senate Bill S2164

2013-2014 Legislative Session

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

download bill text pdf

Sponsored By

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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Actions

view actions (3)
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

Co-Sponsors

S2164 - 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 - Summary

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

S2164 - Sponsor Memo

S2164 - Bill Text download pdf

                    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

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