIGHTEEN  AND  TWELVE MILLION DOLLARS IN
STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO  THOUSAND  NINETEEN.    For
taxable  years beginning on or after January first, two thousand twenty,
a taxpayer shall be allowed a credit as  hereinafter  provided,  against
the tax imposed by this article, 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 thousand dollars.
  S 4. Subparagraph (A) of paragraph 1 of  subdivision  (y)  of  section
1511  of the tax law, as amended by section 4 of part F of chapter 59 of
the laws of 2013, is amended to read as follows:
  (A) For taxable years beginning on or after January first,  two  thou-
sand ten and before January first, two thousand twenty, a taxpayer shall
be  allowed a credit as hereinafter provided, against the tax imposed by
this article, in an amount equal to one hundred percent of the amount of

S. 4642--A                          3

credit allowed the taxpayer with respect to a certified historic  struc-
ture  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]
SEVEN million dollars IN STATE FISCAL  YEAR  TWO  THOUSAND  SIXTEEN--TWO
THOUSAND  SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND SEVENTEEN--TWO THOUSAND EIGHTEEN  AND  TWELVE  MILLION  DOLLARS  IN
STATE  FISCAL  YEAR  TWO  THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN.  For
taxable years beginning on or after January first, two thousand  twenty,
a  taxpayer  shall  be allowed a credit as hereinafter provided, against
the tax imposed by this article, 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 thousand dollars.
  S 5. This act shall take effect immediately and shall apply to taxable
years  beginning  on  and  after  January 1, 2014 provided that this act
shall expire and be deemed repealed on and after December 31, 2020.

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