Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 09, 2010 |
referred to ways and means |
Assembly Bill A10168
2009-2010 Legislative Session
Sponsored By
HOYT
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
Actions
co-Sponsors
John McEneny
Frank Skartados
Francine DelMonte
Albert A. Stirpe
multi-Sponsors
James Bacalles
William A. Barclay
Michael Benjamin
Jane Corwin
2009-A10168 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7042
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยงยง606, 210, 1456 & 1511, Tax L
2009-A10168 (ACTIVE) - Sponsor Memo
BILL NUMBER:A10168 TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for rehabilitation of historic properties; and providing for the repeal of certain provisions upon expiration thereof PURPOSE OR GENERAL IDEA OF BILL: To strengthen the existing historic rehabilitation tax credit program so that the commercial tax credit can be applied against the bank and insurance tax and to allow for the allocation of the state tax credit within a partnership/LLC different from the federal tax credit. SUMMARY OF SPECIFIC PROVISIONS: Section 1 paragraph 1 of subsection (oo) of section 606 of the tax law is amended by chapter 239 of the laws of 2009, is amended and a new paragraph 6 is added to add that tax credits shall be allowed to a partnership, LLC or other business entity and shall be passed through to the partners, member or shareholders respectively. Section 2 paragraphs 5 says the credit shall be allowed in whole or part in a targeted distressed census tract area identified as being at or below one hundred percent of the state median family income in the most recent federal census. Section 2 paragraph 6 says the tax credit in this section shall be allowed to a partnership, LLC, subchapter S corp., or other business
2009-A10168 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10168 I N A S S E M B L Y March 9, 2010 ___________ Introduced by M. of A. HOYT, McENENY, SKARTADOS, DelMONTE, STIRPE, MAGEE, DESTITO, CAHILL, PEOPLES-STOKES, SCHROEDER, RUSSELL, HEVESI, GABRYSZAK, LIFTON, REILLY, KOON, LATIMER, ENGLEBRIGHT -- Multi-Spon- sored by -- M. of A. MORELLE -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to providing a tax credit for rehabilitation of historic properties; and providing for the repeal of certain provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 1 of subsection (oo) of section 606 of the tax law, as amended by chapter 239 of the laws of 2009, is amended and a new paragraph 6 is added to read as follows: (1) For taxable years beginning on or after January first, two thou- sand ten, 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 one hundred percent of the amount of credit allowed [the] SUCH taxpayer for the same taxable year with respect to a certified historic structure under subsection (c) (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. (6) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S" CORPORATION OR OTHER BUSINESS ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS, MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS RESPEC- TIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY, OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS PROVIDED IN AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR ECONOMIC ATTRIBUTES OF THE ENTITY. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD16326-02-0
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