senate Bill S1295

2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

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 (18)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 01, 2016 referred to ways and means
delivered to assembly
passed senate
May 23, 2016 ordered to third reading cal.959
committee discharged and committed to rules
Jan 19, 2016 print number 1295a
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 10, 2015 referred to ways and means
delivered to assembly
passed senate
Jun 08, 2015 advanced to third reading
Jun 03, 2015 2nd report cal.
Jun 02, 2015 1st report cal.1258
May 19, 2015 reported and committed to finance
Jan 09, 2015 referred to investigations and government operations

Votes

view votes

May 23, 2016 - Rules committee Vote

S1295A
22
2
committee
22
Aye
2
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Jun 2, 2015 - Finance committee Vote

S1295
31
2
committee
31
Aye
2
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Finance committee vote details

May 19, 2015 - Investigations and Government Operations committee Vote

S1295
8
0
committee
8
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 19, 2015

aye wr (1)

Co-Sponsors

S1295 - Details

See Assembly Version of this Bill:
A4371
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B , Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6516, A9543
2013-2014: S2762, A4507
2017-2018: S2643, A4397
2019-2020: S4905

S1295 - Summary

Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.

S1295 - Sponsor Memo

S1295 - Bill Text download pdf

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

                                  1295

                       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 commercial
  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  COMMERCIAL  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 COMMERCIAL 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 COMMERCIAL PROPERTY, AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02088-01-5

Co-Sponsors

view additional co-sponsors

S1295A (ACTIVE) - Details

See Assembly Version of this Bill:
A4371
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B , Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6516, A9543
2013-2014: S2762, A4507
2017-2018: S2643, A4397
2019-2020: S4905

S1295A (ACTIVE) - Summary

Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.

S1295A (ACTIVE) - Sponsor Memo

S1295A (ACTIVE) - Bill Text download pdf

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

                                 1295--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             January 9, 2015
                               ___________

Introduced  by  Sens.  RANZENHOFER,  FELDER, FUNKE, LARKIN, PANEPINTO --
  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 commercial
  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  COMMERCIAL  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 COMMERCIAL 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.
                                                           LBD02088-02-6

S. 1295--A                          2

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