NY State Assembly Bill 2009-A6471

Assembly Bill A6471

2009-2010 Legislative Session

Provides a tax credit for rehabilitation of historic properties; repeals section 5 of chapter 547 of the laws of 2006

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Archive: Last Bill Status - In Assembly Committee

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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to ways and means
May 20, 2009	print number 6471b
May 20, 2009	amend and recommit to ways and means
Apr 13, 2009	print number 6471a
Apr 13, 2009	amend and recommit to ways and means
Mar 04, 2009	referred to ways and means

Bill Amendments

Original

B (Active)

2009-A6471 - Details

Current Committee:: Assembly Ways And Means

2009-A6471 - Summary

Provides a tax credit for rehabilitation of historic properties; repeals section 5 of chapter 547 of the laws of 2006, amending the tax law and the parks, recreation and historic preservation law, relating to establishing a credit against income tax for the rehabilitation of historic properties relating to repealing certain administrative requirements relating thereto.

2009-A6471 - Bill Text download pdf

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

                                  6471

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              March 4, 2009
                               ___________

Introduced  by  M.  of A. HOYT, ABBATE, CANESTRARI, CHRISTENSEN, LAVINE,
  PEOPLES, SCHROEDER, ARROYO, MORELLE, GABRYSZAK --  Multi-Sponsored  by
  --  M.  of  A.  BOYLAND,  CAHILL, MARKEY, MAYERSOHN, McENENY, PHEFFER,
  J. RIVERA, ROBINSON, SWEENEY, WEISENBERG -- read once and referred  to
  the Committee on Ways and Means

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  rehabilitation of historic properties; to repeal section 5 of  chapter
  547 of the laws of 2006 amending the tax law and the parks, recreation
  and  historic  preservation  law,  relating  to  establishing a credit
  against income tax for the rehabilitation of historic  properties,  in
  relation  to  repealing  certain  administrative requirements relating
  thereto; and providing for the repeal of such provisions upon  expira-
  tion thereof

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

  Section 1. Subsection (oo) of section 606 of the tax law, as added  by
chapter 547 of the laws of 2006, is amended to read as follows:
  (oo) Credit for rehabilitation of historic properties. (1) For taxable
years beginning on or after January first, two thousand [seven] NINE, [a
taxpayer]  ANY  PERSON,  FIRM,  PARTNERSHIP,  LIMITED LIABILITY COMPANY,
CORPORATION OR OTHER BUSINESS ENTITY shall be allowed a credit as  here-
inafter  provided, against the tax imposed by this article, in an amount
equal to [thirty] ONE HUNDRED percent of the amount  of  credit  allowed
the  taxpayer  for  the  same  taxable  year with respect to a certified
historic structure under subsection (c)[(3)](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] FIVE MILLION dollars.
  (2)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
IN THE TAXABLE YEAR THAT  THE  QUALIFIED  REHABILITATION  IS  PLACED  IN
SERVICE UNDER SECTION 167 OF THE FEDERAL INTERNAL REVENUE CODE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09868-01-9

A. 6471                             2

  (3)  CREDITS  ALLOWED  TO  A  PARTNERSHIP, A LIMITED LIABILITY COMPANY
TAXED AS A PARTNERSHIP OR MULTIPLE OWNERS OF PROPERTY  SHALL  BE  PASSED
THROUGH  TO  THE PERSONS DESIGNATED, MEMBERS OR OWNERS, RESPECTIVELY PRO
RATA OR PURSUANT TO AN EXECUTED AGREEMENT AMONG THE  PERSONS  DESIGNATED
AS  PARTNERS,  MEMBERS  OR  OWNERS DOCUMENTING AN ALTERNATE DISTRIBUTION
METHOD WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR  ECONOMIC  ATTRI-
BUTES OF THE ENTITY.
  (4)  If the credit allowed the taxpayer pursuant to [subsection (c)(3)
of] 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
subsection must be added back in the same taxable year AND IN  THE  SAME
PROPORTION  as  [such recapture equal to thirty percent times the amount
of] the federal recapture.
  [(3)] (5) 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
[deducted  from]  APPLIED  AGAINST  the  taxpayer's tax for such year or
years.
  (6) TO BE ELIGIBLE FOR THE CREDIT ALLOWABLE UNDER THIS SUBSECTION  THE
REHABILITATION  PROJECT  SHALL  BE  IN  WHOLE OR IN PART A TARGETED AREA
RESIDENCE WITHIN THE MEANING OF SECTION 143(J) OF THE  INTERNAL  REVENUE
CODE OR 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. Subparagraphs (A) and (B) of  paragraph  2  and  clause  (iv)  of
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, are amended to
read as follows:
  (A) With respect to any particular residence of a taxpayer, the credit
allowed under paragraph one of this subsection shall not  exceed  [twen-
ty-five]  FIFTY thousand dollars. In the case of a husband and wife, the
amount of the credit shall be divided between them equally  or  in  such
other  manner  as  they  may  both elect. If a taxpayer incurs qualified
rehabilitation expenditures in relation to more than  one  residence  in
the same year, the total amount of credit allowed under paragraph one of
this  subsection  for all such expenditures shall not exceed twenty-five
thousand dollars.
  (B) If the amount of credit  allowable  under  this  subsection  shall
exceed  the  taxpayer's  tax  for such year, AND THE TAXPAYER'S NEW YORK
ADJUSTED GROSS INCOME FOR SUCH  YEAR  DOES  NOT  EXCEED  SIXTY  THOUSAND
DOLLARS,  the  excess  SHALL  BE  TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON. IF THE TAXPAYER'S NEW YORK ADJUSTED GROSS  INCOME
FOR SUCH YEAR EXCEEDS SIXTY THOUSAND DOLLARS, THE EXCESS CREDIT THAT may
be  carried over to the following year or years and may be deducted from
the taxpayer's tax for such year or years.
  (iv) which is in whole or in part a targeted area residence within the
meaning of section 143(j) of the  internal  revenue  code  [and  located
within an area of a city, town or village whose governing body has iden-
tified  by  resolution  that  such  area is in need of community renewal
because of deteriorated and/or vacant buildings and, by local  law,  has
adopted  a  historic  preservation  and  community  renewal  program  to
preserve and/or revitalize such area. A historic preservation and commu-
nity renewal program  is  a  program  that  coordinates  all  applicable

A. 6471                             3

governmental  benefits  and  programs with the aims of preserving and/or
revitalizing neighborhoods,  encouraging  property  owners  to  complete
substantial  rehabilitation projects and promoting smart growth economic
development.  Such  local  laws shall be filed with the office of parks,
recreation and historic preservation. The office  of  parks,  recreation
and  historic  preservation shall assist local governments in developing
historic preservation and community  renewal  programs]  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 3. Subdivision 40 of section 210 of the tax law, as added by chapter
547 of the laws of 2006, is amended to read as follows:
  40.  Credit for rehabilitation of historic properties. (1) For taxable
years beginning on or after January first, two thousand [seven] NINE, [a
taxpayer] ANY PERSON,  FIRM,  PARTNERSHIP,  LIMITED  LIABILITY  COMPANY,
CORPORATION  OR OTHER BUSINESS ENTITY shall be allowed a credit as here-
inafter provided, against the tax imposed by this article, in an  amount
equal  to  [thirty]  ONE  HUNDRED  FIFTY percent of the amount of credit
allowed the taxpayer for the same taxable year with respect to a  certi-
fied  historic  structure  under subsection (c)[(3)](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] FIVE MILLION dollars.
  (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE  ALLOWED
IN  THE  TAXABLE  YEAR  THAT  THE  QUALIFIED REHABILITATION IS PLACED IN
SERVICE UNDER SECTION 167 OF THE FEDERAL INTERNAL REVENUE CODE.
  (3) CREDITS ALLOWED TO A  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY
TAXED  AS  A  PARTNERSHIP OR MULTIPLE OWNERS OF PROPERTY SHALL BE PASSED
THROUGH TO THE PERSONS DESIGNATED, MEMBERS OR OWNERS,  RESPECTIVELY  PRO
RATA  OR  PURSUANT TO AN EXECUTED AGREEMENT AMONG THE PERSONS DESIGNATED
AS PARTNERS, MEMBERS OR OWNERS  DOCUMENTING  AN  ALTERNATE  DISTRIBUTION
METHOD  WITHOUT  REGARD TO THEIR SHARING OF OTHER TAX OR ECONOMIC ATTRI-
BUTES OF THE ENTITY.
  (4) If the credit allowed the taxpayer pursuant to [subsection  (c)(3)
of]  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
subsection  must  be added back in the same taxable year AND IN THE SAME
PROPORTION as [such recapture equal to thirty percent times] such  cred-
it.
  [(3)] (5) 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] APPLIED FROM the taxpayer's tax for such year or years.
  S  4.  Section  5 of chapter 547 of the laws of 2006, amending the tax
law and the parks, recreation and historic preservation law, relating to
establishing a credit against  income  tax  for  the  rehabilitation  of
historic properties is REPEALED.
  S 5. This act shall take effect immediately and shall apply to taxable
years  beginning  on  and  after January 1, 2010 and shall expire and be
deemed repealed December 31, 2014; provided, however,  that  the  credit
shall  be  applied  to any rehabilitation project commenced on or before
the date on which that act shall be deemed repealed.

2009-A6471A - Details

Current Committee:: Assembly Ways And Means

2009-A6471A - Summary

2009-A6471A - Bill Text download pdf

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

                                 6471--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              March 4, 2009
                               ___________

Introduced  by  M.  of A. HOYT, ABBATE, CANESTRARI, CHRISTENSEN, LAVINE,
  PEOPLES, SCHROEDER, ARROYO, MORELLE, GABRYSZAK, STIRPE, KOON, LUPARDO,
  MAGNARELLI, SCHIMEL,  DESTITO  --  Multi-Sponsored  by  --  M.  of  A.
  BOYLAND,   CAHILL,   MARKEY,   MAYERSOHN,   McENENY,  PHEFFER,  QUINN,
  J. RIVERA, ROBINSON, SWEENEY, WEISENBERG -- read once and referred  to
  the Committee on Ways and Means -- committee discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  rehabilitation of historic properties; to repeal section 5 of  chapter
  547 of the laws of 2006 amending the tax law and the parks, recreation
  and  historic  preservation  law,  relating  to  establishing a credit
  against income tax for the rehabilitation of historic  properties,  in
  relation  to  repealing  certain  administrative requirements relating
  thereto; and providing for the repeal of such provisions upon  expira-
  tion thereof

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

  Section 1. Subsection (oo) of section 606 of the tax law, as added  by
chapter 547 of the laws of 2006, is amended to read as follows:
  (oo) Credit for rehabilitation of historic properties. (1) For taxable
years beginning on or after January first, two thousand [seven] NINE, [a
taxpayer]  ANY  PERSON,  FIRM,  PARTNERSHIP,  LIMITED LIABILITY COMPANY,
CORPORATION OR OTHER BUSINESS ENTITY shall be allowed a credit as  here-
inafter  provided, against the tax imposed by this article, in an amount
equal to [thirty] ONE HUNDRED percent of the amount  of  credit  allowed
the  taxpayer  for  the  same  taxable  year with respect to a certified
historic structure under subsection (c)[(3)](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] FIVE MILLION dollars.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09868-02-9

A. 6471--A                          2

  (2)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
IN THE TAXABLE YEAR THAT  THE  QUALIFIED  REHABILITATION  IS  PLACED  IN
SERVICE UNDER SECTION 167 OF THE FEDERAL INTERNAL REVENUE CODE.
  (3)  CREDITS  ALLOWED  TO  A  PARTNERSHIP, A LIMITED LIABILITY COMPANY
TAXED AS A PARTNERSHIP OR MULTIPLE OWNERS OF PROPERTY  SHALL  BE  PASSED
THROUGH  TO  THE PERSONS DESIGNATED, MEMBERS OR OWNERS, RESPECTIVELY PRO
RATA OR PURSUANT TO AN EXECUTED AGREEMENT AMONG THE  PERSONS  DESIGNATED
AS  PARTNERS,  MEMBERS  OR  OWNERS DOCUMENTING AN ALTERNATE DISTRIBUTION
METHOD WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR  ECONOMIC  ATTRI-
BUTES OF THE ENTITY.
  (4)  If the credit allowed the taxpayer pursuant to [subsection (c)(3)
of] 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
subsection must be added back in the same taxable year AND IN  THE  SAME
PROPORTION  as  [such recapture equal to thirty percent times the amount
of] the federal recapture.
  [(3)] (5) 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
[deducted  from]  APPLIED  AGAINST  the  taxpayer's tax for such year or
years.
  (6) TO BE ELIGIBLE FOR THE CREDIT ALLOWABLE UNDER THIS SUBSECTION  THE
REHABILITATION  PROJECT  SHALL  BE  IN  WHOLE OR IN PART A TARGETED AREA
RESIDENCE WITHIN THE MEANING OF SECTION 143(J) OF THE  INTERNAL  REVENUE
CODE OR 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. Subparagraphs (A) and (B) of  paragraph  2  and  clause  (iv)  of
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, are amended to
read as follows:
  (A) With respect to any particular residence of a taxpayer, the credit
allowed under paragraph one of this subsection shall not  exceed  [twen-
ty-five]  FIFTY thousand dollars. In the case of a husband and wife, the
amount of the credit shall be divided between them equally  or  in  such
other  manner  as  they  may  both elect. If a taxpayer incurs qualified
rehabilitation expenditures in relation to more than  one  residence  in
the same year, the total amount of credit allowed under paragraph one of
this  subsection  for all such expenditures shall not exceed twenty-five
thousand dollars.
  (B) If the amount of credit  allowable  under  this  subsection  shall
exceed  the  taxpayer's  tax  for such year, AND THE TAXPAYER'S NEW YORK
ADJUSTED GROSS INCOME FOR SUCH  YEAR  DOES  NOT  EXCEED  SIXTY  THOUSAND
DOLLARS,  the  excess  SHALL  BE  TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON. IF THE TAXPAYER'S NEW YORK ADJUSTED GROSS  INCOME
FOR SUCH YEAR EXCEEDS SIXTY THOUSAND DOLLARS, THE EXCESS CREDIT THAT may
be  carried over to the following year or years and may be deducted from
the taxpayer's tax for such year or years.
  (iv) which is in whole or in part a targeted area residence within the
meaning of section 143(j) of the  internal  revenue  code  [and  located
within an area of a city, town or village whose governing body has iden-
tified  by  resolution  that  such  area is in need of community renewal
because of deteriorated and/or vacant buildings and, by local  law,  has

A. 6471--A                          3

adopted  a  historic  preservation  and  community  renewal  program  to
preserve and/or revitalize such area. A historic preservation and commu-
nity renewal program  is  a  program  that  coordinates  all  applicable
governmental  benefits  and  programs with the aims of preserving and/or
revitalizing neighborhoods,  encouraging  property  owners  to  complete
substantial  rehabilitation projects and promoting smart growth economic
development. Such local laws shall be filed with the  office  of  parks,
recreation  and  historic  preservation. The office of parks, recreation
and historic preservation shall assist local governments  in  developing
historic  preservation  and  community  renewal  programs] 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 3. Subdivision 40 of section 210 of the tax law, as added by chapter
547 of the laws of 2006, is amended to read as follows:
  40. Credit for rehabilitation of historic properties. (1) For  taxable
years beginning on or after January first, two thousand [seven] NINE, [a
taxpayer]  ANY  PERSON,  FIRM,  PARTNERSHIP,  LIMITED LIABILITY COMPANY,
CORPORATION OR OTHER BUSINESS ENTITY shall be allowed a credit as  here-
inafter  provided, against the tax imposed by this article, in an amount
equal to [thirty] ONE HUNDRED percent of the amount  of  credit  allowed
the  taxpayer  for  the  same  taxable  year with respect to a certified
historic structure under subsection (c)[(3)](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] FIVE MILLION dollars.
  (2)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
IN THE TAXABLE YEAR THAT  THE  QUALIFIED  REHABILITATION  IS  PLACED  IN
SERVICE UNDER SECTION 167 OF THE FEDERAL INTERNAL REVENUE CODE.
  (3)  CREDITS  ALLOWED  TO  A  PARTNERSHIP, A LIMITED LIABILITY COMPANY
TAXED AS A PARTNERSHIP OR MULTIPLE OWNERS OF PROPERTY  SHALL  BE  PASSED
THROUGH  TO  THE PERSONS DESIGNATED, MEMBERS OR OWNERS, RESPECTIVELY PRO
RATA OR PURSUANT TO AN EXECUTED AGREEMENT AMONG THE  PERSONS  DESIGNATED
AS  PARTNERS,  MEMBERS  OR  OWNERS DOCUMENTING AN ALTERNATE DISTRIBUTION
METHOD WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR  ECONOMIC  ATTRI-
BUTES OF THE ENTITY.
  (4)  If the credit allowed the taxpayer pursuant to [subsection (c)(3)
of] 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
subsection must be added back in the same taxable year AND IN  THE  SAME
PROPORTION  as [such recapture equal to thirty percent times] such cred-
it.
  [(3)] (5) 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] APPLIED FROM the taxpayer's tax for such year or years.
  S 4. Section 5 of chapter 547 of the laws of 2006,  amending  the  tax
law and the parks, recreation and historic preservation law, relating to
establishing  a  credit  against  income  tax  for the rehabilitation of
historic properties is REPEALED.
  S 5. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2010 and  shall  expire  and  be
deemed  repealed  December  31, 2014; provided, however, that the credit
shall be applied to any rehabilitation project commenced  on  or  before
the date on which that act shall be deemed repealed.

co-Sponsors

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multi-Sponsors

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2009-A6471B (ACTIVE) - Details

Current Committee:: Assembly Ways And Means

2009-A6471B (ACTIVE) - Summary

2009-A6471B (ACTIVE) - Bill Text download pdf

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

                                 6471--B

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              March 4, 2009
                               ___________

Introduced  by  M.  of A. HOYT, ABBATE, CANESTRARI, CHRISTENSEN, LAVINE,
  PEOPLES, SCHROEDER, ARROYO, MORELLE, GABRYSZAK, STIRPE, KOON, LUPARDO,
  MAGNARELLI, SCHIMEL, DESTITO, DelMONTE -- Multi-Sponsored by -- M.  of
  A.    BOYLAND,  CAHILL,  MARKEY,  MAYERSOHN,  McENENY, PHEFFER, QUINN,
  J. RIVERA, ROBINSON, SWEENEY, WEISENBERG -- read once and referred  to
  the Committee on Ways and Means -- committee discharged, bill amended,
  ordered  reprinted  as  amended  and  recommitted to said committee --
  again reported from said committee with amendments, ordered  reprinted
  as amended and recommitted to said committee

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  rehabilitation of historic properties; to repeal section 5 of  chapter
  547 of the laws of 2006 amending the tax law and the parks, recreation
  and  historic  preservation  law,  relating  to  establishing a credit
  against income tax for the rehabilitation of historic  properties,  in
  relation  to  repealing  certain  administrative requirements relating
  thereto; and providing for the repeal of such provisions upon  expira-
  tion thereof

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

  Section 1. Subsection (oo) of section 606 of the tax law, as added  by
chapter 547 of the laws of 2006, is amended to read as follows:
  (oo) Credit for rehabilitation of historic properties. (1) For taxable
years  beginning on or after January first, two thousand [seven] TEN, [a
taxpayer] ANY PERSON,  FIRM,  PARTNERSHIP,  LIMITED  LIABILITY  COMPANY,
CORPORATION  OR OTHER BUSINESS ENTITY shall be allowed a credit as here-
inafter provided, against the tax imposed by this article, in an  amount
equal  to  [thirty]  ONE HUNDRED percent of the amount of credit allowed
the taxpayer for the same taxable  year  with  respect  to  a  certified
historic  structure  under  subsection  (c)[(3)](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] FIVE MILLION dollars.

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

                                                           LBD09868-05-9

A. 6471--B                          2

  (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL  BE  ALLOWED
IN  THE  TAXABLE  YEAR  THAT  THE  QUALIFIED REHABILITATION IS PLACED IN
SERVICE UNDER SECTION 167 OF THE FEDERAL INTERNAL REVENUE CODE.
  (3)  CREDITS  ALLOWED  TO  A  PARTNERSHIP, A LIMITED LIABILITY COMPANY
TAXED AS A PARTNERSHIP OR MULTIPLE OWNERS OF PROPERTY  SHALL  BE  PASSED
THROUGH  TO  THE PERSONS DESIGNATED, MEMBERS OR OWNERS, RESPECTIVELY PRO
RATA OR PURSUANT TO AN EXECUTED AGREEMENT AMONG THE  PERSONS  DESIGNATED
AS  PARTNERS,  MEMBERS  OR  OWNERS DOCUMENTING AN ALTERNATE DISTRIBUTION
METHOD WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR  ECONOMIC  ATTRI-
BUTES OF THE ENTITY.
  (4)  If the credit allowed the taxpayer pursuant to [subsection (c)(3)
of] 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
subsection must be added back in the same taxable year AND IN  THE  SAME
PROPORTION  as  [such recapture equal to thirty percent times the amount
of] the federal recapture.
  [(3)] (5) 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
[deducted  from]  APPLIED  AGAINST  the  taxpayer's tax for such year or
years.
  (6) TO BE ELIGIBLE FOR THE CREDIT ALLOWABLE UNDER THIS SUBSECTION  THE
REHABILITATION  PROJECT  SHALL  BE  IN  WHOLE OR IN PART A TARGETED AREA
RESIDENCE WITHIN THE MEANING OF SECTION 143(J) OF THE  INTERNAL  REVENUE
CODE OR 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. Subparagraphs (A) and (B) of  paragraph  2  and  clause  (iv)  of
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, are amended to
read as follows:
  (A) With respect to any particular residence of a taxpayer, the credit
allowed under paragraph one of this subsection shall not  exceed  [twen-
ty-five]  FIFTY thousand dollars. In the case of a husband and wife, the
amount of the credit shall be divided between them equally  or  in  such
other  manner  as  they  may  both elect. If a taxpayer incurs qualified
rehabilitation expenditures in relation to more than  one  residence  in
the same year, the total amount of credit allowed under paragraph one of
this  subsection  for all such expenditures shall not exceed twenty-five
thousand dollars.
  (B) If the amount of credit  allowable  under  this  subsection  shall
exceed  the  taxpayer's  tax  for such year, AND THE TAXPAYER'S NEW YORK
ADJUSTED GROSS INCOME FOR SUCH  YEAR  DOES  NOT  EXCEED  SIXTY  THOUSAND
DOLLARS,  the  excess  SHALL  BE  TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON. IF THE TAXPAYER'S NEW YORK ADJUSTED GROSS  INCOME
FOR SUCH YEAR EXCEEDS SIXTY THOUSAND DOLLARS, THE EXCESS CREDIT THAT may
be  carried over to the following year or years and may be deducted from
the taxpayer's tax for such year or years.
  (iv) which is in whole or in part a targeted area residence within the
meaning of section 143(j) of the  internal  revenue  code  [and  located
within an area of a city, town or village whose governing body has iden-
tified  by  resolution  that  such  area is in need of community renewal
because of deteriorated and/or vacant buildings and, by local  law,  has

A. 6471--B                          3

adopted  a  historic  preservation  and  community  renewal  program  to
preserve and/or revitalize such area. A historic preservation and commu-
nity renewal program  is  a  program  that  coordinates  all  applicable
governmental  benefits  and  programs with the aims of preserving and/or
revitalizing neighborhoods,  encouraging  property  owners  to  complete
substantial  rehabilitation projects and promoting smart growth economic
development. Such local laws shall be filed with the  office  of  parks,
recreation  and  historic  preservation. The office of parks, recreation
and historic preservation shall assist local governments  in  developing
historic  preservation  and  community  renewal  programs] 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 3. Subdivision 40 of section 210 of the tax law, as added by chapter
547 of the laws of 2006, is amended to read as follows:
  40. Credit for rehabilitation of historic properties. (1) For  taxable
years  beginning on or after January first, two thousand [seven] TEN, [a
taxpayer] ANY PERSON,  FIRM,  PARTNERSHIP,  LIMITED  LIABILITY  COMPANY,
CORPORATION  OR OTHER BUSINESS ENTITY shall be allowed a credit as here-
inafter provided, against the tax imposed by this article, in an  amount
equal  to  [thirty]  ONE HUNDRED percent of the amount of credit allowed
the taxpayer for the same taxable  year  with  respect  to  a  certified
historic  structure  under  subsection  (c)[(3)](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] FIVE MILLION dollars.
  (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE  ALLOWED
IN  THE  TAXABLE  YEAR  THAT  THE  QUALIFIED REHABILITATION IS PLACED IN
SERVICE UNDER SECTION 167 OF THE FEDERAL INTERNAL REVENUE CODE.
  (3) CREDITS ALLOWED TO A  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY
TAXED  AS  A  PARTNERSHIP OR MULTIPLE OWNERS OF PROPERTY SHALL BE PASSED
THROUGH TO THE PERSONS DESIGNATED, MEMBERS OR OWNERS,  RESPECTIVELY  PRO
RATA  OR  PURSUANT TO AN EXECUTED AGREEMENT AMONG THE PERSONS DESIGNATED
AS PARTNERS, MEMBERS OR OWNERS  DOCUMENTING  AN  ALTERNATE  DISTRIBUTION
METHOD  WITHOUT  REGARD TO THEIR SHARING OF OTHER TAX OR ECONOMIC ATTRI-
BUTES OF THE ENTITY.
  (4) If the credit allowed the taxpayer pursuant to [subsection  (c)(3)
of]  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
subsection  must  be added back in the same taxable year AND IN THE SAME
PROPORTION as [such recapture equal to thirty percent times] such  cred-
it.
  [(3)] (5) 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] APPLIED FROM the taxpayer's tax for such year or years.
  S  4.  Section  5 of chapter 547 of the laws of 2006, amending the tax
law and the parks, recreation and historic preservation law, relating to
establishing a credit against  income  tax  for  the  rehabilitation  of
historic properties is REPEALED.
  S 5. This act shall take effect immediately and shall apply to taxable
years  beginning  on  and  after January 1, 2010 and shall expire and be
deemed repealed December 31, 2014; provided, however,  that  the  credit
shall  be  applied  to any rehabilitation project commenced on or before
the date on which that act shall be deemed repealed.

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Assembly Bill A6471

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Sponsored By

HOYT

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

2009-A6471 - Details

2009-A6471 - Summary

2009-A6471 - Bill Text download pdf

2009-A6471A - Details

2009-A6471A - Summary

2009-A6471A - Bill Text download pdf

co-Sponsors

Peter Abbate

Ronald Canestrari

Joan Christensen

Charles Lavine

multi-Sponsors

William Boyland

Kevin Cahill

Margaret Markey

Nettie Mayersohn

2009-A6471B (ACTIVE) - Details

2009-A6471B (ACTIVE) - Summary

2009-A6471B (ACTIVE) - Bill Text download pdf

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