Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 20, 2018 |
committed to rules |
May 31, 2018 |
advanced to third reading |
May 30, 2018 |
2nd report cal. amended 2643c |
May 22, 2018 |
1st report cal.1338 |
Feb 06, 2018 |
reported and committed to finance |
Jan 26, 2018 |
print number 2643b |
Jan 26, 2018 |
amend and recommit to investigations and government operations |
Jan 03, 2018 |
referred to investigations and government operations returned to senate died in assembly |
Jun 08, 2017 |
referred to ways and means delivered to assembly passed senate |
May 15, 2017 |
amended on third reading 2643a |
May 08, 2017 |
advanced to third reading |
May 03, 2017 |
2nd report cal. |
May 02, 2017 |
1st report cal.751 |
Jan 31, 2017 |
reported and committed to finance |
Jan 13, 2017 |
referred to investigations and government operations |
Senate Bill S2643B
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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
(D) 22nd Senate District
(R, C, IP) Senate District
(R, C) Senate District
(R, C, IP) Senate District
2017-S2643 - Details
2017-S2643 - 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.
2017-S2643 - Sponsor Memo
BILL NUMBER: S2643 TITLE OF BILL : An act to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commercial properties SUMMARY OF PROVISIONS : This bill would create a new tax credit program to encourage the rehabilitation of distressed commercial 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 commercial property. (1) For taxable years beginning after January 1, 2017, taxpayers shall be allowed a credit equal to thirty percent of the qualified expenditures made by the taxpayer with respect to a qualified distressed commercial 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.
2017-S2643 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2643 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ Introduced by Sens. RANZENHOFER, FELDER, FUNKE, LARKIN, SERINO -- 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 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 SEVENTEEN, 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. LBD06136-01-7
co-Sponsors
(D) 22nd Senate District
(R, C, IP) Senate District
(R, C) Senate District
(R, C, IP) Senate District
2017-S2643A - Details
2017-S2643A - 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.
2017-S2643A - Sponsor Memo
BILL NUMBER: S2643A TITLE OF BILL : An act to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commercial properties SUMMARY OF PROVISIONS : This bill would create a new tax credit program to encourage the rehabilitation of distressed commercial 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 commercial property. (1) For taxable years beginning after January 1, 2017, taxpayers shall be allowed a credit equal to thirty percent of the qualified expenditures made by the taxpayer with respect to a qualified distressed commercial 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.
2017-S2643A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2643--A Cal. No. 751 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ Introduced by Sens. RANZENHOFER, FELDER, FUNKE, LARKIN, RITCHIE, SERINO -- 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 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading 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 SEVENTEEN, 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. (4) (A) THE TERM "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR PURPOSES OF THIS SUBSECTION, ANY AMOUNT PROPERLY CHARGEABLE TO A CAPITAL ACCOUNT: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
co-Sponsors
(D) 22nd Senate District
(R, C, IP) Senate District
(R, C) Senate District
(R, C, IP) Senate District
2017-S2643B - Details
2017-S2643B - 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.
2017-S2643B - Sponsor Memo
BILL NUMBER: S2643B SPONSOR: RANZENHOFER TITLE OF BILL: An act to amend the tax law, in relation to establish- ing a credit against income tax for the rehabilitation of distressed commercial properties SUMMARY OF PROVISIONS: This bill would create a new tax credit program to encourage the reha- bilitation of distressed commercial 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 commercial property. (1) For taxable years beginning after January 1, 2018, taxpayers shall be allowed a credit equal to thirty percent of the qualified expendi- tures made by the taxpayer with respect to a qualified distressed commercial property. (2) The credit shall not exceed $100,000. Credits are allowed in the
2017-S2643B - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2643--B 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ Introduced by Sens. RANZENHOFER, FELDER, FUNKE, LARKIN, RITCHIE, SERINO -- 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 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading -- recom- mitted 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 EIGHTEEN, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06136-04-8
co-Sponsors
(D) 22nd Senate District
(R, C, IP) Senate District
(R, C) Senate District
(R, C, IP) Senate District
2017-S2643C (ACTIVE) - Details
2017-S2643C (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.
2017-S2643C (ACTIVE) - Sponsor Memo
BILL NUMBER: S2643C SPONSOR: RANZENHOFER TITLE OF BILL: An act to amend the tax law, in relation to establish- ing a credit against income tax for the rehabilitation of distressed commercial properties SUMMARY OF PROVISIONS: This bill would create a new tax credit program to encourage the reha- bilitation of distressed commercial 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 commercial property. (1) For taxable years beginning after January 1, 2018, taxpayers shall be allowed a credit equal to thirty percent of the qualified expendi- tures made by the taxpayer with respect to a qualified distressed commercial property. (2) The credit shall not exceed $100,000. Credits are allowed in the
2017-S2643C (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2643--C Cal. No. 1338 2017-2018 Regular Sessions I N S E N A T E January 13, 2017 ___________ Introduced by Sens. RANZENHOFER, FELDER, FUNKE, LARKIN, RITCHIE, SERINO -- 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 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading -- recom- mitted 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 -- reported favorably from said committee and committed to the Committee on Finance -- reported favorably from said committee, ordered to first report, amended on first report, ordered to a second report and ordered reprinted, retaining its place in the order of second report 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 (jjj) to read as follows: (JJJ) CREDIT FOR REHABILITATION OF DISTRESSED COMMERCIAL PROPERTIES. (1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN, 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06136-06-8
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