|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
|Jan 14, 2013||referred to investigations and government operations|
senate Bill S2206
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2206 - Details
S2206 - Summary
Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.
S2206 - Sponsor Memo
BILL NUMBER:S2206 TITLE OF BILL: An act to amend the tax law, in relation to the definition of qualified historic home for the purposes of the historic homeownership rehabilitation credit PURPOSE: The purpose of this bill is to expand the purview of the historic home rehabilitation tax credit to include all homes listed on the national or state historic registers and all homes of a historical significance in historic districts. SUMMARY OF PROVISIONS: The bill amends subparagraph (A) of paragraph S of subsection (pp) of Section 606 of the Tax Law to delete language in the definition of a "qualified historic home" that requires such home to be a "targeted area residence within the meaning of Section 143 (j) of the Internal Revenue Code." Thus, the bill expands the application of the historic home rehabilitation tax credit to all homes listed as historic under the national and state registers and any home deemed to be of historical significance located in a registered historic district. JUSTIFICATION: Chapter 547 of the laws of 2006 enacted a 20% tax credit for the rehabilitation of historic homes or homes located in a historic district provided such homes are located in "distressed areas" pursuant to the Internal Revenue Code. While Chapter 547 represents a significant first step in implementing a historic home
S2206 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2206 2013-2014 Regular Sessions I N S E N A T E January 14, 2013 ___________ Introduced by Sens. YOUNG, RANZENHOFER -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations AN ACT to amend the tax law, in relation to the definition of qualified historic home for the purposes of the historic homeownership rehabili- tation credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (A) of paragraph 5 of subsection (pp) of section 606 of the tax law, as added by chapter 547 of the laws of 2006, clause (iv) as amended by chapter 239 of the laws of 2009, is amended to read as follows: (A) The term "qualified historic home" means, for purposes of this subsection, a certified historic structure located within New York state: (i) which has been substantially rehabilitated, (ii) which, or any portion of which, is owned, in whole or part, by the taxpayer, AND (iii) in which the taxpayer resides during the taxable year in which the taxpayer is allowed a credit under this subsection[, and (iv) which is in whole or in part a targeted area residence within the meaning of section 143(j) of the internal revenue code or is located within a census tract which is identified as being at or below one hundred percent of the state median family income in the most recent federal census]. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06082-01-3
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