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

                                  6670

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 30, 2015
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT, FAHY, McDONALD, PEOPLES-STOKES,
  LUPARDO, GALEF, OTIS -- Multi-Sponsored by -- M. of A.  MAYER,  WALTER
  -- read once and referred to the Committee on Ways and Means

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  EIGHTEEN--TWO
THOUSAND  NINETEEN,  NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND NINETEEN--TWO THOUSAND TWENTY AND TWELVE MILLION DOLLARS  IN  STATE
FISCAL  YEAR  TWO THOUSAND TWENTY--TWO THOUSAND TWENTY-ONE.  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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02818-02-5
              

A. 6670                             2

  S  2.  Subparagraph  (i)  of  paragraph a of subdivision 26 of section
210-B of the tax law, as added by section 17 of part A of chapter 59  of
the laws of 2014, is amended to read as follows:
  (i)  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 (c) (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 EIGHTEEN--TWO
THOUSAND NINETEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR  TWO  THOU-
SAND  NINETEEN--TWO  THOUSAND TWENTY AND TWELVE MILLION DOLLARS IN STATE
FISCAL YEAR TWO THOUSAND TWENTY--TWO THOUSAND TWENTY-ONE.
  S 3.  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
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  EIGHTEEN--TWO
THOUSAND  NINETEEN,  NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU-
SAND NINETEEN--TWO THOUSAND TWENTY AND TWELVE MILLION DOLLARS  IN  STATE
FISCAL  YEAR  TWO THOUSAND TWENTY--TWO THOUSAND TWENTY-ONE.  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. This act shall take effect immediately and shall apply to taxable
years  beginning  on  and  after  January 1, 2016 provided that this act
shall expire and be deemed repealed on and after December 31, 2022.