senate Bill S7648A

2017-2018 Legislative Session

Relates to the tax credit for rehabilitation of historic properties

download bill text pdf

Sponsored By

Current Bill Status - In Senate Investigations And Government Operations Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 07, 2018 print number 7648a
Jun 07, 2018 amend and recommit to investigations and government operations
Feb 02, 2018 referred to investigations and government operations

Co-Sponsors

S7648 - Details

Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L; amd §13.15, Pks & Rec L

S7648 - Summary

Relates to removing dependence on federal law to receive the historic properties tax credit in New York state.

S7648 - Sponsor Memo

S7648 - Bill Text download pdf

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

                                  7648

                            I N  S E N A T E

                            February 2, 2018
                               ___________

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

AN ACT to amend the tax law and the parks, recreation and historic pres-
  ervation law, in relation to the  tax  credit  for  rehabilitation  of
  historic properties

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (oo) of section 606 of the tax law,  as  amended
by  chapter  239  of the laws of 2009, paragraph 1 as amended by chapter
472 of the laws of 2010, subparagraph (A) of paragraph 1 and  paragraphs
4  and  5 as amended by section 1 of part F of chapter 59 of the laws of
2013, is amended to read as follows:
  (oo) Credit for rehabilitation of historic  properties.  (1)  (A)  For
taxable  years beginning on or after January first, two thousand ten and
before January first, two  thousand  [twenty]  TWENTY-FIVE,  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] TWENTY PERCENT OF  THE  QUALIFIED  REHABILITATION
EXPENDITURES  with  respect  to  a  certified historic structure located
within the state. Provided, however, the credit shall  not  exceed  five
million dollars.  For taxable years beginning on or after January first,
two  thousand [twenty] TWENTY-FIVE, 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]  QUALIFIED
REHABILITATION  EXPENDITURES with respect to a certified historic struc-
ture located within the state; provided, however, the credit  shall  not
exceed one hundred thousand dollars. FOR PURPOSES OF THIS SUBSECTION THE
TERM  "QUALIFIED  REHABILITATION  EXPENDITURE" MEANS ANY AMOUNT PROPERLY
CHARGEABLE TO CAPITAL ACCOUNT IN CONNECTION WITH THE CERTIFIED REHABILI-

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

Co-Sponsors

S7648A (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L; amd §13.15, Pks & Rec L

S7648A (ACTIVE) - Summary

Relates to removing dependence on federal law to receive the historic properties tax credit in New York state.

S7648A (ACTIVE) - Sponsor Memo

S7648A (ACTIVE) - Bill Text download pdf

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

                                 7648--A

                            I N  S E N A T E

                            February 2, 2018
                               ___________

Introduced  by  Sens.  VALESKY, KENNEDY, O'MARA, YOUNG -- 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

AN ACT to amend the tax law and the parks, recreation and historic pres-
  ervation law, in relation to the  tax  credit  for  rehabilitation  of
  historic properties

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (oo) of section 606 of the tax law,  as  amended
by  chapter  239  of the laws of 2009, paragraph 1 as amended by chapter
472 of the laws of 2010, subparagraph (A) of paragraph 1 and  paragraphs
3  and 5 as amended by section 1 of part RR of chapter 59 of the laws of
2018, paragraph 4 as amended by section 1 of part F of chapter 59 of the
laws of 2013, is amended to read as follows:
  (oo) Credit for rehabilitation of historic  properties.  (1)  (A)  For
taxable  years beginning on or after January first, two thousand ten and
before January first, two thousand  twenty-five,  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 internal revenue code section 47(c)(3), determined with-
out regard to ratably allocating the credit over a five year  period  as
required  by  subsection  (a) of such section 47,] TWENTY PERCENT OF THE
QUALIFIED  REHABILITATION  EXPENDITURES  with  respect  to  a  certified
historic  structure  located  within  the  state. Provided, however, the
credit shall not exceed five million dollars. For taxable  years  begin-
ning  on  or  after  January first, two thousand twenty-five, 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 internal revenue code section 47(c)(3), deter-
mined without regard to ratably allocating the credit over a  five  year

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

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