senate Bill S2739B

2013-2014 Legislative Session

Establishes a credit against income tax for the rehabilitation of distressed residential properties

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2014 referred to ways and means
delivered to assembly
passed senate
Jun 11, 2014 ordered to third reading cal.1317
committee discharged and committed to rules
Jun 04, 2014 print number 2739b
amend and recommit to finance
May 28, 2014 reported and committed to finance
Jan 22, 2014 print number 2739a
amend and recommit to investigations and government operations
Jan 08, 2014 referred to investigations and government operations
May 21, 2013 reported and committed to finance
Jan 23, 2013 referred to investigations and government operations

Votes

view votes

Jun 11, 2014 - Rules committee Vote

S2739B
21
0
committee
21
Aye
0
Nay
2
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show Rules committee vote details

May 28, 2014 - Investigations and Government Operations committee Vote

S2739A
8
0
committee
8
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 28, 2014

aye wr (1)

May 21, 2013 - Investigations and Government Operations committee Vote

S2739
8
0
committee
8
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 21, 2013

aye wr (1)

Bill Amendments

Original
A
B (Active)
Original
A
B (Active)

Co-Sponsors

S2739 - Details

See Assembly Version of this Bill:
A4163B
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6979, A9993

S2739 - Summary

Establishes a credit against income tax for the rehabilitation of distressed residential properties; allows a credit equal to thirty percent of the qualified rehabilitation expenditures made by the taxpayer with respect to a qualified distressed residential property; requires property that qualifies must be constructed prior to January 1, 1962 in a distressed residential or mixed-use neighborhood.

S2739 - Sponsor Memo

S2739 - Bill Text download pdf

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

                                  2739

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 23, 2013
                               ___________

Introduced by Sens. RANZENHOFER, LANZA, LARKIN -- read twice and ordered
  printed, 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 establishing a credit
  against income tax for the rehabilitation  of  distressed  residential
  properties

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (vv) to read as follows:
  (VV)  CREDIT  FOR REHABILITATION OF DISTRESSED RESIDENTIAL PROPERTIES.
(1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND
THIRTEEN,  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 QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER   WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL  PROPERTY.
PROVIDED, HOWEVER, THE CREDIT SHALL  NOT  EXCEED  ONE  HUNDRED  THOUSAND
DOLLARS.
  (2)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3) 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, BUT SHALL NOT
EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (4)  (A)  THE  TERM  "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR
PURPOSES OF THIS SUBSECTION, ANY AMOUNT PROPERLY CHARGEABLE TO A CAPITAL
ACCOUNT:
  (I) IN CONNECTION WITH THE CERTIFIED  REHABILITATION  OF  A  QUALIFIED
DISTRESSED RESIDENTIAL PROPERTY, AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05245-01-3

Co-Sponsors

S2739A - Details

See Assembly Version of this Bill:
A4163B
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6979, A9993

S2739A - Summary

Establishes a credit against income tax for the rehabilitation of distressed residential properties; allows a credit equal to thirty percent of the qualified rehabilitation expenditures made by the taxpayer with respect to a qualified distressed residential property; requires property that qualifies must be constructed prior to January 1, 1962 in a distressed residential or mixed-use neighborhood.

S2739A - Sponsor Memo

S2739A - Bill Text download pdf

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

                                 2739--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 23, 2013
                               ___________

Introduced by Sens. RANZENHOFER, LANZA, LARKIN, LATIMER, VALESKY -- read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Investigations and Government Operations  --  recommitted
  to  the  Committee  on  Investigations  and  Government  Operations in
  accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the tax  law,  in  relation  to  establishing  a  credit
  against  income  tax  for the rehabilitation of distressed residential
  properties

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as
relettered  by section 5 of part H of chapter 1 of the laws of 2003, are
relettered subsections (yyy) and (zzz) and  a  new  subsection  (xx)  is
added to read as follows:
  (XX)  CREDIT  FOR REHABILITATION OF DISTRESSED RESIDENTIAL PROPERTIES.
(1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND
FOURTEEN,  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 QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER   WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL  PROPERTY.
PROVIDED, HOWEVER, THE CREDIT SHALL  NOT  EXCEED  ONE  HUNDRED  THOUSAND
DOLLARS.
  (2)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3) 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05245-04-4

Co-Sponsors

view additional co-sponsors

S2739B (ACTIVE) - Details

See Assembly Version of this Bill:
A4163B
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S6979, A9993

S2739B (ACTIVE) - Summary

Establishes a credit against income tax for the rehabilitation of distressed residential properties; allows a credit equal to thirty percent of the qualified rehabilitation expenditures made by the taxpayer with respect to a qualified distressed residential property; requires property that qualifies must be constructed prior to January 1, 1962 in a distressed residential or mixed-use neighborhood.

S2739B (ACTIVE) - Sponsor Memo

S2739B (ACTIVE) - Bill Text download pdf

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

                                 2739--B

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 23, 2013
                               ___________

Introduced by Sens. RANZENHOFER, LANZA, LARKIN, LATIMER, VALESKY -- read
  twice  and  ordered  printed,  and when printed to be committed to the
  Committee on Investigations and Government Operations  --  recommitted
  to  the  Committee  on  Investigations  and  Government  Operations in
  accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee -- reported favorably from said committee  and  committed  to  the
  Committee  on  Finance  -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the tax  law,  in  relation  to  establishing  a  credit
  against  income  tax  for the rehabilitation of distressed residential
  properties

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.    Section  606  of the tax law is amended by adding a new
subsection (ccc) to read as follows:
  (CCC) CREDIT FOR REHABILITATION OF DISTRESSED RESIDENTIAL  PROPERTIES.
(1)  FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND
FOURTEEN, 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 QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER  WITH  RESPECT  TO  A  QUALIFIED  DISTRESSED  RESIDENTIAL   PROPERTY.
PROVIDED,  HOWEVER,  THE  CREDIT  SHALL  NOT EXCEED ONE HUNDRED THOUSAND
DOLLARS.
  (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL  BE  ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3)  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05245-06-4

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