Senate Bill S6945

2011-2012 Legislative Session

Extends provisions of law relating to the credit for the rehabilitation of historic properties and historic homes

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Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-S6945 (ACTIVE) - Details

See Assembly Version of this Bill:
A9915
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210, 1456 & 1511, Tax L
Versions Introduced in 2013-2014 Legislative Session:
S2165

2011-S6945 (ACTIVE) - Summary

Extends provisions of law relating to the credit for the rehabilitation of historic properties and historic homes.

2011-S6945 (ACTIVE) - Sponsor Memo

2011-S6945 (ACTIVE) - Bill Text download pdf

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

                                  6945

                            I N  S E N A T E

                             April 13, 2012
                               ___________

Introduced  by  Sens.  VALESKY, YOUNG -- 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 extending provisions of law
  relating to the 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. Subparagraph (A) of  paragraph  1  of  subsection  (oo)  of
section  606  of  the  tax law, as amended by chapter 472 of the laws of
2010, is amended to read as follow:
  (A) For taxable years beginning on or after January first,  two  thou-
sand  ten  and  before  January  first, two thousand [fifteen] TWENTY, a
taxpayer shall be allowed a credit as hereinafter provided, against  the
tax  imposed  by this article, 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
first, two thousand [fifteen] TWENTY, 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 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 thousand dollars.
  S  2. Paragraph 2 of subsection (pp) of section 606 of the tax law, as
added by chapter 547 of the laws of 2006, subparagraphs (A) and  (B)  as
amended  by  chapter  472  of  the  laws  of 2010, is amended to read as
follow:
  (2) (A) With respect to any particular residence of  a  taxpayer,  the
credit  allowed  under paragraph one of this subsection shall not exceed
fifty thousand dollars for taxable years beginning on or  after  January

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

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