senate Bill S2164

2013-2014 Legislative Session

Relates to carryovers of the tax credit for the rehabilitation of historic properties and historic homes

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Archive: Last Bill Status - STRICKEN


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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 28, 2014 recommit, enacting clause stricken
Jan 08, 2014 referred to investigations and government operations
Jan 14, 2013 referred to investigations and government operations

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S2164 - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210, 606, 1456 & 1511, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6946

S2164 - Bill Texts

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Relates to carry overs of the tax credit for the rehabilitation of historic properties and historic homes.

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BILL NUMBER:S2164

TITLE OF BILL: An act to amend the tax law, in relation to carryovers
of the tax credit for the rehabilitation of historic properties and
historic homes

PURPOSE: This bill makes the New York State rehabilitation tax credit
for historic commercial properties also available as a refund to quali-
fied taxpayers.

SUMMARY OF PROVISIONS:

Section i amends Section 210 of the tax code, as amended by chapter 472
of the laws of 2010 to make the New York State rehabilitation tax credit
for historic properties also available as a refund to qualified taxpay-
ers.

EFFECT OF PRESENT LAW WHICH THIS BILL WOULD ALTER: By making the New
York State rehabilitation tax credit historic properties available as a
refund as well as a credit, rehabilitation projects that utilize this
program will attract and as a result secure higher value equity invest-
ment for these for commercial New York State more investors projects.

JUSTIFICATION: To increase the number of redevelopment projects for
historic properties and increase the value of investments into such
projects, the New York State rehabilitation tax credit program needs to
attract a larger and more diverse pool of investors.

The current state credit program fails to attract a full range of
national investors to New York redevelopment projects because the state
rehabilitation tax credit value is not an asset to investors with no or
limited New York State tax liability. As a result, there is less invest-
ment in New York State rehabilitation projects and fewer project starts.

Numerous New York State tax credit programs are fully refundable, and it
is appropriate to establish this mechanism for the rehabilitation tax
credit program as well. New York State could get more value from this
program if it incentivized a more diverse investor pool by establishing
refundability.

LEGISLATIVE HISTORY: S6946 of 2011-12

FISCAL IMPLICATIONS: This bill will incentivize investments in a larger
number of rehabilitation projects, resulting in more projects utilizing
the New York State rehabilitation tax credit program for commercial
properties, and thus an increased fiscal cost for this program.

The state's fiscal cost, however, will be offset by the economic stimu-
lus gains generated by increased redevelopment activity, including
enhanced local and state tax revenues, part and full-time job creation,
and other economic benefits, as documented in numerous national studies

regarding the positive impacts of historic rehabilitation tax credit
programs.

EFFECTIVE DATE: This act shall take effect immediately.

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

                                  2164

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 14, 2013
                               ___________

Introduced  by  Sens.  VALESKY, GRISANTI, MAZIARZ, RANZENHOFER, 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 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 FOURTEEN, 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  ONE  THOUSAND  EIGHTY-SIX  OF  THIS
CHAPTER.  PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION
ONE  THOUSAND  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-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04821-01-3

S. 2164                             2

BLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN, 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
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 subsection (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 FOURTEEN, 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 ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED,
HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND 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 FOURTEEN, 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 ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED,
HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND 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, 2014.

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