S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8416--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 14, 2017
                                ___________
 
 Introduced   by   M.   of   A.  ENGLEBRIGHT,  LUPARDO,  FAHY,  McDONALD,
   PEOPLES-STOKES, GALEF, OTIS -- Multi-Sponsored by -- M. of  A.  MAYER,
   WALTER -- read once and referred to the Committee on Ways and Means --
   recommitted  to  the  Committee  on  Ways and Means in accordance with
   Assembly Rule 3, sec. 2 -- 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
 internal revenue code with respect to  a  certified  historic  structure
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03899-06-8
              

 A. 8416--A                          2
 
 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.