senate Bill S1797B

2011-2012 Legislative Session

Relates to the tax credits for the rehabilitation of historic properties

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 01, 2012 print number 1797b
amend and recommit to investigations and government operations
Jan 04, 2012 referred to investigations and government operations
Jun 07, 2011 reported and committed to finance
May 25, 2011 print number 1797a
amend and recommit to investigations and government operations
Jan 12, 2011 referred to investigations and government operations

Bill Amendments

Original
A
B (Active)
Original
A
B (Active)

Co-Sponsors

S1797 - Bill Details

See Assembly Version of this Bill:
A9949
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §33, Tax Law
Versions Introduced in 2009-2010 Legislative Session:
S8466

S1797 - Bill Texts

view summary

Relates to the tax credits for the rehabilitation of historic properties; makes technical corrections to section.

view sponsor memo
BILL NUMBER:S1797

TITLE OF BILL:

An act
to amend the tax law, in relation to the tax credits for the
rehabilitation of historic properties

PURPOSE OR GENERAL IDEA OF BILL:

To exempt the tax credit for rehabilitation of historic properties
from the temporary deferral of tax credits found in the 2010-2011
Revenue Bill, S.6610C/A.9710D.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 removes the tax credit for rehabilitation of historic
properties from the list of tax credits subject to deferral pursuant
to part Y of S.6610C/A.9710D.

Section 2 sets forth the effective date.

JUSTIFICATION:

This bill ensures that the Historic Rehabilitation Tax Credit (HRTC),
specifically the credit for the rehabilitation of historic
properties, remains a vital tool for economic development in New York
state by exempting it from the current proposal to defer certain tax
credits. The current deferral plan found in Part Y of the 2010-2011
Revenue bill would defer historic rehabilitation tax credits above $2
million in value until 2013. While this $2 million cap presumably
eliminates a number of credits from the impact.
of the deferral plan, as applied to the HRTC, the deferral will impede
financing for the largest, most catalytic projects capable of
spurning economic development. Such projects generate the largest and
most sustained construction employment and post-construction jobs and
have the most trans formative value, both economically and in terms
of community renewal.

The current HRTC program was created in such a way to promote economic
growth and development even in the midst of difficult economic times.
Thus, the current deferment proposal would significantly . weaken the
program as an economic development tool. By carving out the HRTC
from the tax credit deferment package, we protect the vitality of a
program that catalyzes economic activity and promotes environmental
sustainability within communities across the state of New York.

PRIOR LEGISLATIVE HISTORY:

08/11/10 - Referred to Ways and Means

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:


Immediately.

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

                                  1797

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 12, 2011
                               ___________

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 to amend the tax law, in relation to  the  tax  credits  for  the
  rehabilitation of historic properties

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

  Section 1. Paragraph (a) of 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:
  (a) This section shall apply to the credits allowed under the  follow-
ing provisions in article [nine-a] NINE-A of this chapter and any appli-
cable  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01164-01-1

S. 1797                             2

  Section 210(30) low income housing credit
  Section 210(31) green building credit
  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
  S 2. This act shall take effect immediately.

Co-Sponsors

S1797A - Bill Details

See Assembly Version of this Bill:
A9949
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §33, Tax Law
Versions Introduced in 2009-2010 Legislative Session:
S8466

S1797A - Bill Texts

view summary

Relates to the tax credits for the rehabilitation of historic properties; makes technical corrections to section.

view sponsor memo
BILL NUMBER:S1797A

TITLE OF BILL:
An act
to amend the tax law, in relation to the tax credits for the
rehabilitation of historic properties

PURPOSE OR GENERAL IDEA OF BILL:
To exempt the tax credit for rehabilitation of historic properties
from the temporary deferral of tax credits found in the 2010-2011
Revenue Bill, S.6610C/A.9710D.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 removes the tax credit for rehabilitation of historic
properties from the list of tax credits subject to deferral pursuant
to part Y of S.6610C/A.9710D.

Section 2 sets forth the effective date for January 1, 2012.

JUSTIFICATION:
This bill ensures that the Historic Rehabilitation Tax Credit (HRTC),
specifically the credit for the rehabilitation of historic
properties, remains a vital tool for economic development in New York
state by exempting it from the current proposal to defer certain tax
credits. The current deferral plan found in Part Y of the 2010-2011
Revenue bill would defer historic rehabilitation tax credits above $2
million in value until 2013. While this $2 million cap presumably
eliminates a number of credits from the impact of the deferral plan,
as applied to the HRTC, the deferral will impede financing for the
largest, most catalytic projects capable of spurning economic
development. Such projects generate the largest and most sustained
construction employment and post-construction jobs and have the most
transformative value, both economically and in terms of community
renewal.

The current HRTC program was created in such a way to promote economic
growth and development even in the midst of difficult economic times.
Thus, the current deferment proposal would significantly weaken the
program as an economic development tool. By carving out the HRTC from
the tax credit deferment package, we protect the vitality of a
program that catalyzes economic activity and promotes environmental
sustainability within communities across the state of New York.

PRIOR LEGISLATIVE HISTORY:
S.1797 of 2010, Referred to Rules.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect January 1, 2012.

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

                                 1797--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 12, 2011
                               ___________

Introduced  by  Sens.  VALESKY,  CARLUCCI,  GRISANTI  --  read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- committee discharged, bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the tax law, in relation to  the  tax  credits  for  the
  rehabilitation of historic properties

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

  Section 1. Paragraph (a) of 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:
  (a) This section shall apply to the credits allowed under the  follow-
ing provisions in article [nine-a] NINE-A of this chapter and any appli-
cable  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01164-03-1

S. 1797--A                          2

  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
  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
  S 2. This act shall take effect January 1, 2012.

Co-Sponsors

S1797B (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A9949
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §33, Tax Law
Versions Introduced in 2009-2010 Legislative Session:
S8466

S1797B (ACTIVE) - Bill Texts

view summary

Relates to the tax credits for the rehabilitation of historic properties; makes technical corrections to section.

view sponsor memo
BILL NUMBER:S1797B

TITLE OF BILL:
An act
to amend the tax law, in relation to the tax credits for the
rehabilitation of historic properties

PURPOSE OR GENERAL IDEA OF BILL:
To exempt the tax credit for
rehabilitation of historic properties from the temporary deferral of
tax credits found in the 2010-2011 Revenue Bill, S.6610C/A.9710D.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 removes the tax credit for
rehabilitation of historic properties from the list of tax credits
subject to deferral pursuant to part Y of S.6610C/A.9710D.

Section 2 sets forth the effective date for the first of January of
the next succeeding year after it has become a law.

JUSTIFICATION:
This bill makes whole the Historic Rehabilitation Tax
Credit (HRTC), specifically the credit for the rehabilitation of
commercial properties, to assure it is restored in 2012 to serve as a
vital tool for economic development in New York State by exempting it
from the final year of the deferral imposed in 2010 on certain state
tax credits.

The HRTC has been significantly affected by the deferral program,
resulting in delayed or abandoned rehabilitation projects in
communities across New York State, and the loss of out-of-state
investment to fully-functioning rehabilitation tax credit programs in
other states.
Developer and investor confidence in the recently established HRTC has
been severely eroded, further impeding its use.

The deferral threshold of $2 million has effectively exempted many of
the thirty credits subject to deferral from significant impacts;
however, this threshold impacts the HRTC in unique ways. It prevents
large rehabilitation projects from fully utilizing the HRTC program.
Such projects generate the largest and most sustained construction
employment and post-construction jobs and have the most
transformative economic and community renewal value for urban areas.
Furthermore, it prevents national investors from capitalizing
multiple rehabilitation projects in New York. This has prevented
numerous small and medium scale projects in communities throughout
the state from securing financing necessary to start reconstruction.

The HRTC program was drafted to promote economic growth and community
redevelopment in a fiscally responsible manner. The imposition of a
deferral upon the commercial program has significantly weakened the

program as an economic tool. With a program sunset in 2014, restoring
program integrity in 2012 will provide developers and municipal offices
across New York State with the opportunity to resume project
development efforts, which will catalyze economic activity and
promote environmental sustainability in communities across the state
well in advance of credit issuance by New York State.

PRIOR LEGISLATIVE HISTORY:
08/11/2010 - Referred to Ways and Means (Hoyt)

FISCAL IMPLICATIONS:
Because the deferral has severely impeded use of
the Historic Rehabilitation Tax Credit program, the original fiscal
impacts calculated for this program have not been realized. Projects
completed in 2011 will still be subject to the deferral. Only
projects placed in service after January 1, 2013 with credit value in
excess of $2 million will generate a fiscal impact from this change.
Estimated fiscal savings from this program due to the deferral
program in 2010 were calculated by the Preservation League of New
York State to be no more than $1.8 million in savings across New York
State.

EFFECTIVE DATE:
This act shall take effect on the first of January
next succeeding the date on which it shall have become a law.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 1797--B

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 12, 2011
                               ___________

Introduced  by  Sens.  VALESKY,  CARLUCCI,  GRISANTI  --  read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations and Government Operations -- committee discharged, bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee -- recommitted to the Committee on Investigations  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  the  tax  credits  for  the
  rehabilitation of historic properties

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

  Section 1. Paragraph (a) of 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:
  (a) This section shall apply to the credits allowed under the  follow-
ing provisions in article [nine-a] NINE-A of this chapter and any appli-
cable  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01164-07-2

S. 1797--B                          2

  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
  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]
  S 2. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.

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