senate Bill S7557

2011-2012 Legislative Session

Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

do you support this bill?

Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 14, 2012 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1262
committee discharged and committed to rules
Jun 04, 2012 referred to investigations and government operations

Votes

view votes

S7557 - Details

See Assembly Version of this Bill:
A9532
Current Committee:
Law Section:
Taxation

S7557 - Summary

Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property.

S7557 - Sponsor Memo

S7557 - Bill Text download pdf

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

                                  7557

                            I N  S E N A T E

                              June 4, 2012
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

AN ACT in relation to qualifying a certain parcel of land located in the
  city  of  Syracuse,  county of Onondaga for a tax credit for rehabili-
  tation of historic property

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

  Section 1. Notwithstanding any provision of subsection (oo) of section
606  of  the  tax law or any other provision of law to the contrary, the
owners of all that tract or parcel of land situate in the city of  Syra-
cuse,  county  of  Onondaga,  located  at  409 and 419-421 Stolp Avenue,
otherwise known and distinguished as section 87, block 12, lots 113, 114
and 115 of the Stolp Addition and commonly known as the "Huntley  Apart-
ments",  shall  qualify  for a tax credit for rehabilitation of historic
real property.
  For taxable years before January 1, 2015, the owners of all that tract
or parcel of land described above shall be allowed a credit  as  herein-
after provided, against the tax imposed by article 22 of the tax law, in
an  amount  equal to one hundred percent of the amount of credit allowed
the taxpayer with  respect  to  a  certified  historic  structure  under
subsection  (a)  (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. For
taxable years beginning on or after January 1, 2015, the owners  of  all
that  tract  or parcel of land described above shall be allowed a credit
as hereinafter provided, against the tax imposed by article  22  of  the
tax  law,  in  an amount equal to thirty percent of the amount of credit
allowed the taxpayer with respect  to  a  certified  historic  structure
under  subsection  (a)(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 one hundred thou-
sand dollars.  Tax credits allowed pursuant to  this  section  shall  be

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14821-01-2

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.