|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 14, 2012||
referred to ways and means
delivered to assembly
ordered to third reading cal.1262
committee discharged and committed to rules
|Jun 04, 2012||
referred to investigations and government operations
senate Bill S7557
Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property
Archive: Last Bill Status - Passed Senate
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
view actions (6)
Jun 14, 2012 - floor VoteS7557580floor58Aye0Nay0Absent4Excused0Abstained
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Floor Vote: Jun 14, 2012aye (58)
Jun 14, 2012 - Rules committee VoteS7557240committee24Aye0Nay0Aye with Reservations0Absent1Excused0Abstained
- show floor vote details
S7557 - Bill Details
- See Assembly Version of this Bill:
- Current Committee:
- Law Section:
S7557 - Bill Texts
Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property.
view sponsor memo
TITLE OF BILL:
in relation to qualifying a certain parcel of land located in the city
of Syracuse, county of Onondaga for a tax credit for rehabilitation of
PURPOSE OR GENERAL IDEA OF BILL:
Provides an exception to the
census-tract requirement for the Huntley Apartment building at 407
Stolp Avenue in Syracuse to qualify for New York State historic
property rehabilitation tax credits.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. provides as exception to the requirement in subsection (oo)
of section 606 of the tax law that for a property to qualify for
historic rehabilitation tax credits it must be located in a
qualifying census-tract. This section also provides the legal
description of the property.
Section 2. establishes the effective date.
The purpose of the Hew York State tax credit for the rehabilitation of
historic properties was to provide aid and incentive to restore
historic buildings in distressed areas. The Huntley Apartment
building in the Strathmore neighborhood of Syracuse, NY is one of
those properties. The Huntley was once a vibrant apartment building
that has become vacant and a center for crime in recent years. A
local group of neighborhood based developers known as the
"Strathmore-Huntley Group" is seeking to rehabilitate the property.
They are currently seeking funding for the project. Historic
preservation tax credits are an important funding aspect for the
The Huntley Building currently qualifies for Federal Historic
Preservation tax credits, but does not qualify for New York historic
tax credits because the property is not located in a qualifying
census-tract, despite being only a few blocks from a qualifying
tract. The Huntley is the type of property the historic preservation
Lax credits were meant to help. If the property is made eligible for
State tax credits, it would be an important step in solidifying the
needed funding to make this building a viable taxpaying property
again. A technicality in the law should not prevent this important
project from going forward. This bill would provide a one-time
exception to the census-tract requirement for the Huntley building.
PRIOR LEGISLATIVE HISTORY:
To be determined.
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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 S. 7557 2 allowed in the taxable year that the qualified rehabilitation is placed in service under section 167 of the federal internal revenue code. If the taxpayer is a partner in a partnership or a shareholder of a New York S corporation, then the credit cap imposed by this section shall be applied at the entity level, so that the aggregate credit allowed to all the partners or shareholders of each such entity in the taxable year does not exceed the credit cap that is applicable in that taxable year. If the credit allowed the taxpayer pursuant to section 47 of the internal revenue code with respect to a qualified rehabilitation is recaptured pursuant to subsection (a) of section 50 of the internal revenue code, a portion of the credit allowed under this section must be added back in the same taxable year and in the same proportion as the federal recapture. If the amount of the credit allowable under this section 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. S 2. This act shall take effect immediately.
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