|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 21, 2012||referred to investigations and government operations|
senate Bill S6516
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6516 (ACTIVE) - Details
- See Assembly Version of this Bill:
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§606 & 210, Tax L
- Versions Introduced in Other Legislative Sessions:
2013-2014: S2762, A4507
2015-2016: S1295, A4371
2017-2018: S2643, A4397
S6516 (ACTIVE) - Summary
Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidated vacancies; provides that the property shall be substantially rehabilitated which is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars.
S6516 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6516 TITLE OF BILL: An act to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commercial prop- erties SUMMARY OF PROVISIONS: This bill would create a new tax credit program to encourage the reha- bilitation of distressed commercial property. Section 1 - amends section 606 of the Tax Law by adding a new subsection (uu) which creates a tax credit for the rehabilitation of distressed commercial property. (1) For taxable years beginning after January 1, 2012, taxpayers shall be allowed a credit equal to thirty percent of the qualified expendi- tures made by the taxpayer with respect to a qualified distressed commercial property. (2) The credit shall not exceed $100,000. Credits are allowed in the taxable year in which the property is deemed a certified rehabilitation. (3) Credits may be carried forward, but not more than $25,000 in any year. (4) Defines qualified rehabilitation expenditure. Expenditures must be made after January 1, 2012 and before December 31, 2017. (5) Defines certified rehabilitation. (6) Defines qualified distressed commercial property.
S6516 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6516 I N S E N A T E February 21, 2012 ___________ Introduced by Sens. RANZENHOFER, JOHNSON, ZELDIN -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commercial properties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (uu) to read as follows: (UU) CREDIT FOR REHABILITATION OF DISTRESSED COMMERCIAL PROPERTIES. (1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWELVE, A TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE, IN AN AMOUNT EQUAL TO THIRTY PERCENT OF THE QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY- ER WITH RESPECT TO A QUALIFIED DISTRESSED COMMERCIAL PROPERTY. PROVIDED, HOWEVER, THE CREDIT SHALL NOT EXCEED ONE HUNDRED THOUSAND DOLLARS. (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL- ITATION. (3) 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 APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS. (4) (A) THE TERM "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR PURPOSES OF THIS SUBSECTION, ANY AMOUNT PROPERLY CHARGEABLE TO A CAPITAL ACCOUNT: (I) IN CONNECTION WITH THE CERTIFIED REHABILITATION OF A QUALIFIED DISTRESSED COMMERCIAL PROPERTY, AND (II) FOR PROPERTY FOR WHICH DEPRECIATION WOULD BE ALLOWABLE UNDER SECTION 168 OF THE INTERNAL REVENUE CODE. (B) SUCH TERM SHALL NOT INCLUDE (I) THE COST OF ACQUIRING ANY BUILDING OR INTEREST THEREIN, (II) ANY EXPENDITURE ATTRIBUTABLE TO THE ENLARGE- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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