senate Bill S2878

2011-2012 Legislative Session

Enacts the "city of Buffalo historic preservation tax credit act"

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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

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jun 24, 2011 recommitted to rules
Jun 15, 2011 ordered to third reading cal.1274
committee discharged and committed to rules
Feb 02, 2011 referred to investigations and government operations

S2878 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S1214

S2878 - Summary

Enacts the "city of Buffalo historic preservation tax credit act"; such credit shall be equal to thirty percent of the qualified rehabilitation expenditures made by the taxpayer upon completion of a rehabilitation work and approval of such work.

S2878 - Sponsor Memo

S2878 - Bill Text download pdf

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

                                  2878

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 2, 2011
                               ___________

Introduced  by Sen. GRISANTI -- 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  enacting  the  "city  of
  Buffalo historic preservation tax credit act"

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

  Section 1. Short title. This act shall be known and may  be  cited  as
the "city of Buffalo historic preservation tax credit act".
  S  2. Section 606 of the tax law is amended by adding a new subsection
(ss) to read as follows:
  (SS) CITY OF BUFFALO HISTORIC STRUCTURE REHABILITATION CREDIT.  (1)  A
TAXPAYER  SHALL  BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS
SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT  OF  THE
CREDIT  SHALL BE EQUAL TO THIRTY PERCENT OF THE QUALIFIED REHABILITATION
EXPENDITURES MADE BY THE TAXPAYER WITH RESPECT TO A  QUALIFIED  HISTORIC
STRUCTURE  AND  MAY ONLY BE TAKEN BY THE TAXPAYER UPON COMPLETION OF THE
REHABILITATION WORK AND APPROVAL OF SUCH WORK BY THE  OFFICE  OF  PARKS,
RECREATION  AND HISTORIC PRESERVATION OR BY A LOCAL GOVERNMENT CERTIFIED
PURSUANT TO SECTION 101 (C)(1) OF  THE  NATIONAL  HISTORIC  PRESERVATION
ACT.  APPROVAL IS NECESSARY OF EXTERIOR WORK AND INTERIOR WORK AFFECTING
PRIMARY SIGNIFICANT HISTORIC SPACES. INTERIOR WORK MAY ALSO QUALIFY  FOR
THE  CREDIT  SO  LONG  AS  NO MORE THAN NINETY-FIVE PERCENT OF THE TOTAL
EXPENDITURES MADE IN THE REHABILITATION PROCESS  ARE  ALLOWABLE  TO  THE
REHABILITATION  OF  THE  INTERIOR. WORK WILL BE REVIEWED PURSUANT TO THE
STANDARDS ESTABLISHED BY  THE  COMMISSIONER  OF  PARKS,  RECREATION  AND
HISTORIC PRESERVATION.
  (2)  TAX CREDITS ALLOWED PURSUANT TO THIS ARTICLE SHALL BE ALLOWED FOR
THE TAXABLE YEAR IN WHICH SUCH QUALIFIED HISTORIC STRUCTURE OR AN  IDEN-
TIFIABLE PORTION OF THE STRUCTURE IS PLACED IN SERVICE PROVIDED THAT THE
SUBSTANTIAL REHABILITATION TEST IS MET FOR SUCH YEAR.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07934-01-1

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