S T A T E O F N E W Y O R K
________________________________________________________________________
5161--B
2017-2018 Regular Sessions
I N S E N A T E
March 9, 2017
___________
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 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee -- 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
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] TWENTY-TWO, 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 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
[five] SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND NINE-
TEEN--TWO THOUSAND TWENTY AND NINE MILLION DOLLARS IN STATE FISCAL YEAR
TWO THOUSAND TWENTY--TWO THOUSAND TWENTY-ONE. For taxable years begin-
ning on or after January first, two thousand [twenty] TWENTY-TWO, 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03899-05-8
S. 5161--B 2
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.
§ 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] TWENTY-TWO, 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 structure 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 NINE-
TEEN--TWO THOUSAND TWENTY AND NINE MILLION DOLLARS IN STATE FISCAL YEAR
TWO THOUSAND TWENTY--TWO THOUSAND TWENTY-ONE.
§ 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] TWENTY-TWO, 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 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
[five] SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND NINE-
TEEN--TWO THOUSAND TWENTY AND NINE MILLION DOLLARS IN STATE FISCAL YEAR
TWO THOUSAND TWENTY--TWO THOUSAND TWENTY-ONE. For taxable years begin-
ning on or after January first, two thousand [twenty] TWENTY-TWO, 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.
§ 4. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2018.