The New York State Senate

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

                                 4642--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 16, 2013
                               ___________

Introduced by Sens. GRISANTI, 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  Investi-
  gations  and  Government  Operations in accordance with Senate Rule 6,
  sec. 8 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

AN ACT to amend the tax law, in relation to increasing the maximum award
  available  under  the  historic preservation tax credit; and providing
  for the repeal of such provisions upon expiration thereof

  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 section 1 of part F of chapter
59 of the laws of 2013, 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 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  struc-
ture  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]
SEVEN million dollars IN STATE FISCAL  YEAR  TWO  THOUSAND  SIXTEEN--TWO
THOUSAND  SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND SEVENTEEN--TWO THOUSAND EIGHTEEN  AND  TWELVE  MILLION  DOLLARS  IN
STATE  FISCAL  YEAR  TWO  THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN.  For
taxable years beginning on or after January first, two thousand  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04642-07-3

S. 4642--A                          2

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. Subparagraph (A) of paragraph 1 of subdivision 40 of section 210
of the tax law, as amended by section 2 of part F of chapter 59  of  the
laws of 2013, 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 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 struc-
ture 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]
SEVEN  million  dollars  IN  STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO
THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO  THOU-
SAND  SEVENTEEN--TWO  THOUSAND  EIGHTEEN  AND  TWELVE MILLION DOLLARS IN
STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO  THOUSAND  NINETEEN.    For
taxable  years beginning on or after January first, two thousand 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 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
of the tax law, as amended by section 3 of part F of chapter 59  of  the
laws of 2013, 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 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 struc-
ture 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]
SEVEN  million  dollars  IN  STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO
THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO  THOU-
SAND  SEVENTEEN--TWO  THOUSAND  EIGHTEEN  AND  TWELVE MILLION DOLLARS IN
STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO  THOUSAND  NINETEEN.    For
taxable  years beginning on or after January first, two thousand 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  subdivision  (y)  of  section
1511  of the tax law, as amended by section 4 of part F of chapter 59 of
the laws of 2013, 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 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

S. 4642--A                          3

credit allowed the taxpayer with respect to a certified historic  struc-
ture  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]
SEVEN million dollars IN STATE FISCAL  YEAR  TWO  THOUSAND  SIXTEEN--TWO
THOUSAND  SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND SEVENTEEN--TWO THOUSAND EIGHTEEN  AND  TWELVE  MILLION  DOLLARS  IN
STATE  FISCAL  YEAR  TWO  THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN.  For
taxable years beginning on or after January first, two thousand  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. This act shall take effect immediately and shall apply to taxable
years  beginning  on  and  after  January 1, 2014 provided that this act
shall expire and be deemed repealed on and after December 31, 2020.