S T A T E O F N E W Y O R K
________________________________________________________________________
6979--A
2013-2014 Regular Sessions
I N A S S E M B L Y
April 29, 2013
___________
Introduced by M. of A. ENGLEBRIGHT, FAHY, McDONALD, PEOPLES-STOKES,
LUPARDO, GALEF, OTIS -- Multi-Sponsored by -- M. of A. MAYER -- read
once and referred to the Committee on Ways and Means -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the tax law, in relation to increasing the maximum award
available under the historic preservation tax credit; and providing
for the repeal of such provisions upon expiration thereof
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 section 1 of part F of chapter
59 of the laws of 2013, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand 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 struc-
ture 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]
SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO
THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND SEVENTEEN--TWO THOUSAND EIGHTEEN AND TWELVE MILLION DOLLARS IN
STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN. For
taxable years beginning on or after January first, two thousand 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04642-08-3
A. 6979--A 2
located within the state; provided, however, the credit shall not exceed
one hundred thousand dollars.
S 2. Subparagraph (A) of paragraph 1 of subdivision 40 of section 210
of the tax law, as amended by section 2 of part F of chapter 59 of the
laws of 2013, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand 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 struc-
ture 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]
SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO
THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND SEVENTEEN--TWO THOUSAND EIGHTEEN AND TWELVE MILLION DOLLARS IN
STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN. For
taxable years beginning on or after January first, two thousand 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 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
of the tax law, as amended by section 3 of part F of chapter 59 of the
laws of 2013, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand 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 struc-
ture 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]
SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO
THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND SEVENTEEN--TWO THOUSAND EIGHTEEN AND TWELVE MILLION DOLLARS IN
STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN. For
taxable years beginning on or after January first, two thousand 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 4. Subparagraph (A) of paragraph 1 of subdivision (y) of section
1511 of the tax law, as amended by section 4 of part F of chapter 59 of
the laws of 2013, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand 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 struc-
A. 6979--A 3
ture 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]
SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO
THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND SEVENTEEN--TWO THOUSAND EIGHTEEN AND TWELVE MILLION DOLLARS IN
STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN. For
taxable years beginning on or after January first, two thousand 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 5. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2014 provided that this act
shall expire and be deemed repealed on and after December 31, 2020.