senate Bill S2165

2013-2014 Legislative Session

Extends provisions of law relating to the 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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Actions

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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

Co-Sponsors

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S2165 - Bill Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง606, 210, 1456 & 1511, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6945

S2165 - Bill Texts

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

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BILL NUMBER:S2165

TITLE OF BILL: 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

PURPOSE: This bill extends the availability of the New York State Reha-
bilitation Tax Credit programs for commercial and owner-occupied proper-
ties for five years. The availability of the current programs availabil-
ity through the taxable year ending before January first, two thousand
fifteen is chanced to the taxable year ending before January first, two
thousand twenty.

SUMMARY OF PROVISIONS:

Section 1 amends section 606 of the tax law, as amended by Chapter 472
of the laws of 2010, to extend program availability through the taxable
year ending before January first, two thousand twenty.

EFFECT OF PRESENT LAW WHICH THIS BILL WOULD ALTER: This bill would
extend the availability of New York state tax credit programs for
historic commercial properties and historic homes through the taxable
year ending before January first, two thousand twenty.

JUSTIFICATION: The expanded New York State rehabilitation tax credit
programs were implemented in two thousand and ten and data shows these
programs have catalyzed a number of building rehabilitation and communi-
ty revitalization projects throughout the state. Stronger program imple-
mentation and success was hurt by the imposition of New York State's tax
credit deferral program in two thousand and ten, limiting the ability of
property owners and developers to attract investments to rehabilitation
projects.

Extending program availability five years through two thousand and nine-
teen will provide this program with a chance to be made whole and work
as intended. Program extension will assure property owners, developers
and investors alike of program availability, thus allowing plans for
continued reinvestment in the urban cores, downtowns, and main streets
of communities across New York State.

As of December two thousand eleven, this program has spurred projects in
at least 48 municipalities across thirty two counties. Extending program
availability will assure that this state tax credit program continues to
attract significant new Private investment to historic properties,
return federal dollars to New York State, and incentivize reinvestment
in existing municipal infrastructure.

LEGISLATIVE HISTORY: S.6945 of 2011-12

FISCAL IMPLICATIONS: There are no fiscal implications for fiscal years
two thousand twelve through two thousand fourteen.

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
________________________________________________________________________

                                  2165

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 14, 2013
                               ___________

Introduced  by  Sens.  VALESKY,  GRISANTI, MAZIARZ, RANZENHOFER, SEWARD,
  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 follows:
  (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
follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04822-02-3

S. 2165                             2

  (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
first, two thousand ten and before January first, two thousand [fifteen]
TWENTY  and  twenty-five thousand dollars for taxable years beginning on
or after January first, two thousand [fifteen] TWENTY. In the case of  a
husband and wife, the amount of the credit shall be divided between them
equally  or  in  such other manner as they may both elect. If a taxpayer
incurs qualified rehabilitation expenditures in relation  to  more  than
one residence in the same year, the total amount of credit allowed under
paragraph  one  of  this  subsection for all such expenditures shall not
exceed fifty thousand dollars for taxable years beginning  on  or  after
January  first,  two thousand ten and before January first, two thousand
[fifteen] TWENTY and twenty-five  thousand  dollars  for  taxable  years
beginning on or after January first, two thousand [fifteen] TWENTY.
  (B)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand [fifteen] TWENTY, if the
amount of credit  allowable  under  this  subsection  shall  exceed  the
taxpayer's tax for such year, and the taxpayer's New York adjusted gross
income  for such year does not exceed sixty thousand dollars, the excess
shall be treated as an overpayment of tax to be credited or refunded  in
accordance with the provisions of section six hundred eighty-six of this
article,  provided,  however, that no interest shall be paid thereon. If
the taxpayer's New York adjusted gross  income  for  such  year  exceeds
sixty  thousand  dollars,  the excess credit that 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 [fifteen] TWENTY, if the amount of credit  allowable
under this subsection 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.
  S 3. Subparagraph (A) of paragraph 1 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:
  (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 4. Subparagraph (A) of paragraph 1 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:
  (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

S. 2165                             3

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 5. Subparagraph (A) of paragraph 1 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:
  (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.
  6. This act shall take effect immediately.

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