NY State Senate Bill 2009-S8460

Archive: Last Bill Status - In Senate Committee Rules 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Sep 20, 2010	print number 8460a
Sep 20, 2010	amend (t) and recommit to rules
Jul 30, 2010	referred to rules

Bill Amendments

Original

A (Active)

co-Sponsors

2009-S8460 - Details

Current Committee:: Senate Rules
Law Section:: Tax Law
Laws Affected:: Amd §33, Tax L (as proposed in S.6610C/A.9710D)

2009-S8460 - Summary

Relates to temporary deferral of certain tax credits.

2009-S8460 - Bill Text download pdf

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

                                  8460

                            I N  S E N A T E

                              July 30, 2010
                               ___________

Introduced  by  Sen.  ESPADA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the tax  law,  in  relation  to  temporary  deferral  of
  certain tax credits

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

  Section 1.  Subdivision 3 of section 33 of the tax law,  as  added  by
section  1  of part Y of a chapter of the laws of 2010, amending the tax
law relating to the deferral of use or payment of certain  tax  credits,
as  proposed  in  legislative  bill  numbers S. 6610-C and A. 9710-D, is
amended to read as follows:
  3. (a) This section shall apply  to  the  credits  allowed  under  the
following  provisions in article nine-a of this chapter and any applica-
ble counterpart provisions in articles nine, twenty-two, thirty-two  and
thirty-three of this chapter:
  Section 210(12) investment tax credit
  Section 210(12-B) empire zone investment tax credit
  Section 210(12-C) empire zone employment incentive credit
  Section 210(12-D) employment incentive credit
  Section 210(12-E) QETC employment credit
  Section 210(12-F) QETC capital tax credit
  Section 210(12-G) QETC facilities, operations, and training credit
  Section 210(17) special additional mortgage recording tax credit
  Section 210(19) empire zone wage tax credit
  Section 210(20) empire zone capital tax credit
  Section 210(21-a) credit for servicing certain mortgages
  Section 210(23) credit for employment of persons with disabilities
  Section 210(24) alternative fuels credit
  Section 210(25) credit for purchase of an automated external defibril-
lator
  Section 210(27) QEZE credit for real property taxes
  Section 210(28) QEZE tax reduction credit
  [Section 210(30) low income housing credit]
  Section 210(31) green building credit

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

                                                           LBD18042-01-0

S. 8460                             2

  [Section 210(33) brownfield redevelopment tax credit]
  Section  210(34)  remediated brownfield credit for real property taxes
for qualified sites
  Section 210(35) environmental remediation insurance credit
  Section 210(37) security training tax credit
  Section 210(37) credit for fuel  cell  electric  generating  equipment
expenditures
  Section 210(38) conservation easement tax credit
  Section 210(38) empire state commercial production credit
  Section 210(38) biofuel production credit
  Section 210(39) clean heating fuel credit
  [Section 210(40) credit for rehabilitation of historic properties]
  Section  210(40)  credit  for  companies who provide transportation to
individuals with disabilities
  (b) This section shall also  apply  to  the  credits  allowed  by  the
following sections:
  Section 186-a(9) power for jobs credit
  Section 606(g-1) solar energy system equipment credit
  [Section 606(pp) historic homeownership rehabilitation credit]
  Section  1511(k)  credit  for certain investments in certified capital
companies
  S 2. This act shall take effect on the  same  date  and  in  the  same
manner  as part Y of a chapter of the laws of 2010, amending the tax law
relating to the deferral of use or payment of certain  tax  credits,  as
proposed  in  legislative  bill  numbers  S.6610-C  and  A.9710-D, takes
effect.

co-Sponsors

2009-S8460A (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Tax Law
Laws Affected:: Amd §33, Tax L (as proposed in S.6610C/A.9710D)

2009-S8460A (ACTIVE) - Summary

Relates to temporary deferral of certain tax credits.

2009-S8460A (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S8460A

TITLE OF BILL:
An act to amend the tax law, in relation to temporary deferral of the
low income housing credit

PURPOSE OR GENERAL IDEA OF BILL:

SUMMARY OF SPECIFIC PROVISIONS:
This bill would enact legislation exempting certain tax credit defer-
ments enacted in a chapter of 2010 as proposed in legislative bill
numbers S.6610-C and A.9710-D.

EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER:
(Needs Verification from Danielle) Subdivision 3 (a) of section 33 of
the tax law, as amended by section 1 of part y of a chapter of 2010.

JUSTIFICATION:
This bill would eliminate the tax deferment for the State Low Income
Housing Credit, the Historic Homeownership Rehabilitation Credit and the
Brownfield Redevelopment Tax Credit.  Credits are monetized and sold to
third party investors to provide capital for development. These three
tax credit programs are vital to the construction and rehabilitation of
affordable housing in New York State, and as such are a critical econom-
ic development and job generation tool.

The State Low Income Housing Credit, since its creation 10 years ago,
has provided a vital source of gap funding for affordable housing
projects throughout New York State, which otherwise would not have been
financially viable. Deferring the state Low Income Housing Credit will
not only stall new affordable housing development, but will also put in
jeopardy existing affordable housing projects underwritten with state
tax credits.

The Brownfields Tax Credit is also a critical source of support for
affordable housing development. This tax credit program was just revised
in 2008 to ensure efficient use of this resource in financing the reme-
diation of abandoned or under-used properties where expansion or rede-
velopment is prevented by environmental contamination.  Brownfields
often pose not only environmental, but legal and financial burdens on
communities. Left vacant, contaminated sites can diminish property value
of surrounding sites and potentially threaten the economic viability of
adjoining properties. As with deferral of the State Low Income Housing
Credit, deferring the Brownfields Tax Credit will not only inhibit
future Brownfields remediation and redevelopment, but will jeopardize
existing projects that were underwritten with this tax credit.

The Historic Homeownership Rehabilitation Credit, created in 2009, is an
essential financing tool for affordable housing, particularly in upstate
New York. The credit is limited to distressed census tracks in New York

State; with a deferral, many shovel-ready affordable housing projects
critical to economic revitalization in distressed New York State commu-
nities will be stalled, unable to move forward without this important
gap financing.

Moreover, at a low-cost and high-return to the state, these three state
tax credits are essential to affordable housing development and rehabil-
itation throughout New York State. Affordable housing construction is a
proven job and revenue creator - the deferral would not only inhibit
affordable housing and economic development, but also job growth and
income revenue to the state. Furthermore, large national investors seek-
ing to provide equity for New York State projects will be forced to
shift investment to projects in other states. The deferral will cause a
long-term diversion of investment capital from New York, as investors
cannot be expected to rely on the good faith and credit of New York
State once it has demonstrated a willingness to disregard existing
financial commitments.

LEGISLATIVE HISTORY:
New.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.

EFFECTIVE DATE:
Immediately.

2009-S8460A (ACTIVE) - Bill Text download pdf

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

                                 8460--A

                            I N  S E N A T E

                              July 30, 2010
                               ___________

Introduced by Sens. ESPADA, KRUGER, MONTGOMERY -- read twice and ordered
  printed, and when printed to be committed to the Committee on Rules --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the tax law, in relation to temporary  deferral  of  the
  low income housing credit

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

  Section 1.  Subdivision 3 of section 33 of the tax law,  as  added  by
section  1  of  part  Y of chapter 57 of the laws of 2010, is amended to
read as follows:
  3. (a) This section shall apply  to  the  credits  allowed  under  the
following  provisions in article nine-a of this chapter and any applica-
ble counterpart provisions in articles nine, twenty-two, thirty-two  and
thirty-three of this chapter:
  Section 210(12) investment tax credit
  Section 210(12-B) empire zone investment tax credit
  Section 210(12-C) empire zone employment incentive credit
  Section 210(12-D) employment incentive credit
  Section 210(12-E) QETC employment credit
  Section 210(12-F) QETC capital tax credit
  Section 210(12-G) QETC facilities, operations, and training credit
  Section 210(17) special additional mortgage recording tax credit
  Section 210(19) empire zone wage tax credit
  Section 210(20) empire zone capital tax credit
  Section 210(21-a) credit for servicing certain mortgages
  Section 210(23) credit for employment of persons with disabilities
  Section 210(24) alternative fuels credit
  Section 210(25) credit for purchase of an automated external defibril-
lator
  Section 210(27) QEZE credit for real property taxes
  Section 210(28) QEZE tax reduction credit
  [Section 210(30) low income housing credit]
  Section 210(31) green building credit

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

                                                           LBD18042-03-0

S. 8460--A                          2

  Section 210(33) brownfield redevelopment tax credit
  Section  210(34)  remediated brownfield credit for real property taxes
for qualified sites
  Section 210(35) environmental remediation insurance credit
  Section 210(37) security training tax credit
  Section 210(37) credit for fuel  cell  electric  generating  equipment
expenditures
  Section 210(38) conservation easement tax credit
  Section 210(38) empire state commercial production credit
  Section 210(38) biofuel production credit
  Section 210(39) clean heating fuel credit
  Section 210(40) credit for rehabilitation of historic properties
  Section  210(40)  credit  for  companies who provide transportation to
individuals with disabilities
  (b) This section shall also  apply  to  the  credits  allowed  by  the
following sections:
  Section 186-a(9) power for jobs credit
  Section 606(g-1) solar energy system equipment credit
  Section 606(pp) historic homeownership rehabilitation credit
  Section  1511(k)  credit  for certain investments in certified capital
companies
  S 2. This act shall take effect immediately.

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Senate Bill S8460

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Bill Amendments

co-Sponsors

2009-S8460 - Details

2009-S8460 - Summary

2009-S8460 - Bill Text download pdf

co-Sponsors

2009-S8460A (ACTIVE) - Details

2009-S8460A (ACTIVE) - Summary

2009-S8460A (ACTIVE) - Sponsor Memo

2009-S8460A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S8460

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Sponsored By

Pedro Espada Jr.

Archive: Last Bill Status - In Senate Committee Rules Committee

Bill Amendments

co-Sponsors

Carl Kruger

Velmanette Montgomery

2009-S8460 - Details

2009-S8460 - Summary

2009-S8460 - Bill Text download pdf

co-Sponsors

Carl Kruger

Velmanette Montgomery

2009-S8460A (ACTIVE) - Details

2009-S8460A (ACTIVE) - Summary

2009-S8460A (ACTIVE) - Sponsor Memo

2009-S8460A (ACTIVE) - Bill Text download pdf

Comments