Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 24, 2016 |
referred to ways and means delivered to assembly passed senate |
May 23, 2016 |
ordered to third reading cal.958 committee discharged and committed to rules |
Jan 19, 2016 |
print number 1293a |
Jan 19, 2016 |
amend and recommit to investigations and government operations |
Jan 06, 2016 |
referred to investigations and government operations returned to senate died in assembly |
Jun 09, 2015 |
referred to ways and means delivered to assembly passed senate |
Jun 01, 2015 |
advanced to third reading |
May 28, 2015 |
2nd report cal. |
May 27, 2015 |
1st report cal.895 |
May 05, 2015 |
reported and committed to finance |
Jan 09, 2015 |
referred to investigations and government operations |
Senate Bill S1293A
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(R, C, IP) Senate District
(R, C) Senate District
(D) Senate District
(R, C, IP) Senate District
2015-S1293 - Details
- See Assembly Version of this Bill:
- A4398
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§606 & 210-B, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S6979, A9993
2013-2014: S2739, A4163
2017-2018: S2642, A4415
2019-2020: S4906
2021-2022: S5143
2015-S1293 - 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.
2015-S1293 - Sponsor Memo
BILL NUMBER:S1293 TITLE OF BILL: An act to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed residential properties SUMMARY OF PROVISIONS: This bill would create a new tax credit program to encourage the rehabilitation of distressed residential property. Section 1 - amends section 606 of the Tax Law by adding a new subsection (ccc) which creates a tax credit for the rehabilitation of distressed residential property. (1) For taxable years beginning after January 1, 2015, taxpayers shall be allowed a credit equal to thirty percent of the qualified expenditures made by the taxpayer with respect to a qualified distressed residential property. (2) The credit shall not exceed $100,000. Credits are allowed in the taxable year in which the property is deemed a certified rehabilitation.
2015-S1293 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1293 2015-2016 Regular Sessions I N S E N A T E January 9, 2015 ___________ Introduced by Sens. RANZENHOFER, LARKIN -- 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 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 FIFTEEN, 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. LBD02086-01-5
co-Sponsors
(R, C, IP) Senate District
(R, C) Senate District
(D) Senate District
(R, C, IP) Senate District
2015-S1293A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A4398
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§606 & 210-B, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2011-2012:
S6979, A9993
2013-2014: S2739, A4163
2017-2018: S2642, A4415
2019-2020: S4906
2021-2022: S5143
2015-S1293A (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.
2015-S1293A (ACTIVE) - Sponsor Memo
BILL NUMBER: S1293A TITLE OF BILL : An act to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed residential properties SUMMARY OF PROVISIONS : This bill would create a new tax credit program to encourage the rehabilitation of distressed residential property. Section 1 - amends section 606 of the Tax Law by adding a new subsection (xx) which creates a tax credit for the rehabilitation of distressed residential property. (1) For taxable years beginning after January 1, 2016, taxpayers shall be allowed a credit equal to thirty percent of the qualified expenditures made by the taxpayer with respect to a qualified distressed residential property. (2) The credit shall not exceed $100,000. Credits are allowed in the taxable year in which the property is deemed a certified rehabilitation. (3) Credits may be carried forward, but not more than $25,000 in any year.
2015-S1293A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1293--A 2015-2016 Regular Sessions I N S E N A T E January 9, 2015 ___________ Introduced by Sens. RANZENHOFER, FUNKE, LARKIN, PANEPINTO, SERINO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommit- ted 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. 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 SIXTEEN, 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02086-02-6
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