NY State Senate Bill 2015-S3631B

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 02, 2016	print number 3631b
Feb 02, 2016	amend (t) and recommit to investigations and government operations
Jan 06, 2016	referred to investigations and government operations
May 29, 2015	print number 3631a
May 29, 2015	amend (t) and recommit to finance
May 19, 2015	reported and committed to finance
Feb 13, 2015	referred to investigations and government operations

Votes

- May 19, 2015 - Investigations And Government Operations Committee Vote
  S3631B
  
  9
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Investigations And Government Operations Committee Vote: May 19, 2015
      
      aye (9)
      
      Carlucci
      
      Diaz
      
      Golden
      
      Hoylman-Sigal
      
      Marcellino
      
      Murphy
      
      Nozzolio
      
      O'Mara
      
      Squadron

Bill Amendments

Original

B (Active)

co-Sponsors

2015-S3631 - Details

See Assembly Version of this Bill:: A6670
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§606, 210-B & 1511, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S4642, A6979
2017-2018: S5161
2019-2020: S7928

2015-S3631 - Summary

Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars over a period of three years.

2015-S3631 - Sponsor Memo

                                BILL NUMBER:S3631                Revised 03/02/15

TITLE OF BILL:

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

PURPOSE:

To increase the maximum award under the historic preservation tax cap
to $7 million in SFY 2018-19, $9 million in SFY 2019-20, and $12
million for SFY 2020-21.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends the Tax Law to increase the maximum award under the
Historic Preservation Tax Cap to $7 million in SFY 2018-19, $9 million
in SFY 2019-20, and $12 million for SFY 2020-21.

Section 2 amends the Tax Law to increase the maximum award under the
Historic Preservation Tax Cap to $7 million in SFY 2018-19, $9 million
in SFY 2019-20, and $12 million for SFY 2020-21.

Section 3 amends the Tax Law to increase the maximum award under the
Historic Preservation Tax Cap to $7 million in SFY 2018-19, $9 million

in SFY 2019-20, and $12 million for SFY 2020-21.

Section 4 is the effective date and repealer, for December 31, 2022.

JUSTIFICATION:

The Historic Preservation Tax Credit is an effective tool to
revitalize historic properties throughout New York. This tax credit
has been used successfully by developers throughout New York to redo
buildings that have long fallen into neglect and in dire need of
repair. However, there is a current cap of $5 million per project.
This $5 million cap, acts as a disincentive for developers to tackle
larger, more blighted, and more expensive projects.

Current law allows for a 20% tax credit up to a maximum of $5 million
dollars; this legislation continues the 20% credit, but raises the
maximum threshold over a period of years from $5 million, $7 million,
$9 million, $12 million therefore increasing the number of properties
that developers will likely rehabilitate under this program.

PRIOR LEGISLATIVE HISTORY:

2013-14 - S.4642/A.6979 - PASSED SENATE/Ways & Means

FISCAL IMPLICATIONS:

Minimal

EFFECTIVE DATE:


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.

2015-S3631 - Bill Text download pdf

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

                                  3631

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 13, 2015
                               ___________

Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
  when printed to be committed to the Committee  on  Investigations  and
  Government Operations

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

S. 3631                             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.

co-Sponsors

2015-S3631A - Details

See Assembly Version of this Bill:: A6670
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§606, 210-B & 1511, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S4642, A6979
2017-2018: S5161
2019-2020: S7928

2015-S3631A - Summary

Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars over a period of three years.

2015-S3631A - Sponsor Memo

                                BILL NUMBER:S3631A

PURPOSE:

To increase the maximum award under the historic preservation tax cap
to $7 million in calendar 2017, $9 million in calendar 2018, and $12
million for calendar 2019.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 - amends the Tax Law section 606 (A)1(oo) to increase the
maximum award under the Historic Preservation Tax Cap to $7 million in
calendar 2017, $9 million in calendar 2018, and $12 million for
calendar 2019.

Section 2 - amends the Tax Law section 210-a 26a(i) to increase the
maximum award under the Historic Preservation Tax Cap to $7 million in
calendar 2017, $9 million in calendar 2018, and $12 million for
calendar 2019.

Section 3 - amends the Tax Law section 1.511 (y)1(A) to increase the
maximum award under the Historic Preservation Tax Cap to $7 million in
SFY 2018-19, $9 million in SFY 2019-20, and $12 million for SFY
2020-21.

Section 4 - is the effective date.

JUSTIFICATION:

The Historic Preservation Tax Credit is an effective tool to
revitalize historic properties throughout New York. This tax credit
has been used successfully by developers throughout New York to redo
buildings that have long fallen into neglect and in dire need of
repair. However, there is a current cap of $5 million per project.
This $5 million cap acts as a disincentive for developers to tackle
larger, more blighted, and more expensive projects.

Current law allows for a 20% tax credit up to a maximum of $5 million
dollars; this legislation continues the 20% credit, but raises the
maximum threshold over a period of years from $5 million, $7 million,
$9 million, $12 million, therefore increasing the number of properties
that developers will likely rehabilitate under this program.

PRIOR LEGISLATIVE HISTORY:

2013-14 - S.4642/A.6979 - PASSED SEN/W & Means.

FISCAL IMPLICATIONS:

Minimal

EFFECTIVE DATE:

This act shall take effect immediately.

2015-S3631A - Bill Text download pdf

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

                                 3631--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 13, 2015
                               ___________

Introduced  by  Sens.  RANZENHOFER,  CARLUCCI,  FUNKE  -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations  and  Government  Operations -- 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 increasing the maximum award
  available under the historic preservation tax credit

  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
million dollars FOR TAXABLE YEARS ENDING BEFORE JANUARY FIRST, TWO THOU-
SAND  SEVENTEEN,  SEVEN  MILLION  DOLLARS FOR THE TWO THOUSAND SEVENTEEN
TAXABLE YEAR, NINE MILLION DOLLARS FOR THE TWO THOUSAND EIGHTEEN TAXABLE
YEAR, AND TWELVE MILLION DOLLARS FOR THE TWO THOUSAND  NINETEEN  TAXABLE
YEAR.  For  taxable years beginning on or after January first, two thou-
sand 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 histor-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02818-03-5

S. 3631--A                          2

ic structure located within the state;  provided,  however,  the  credit
shall not exceed one hundred thousand dollars.
  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
million dollars FOR TAXABLE YEARS ENDING BEFORE JANUARY FIRST, TWO THOU-
SAND  SEVENTEEN,  SEVEN  MILLION  DOLLARS FOR THE TWO THOUSAND SEVENTEEN
TAXABLE YEAR, NINE MILLION DOLLARS FOR THE TWO THOUSAND EIGHTEEN TAXABLE
YEAR, AND TWELVE MILLION DOLLARS FOR THE TWO THOUSAND  NINETEEN  TAXABLE
YEAR.
  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
million dollars FOR TAXABLE YEARS ENDING BEFORE JANUARY FIRST, TWO THOU-
SAND  SEVENTEEN,  SEVEN  MILLION  DOLLARS FOR THE TWO THOUSAND SEVENTEEN
TAXABLE YEAR, NINE MILLION DOLLARS FOR THE TWO THOUSAND EIGHTEEN TAXABLE
YEAR, AND TWELVE MILLION DOLLARS FOR THE TWO THOUSAND  NINETEEN  TAXABLE
YEAR.   For taxable years beginning on or after January first, two thou-
sand 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 histor-
ic structure located within the state.  Provided,  however,  the  credit
shall not exceed one hundred thousand dollars.
  S 4. This act shall take effect immediately.

co-Sponsors

2015-S3631B (ACTIVE) - Details

See Assembly Version of this Bill:: A6670
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §§606, 210-B & 1511, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S4642, A6979
2017-2018: S5161
2019-2020: S7928

2015-S3631B (ACTIVE) - Summary

Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars over a period of three years.

2015-S3631B (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S3631B

 TITLE OF BILL :

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

 PURPOSE :

To increase the maximum award under the historic preservation tax cap
to $7 million in SFY 2018-19, $9 million in SFY 2019-20, and $12
million for SFY 2020-21.

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1 - amends the Tax Law section 606 (A)1(oo) to increase the
maximum award under the Historic Preservation Tax Cap to $7 million in
SFY 2018-19, $9 million in SFY 2019-20, and $12 million for SFY
2020-21.

Section 2 - amends the Tax Law section 210-a 26a(i) to increase the
maximum award under the Historic Preservation Tax Cap to $7 million in
SFY 2018-19, $9 million in SFY 2019-20, and $12 million for SFY
2020-21.

Section 3 - amends the Tax Law section 1511 (y)1(A) to increase the
maximum award under the Historic Preservation Tax Cap to $7 million in
SFY 2018-19, $9 million in SFY 2019-20, and $12 million for SFY
2020-21.

Section 4 - is the effective date.

 JUSTIFICATION :

The Historic Preservation Tax Credit is an effective tool to
revitalize historic properties throughout New York. This tax credit
has been used successfully by developers throughout New York to redo
buildings that have long fallen into neglect and in dire need of
repair. However, there is a current cap of $5 million per project.
This $5 million cap acts as a disincentive for developers to tackle
larger, more blighted, and more expensive projects.

Current law allows for a 20% tax credit up to a maximum of $5 million
dollars; this legislation continues the 20% credit, but raises the
maximum threshold over a period of years from $5 million, to $7
million, $9 million, and $12 million, therefore increasing the number
of properties that developers will likely rehabilitate under this
program.

 PRIOR LEGISLATIVE HISTORY :

2015 - S.3631-A/A.6670 - FINANCE/Ways & Means
2013-14 - S.4642/A.6979 - PASSED SENATE/Ways & Means
S.3631-B/A.6670

 FISCAL IMPLICATIONS :

Minimal

 EFFECTIVE DATE :
This act shall take effect immediately

2015-S3631B (ACTIVE) - Bill Text download pdf

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

                                 3631--B

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            February 13, 2015
                               ___________

Introduced  by  Sens.  RANZENHOFER,  CARLUCCI,  FUNKE  -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Investigations  and  Government  Operations -- 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  -- 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 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 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02818-05-6

S. 3631--B                          2

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 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.

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Senate Bill S3631B

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

May 19, 2015 - Investigations And Government Operations Committee Vote

Investigations And Government Operations Committee Vote: May 19, 2015

Bill Amendments

co-Sponsors

2015-S3631 - Details

2015-S3631 - Summary

2015-S3631 - Sponsor Memo

2015-S3631 - Bill Text download pdf

co-Sponsors

2015-S3631A - Details

2015-S3631A - Summary

2015-S3631A - Sponsor Memo

2015-S3631A - Bill Text download pdf

co-Sponsors

2015-S3631B (ACTIVE) - Details

2015-S3631B (ACTIVE) - Summary

2015-S3631B (ACTIVE) - Sponsor Memo

2015-S3631B (ACTIVE) - Bill Text download pdf

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Senate Bill S3631B

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Sponsored By

Michael H. Ranzenhofer

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Bill Amendments

co-Sponsors

David Carlucci

Rich Funke

2015-S3631 - Details

2015-S3631 - Summary

2015-S3631 - Sponsor Memo

2015-S3631 - Bill Text download pdf

co-Sponsors

David Carlucci

Rich Funke

2015-S3631A - Details

2015-S3631A - Summary

2015-S3631A - Sponsor Memo

2015-S3631A - Bill Text download pdf

co-Sponsors

David Carlucci

Rich Funke

2015-S3631B (ACTIVE) - Details

2015-S3631B (ACTIVE) - Summary

2015-S3631B (ACTIVE) - Sponsor Memo

2015-S3631B (ACTIVE) - Bill Text download pdf

Comments