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

                                  9914

                          I N  A S S E M B L Y

                             April 20, 2012
                               ___________

Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to carryovers of the tax credit
  for the rehabilitation of historic properties and historic homes

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

  Section  1.    Paragraph 4 of subdivision 40 of section 210 of the tax
law, as amended by chapter 472 of the laws of 2010, is amended  to  read
as follows:
  (4)  The  credit  allowed  under this subdivision for any taxable year
shall not reduce the tax due for such year to less than  the  higher  of
the  amounts  prescribed in paragraphs (c) and (d) of subdivision one of
this section. However, if the amount of the credit allowable under  this
subdivision  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  deducted  from the taxpayer's tax for such year or
years. FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOU-
SAND  THIRTEEN,  THE  CREDIT  AND ANY CARRYOVERS OF SUCH CREDIT SHALL BE
TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORD-
ANCE WITH THE PROVISIONS OF SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAP-
TER.  PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION TEN
HUNDRED  EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL
BE PAID THEREON.
  S 2. Paragraph 4 of subsection (oo) of section 606 of the tax law,  as
amended  by  chapter  239  of  the  laws  of 2009, is amended to read as
follows:
  (4) 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 AND, FOR TAXA-
BLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, IF
THE  AMOUNT OF CREDIT AND ANY CARRYOVERS OF SUCH CREDIT FROM PRIOR TAXA-
BLE YEARS ALLOWABLE UNDER THIS SUBSECTION FOR  ANY  TAXABLE  YEAR  SHALL
EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS

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

                                                           LBD15052-01-2

A. 9914                             2

AN OVERPAYMENT, OF TAX, TO  BE  CREDITED  OR  REFUNDED  AS  PROVIDED  IN
SECTION  SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT
NO INTEREST SHALL BE PAID THEREON.
  S 3. Paragraph 4 of subdivision (u) of section 1456 of the tax law, as
added by chapter 472 of the laws of 2010, is amended to read as follows:
  (4)  The  credit  allowed  under  this subsection for any taxable year
shall not reduce the tax to less than the dollar amount fixed as a mini-
mum tax by subsection (b) of section fourteen hundred fifty-five of this
article. If the amount of credit allowable under this subsection for any
taxable year reduces the tax to such amount, the excess may  be  carried
over  to  the  following  year  or  years,  and may be deducted from the
taxpayer's tax for such year or years. FOR TAXABLE YEARS BEGINNING ON OR
AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, THE CREDIT  AND  ANY  CARRY-
OVERS  OF  SUCH  CREDIT  FROM PRIOR TAXABLE YEARS SHALL BE TREATED AS AN
OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORDANCE  WITH  THE
PROVISIONS  OF SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAPTER. PROVIDED,
HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION TEN HUNDRED  EIGHT-
Y-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THER-
EON.
  S 4. Paragraph 4 of subdivision (y) of section 1511 of the tax law, as
added by chapter 472 of the laws of 2010, is amended to read as follows:
  (4)  The  credit  allowed  under this subdivision for any taxable year
shall not reduce the tax due for such year  to  less  than  the  minimum
fixed  by  paragraph  four of subdivision (a) of section fifteen hundred
two or section fifteen hundred  two-a  of  this  article,  whichever  is
applicable.    If the amount of the credit allowable under this subdivi-
sion for any taxable year reduces the tax to such amount, the excess may
be carried over to the following year or years, and may be deducted from
the taxpayer's tax for such year or years.  FOR TAXABLE YEARS  BEGINNING
ON  OR  AFTER  JANUARY  FIRST, TWO THOUSAND THIRTEEN, THE CREDIT AND ANY
CARRYOVERS OF SUCH CREDIT FROM PRIOR TAXABLE YEARS SHALL BE  TREATED  AS
AN  OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE
PROVISIONS OF SECTION TEN HUNDRED EIGHTY-SIX OF THIS CHAPTER.  PROVIDED,
HOWEVER,  THE PROVISIONS OF SUBSECTION (C) OF SECTION TEN HUNDRED EIGHT-
Y-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THER-
EON.
  S 5. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.