S T A T E O F N E W Y O R K
________________________________________________________________________
5760--A
2019-2020 Regular Sessions
I N A S S E M B L Y
February 15, 2019
___________
Introduced by M. of A. WOERNER, LUPARDO, FAHY, OTIS, ENGLEBRIGHT,
D'URSO, ARROYO, SMULLEN, BRABENEC, McDONALD -- Multi-Sponsored by --
M. of A. SCHIMMINGER, WALSH -- read once and referred to the Commit-
tee on Ways and Means -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to the rehabilitation of
historic properties 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 RR of chap-
ter 59 of the laws of 2018, is amended and two new paragraphs 6 and 7
are added 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-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, AND ONE HUNDRED FIFTY PERCENT OF THE AMOUNT OF CRED-
IT ALLOWED THE TAXPAYER WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE
THAT IS A SMALL PROJECT, under internal revenue code section 47(c)(3),
determined without regard to ratably allocating the credit over a five
year period as required by subsection (a) of such section 47, 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-
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), determined without regard to ratably allocating the credit
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09259-07-9
A. 5760--A 2
over a five year period as required by subsection (a) of such section
47, with respect to a certified historic structure located within the
state; provided, however, the credit shall not exceed one hundred thou-
sand dollars.
(6) A TAXPAYER IS PERMITTED TO TRANSFER SUCH CREDIT ALLOWED UNDER THIS
SUBSECTION, IN WHOLE OR IN PART, TO ANY INDIVIDUAL OR ENTITY, WITHOUT
THE REQUIREMENT OF TRANSFERRING ANY OWNERSHIP INTEREST IN THE CERTIFIED
HISTORIC STRUCTURE OR ANY INTEREST IN THE ENTITY WHICH OWNS THE CERTI-
FIED HISTORIC STRUCTURE; PROVIDED, HOWEVER, THAT A TAXPAYER MAY ONLY
TRANSFER SUCH CREDIT ONCE. ANY INDIVIDUAL OR ENTITY TO WHOM THE CREDIT
WAS TRANSFERRED MAY NOT TRANSFER THE CREDIT, IN WHOLE OR IN PART, TO ANY
OTHER PARTY BUT MAY CLAIM IT AGAINST THE TAX IMPOSED BY THIS ARTICLE.
SUCH TRANSFER SHALL NOT AFFECT THE TIME SCHEDULE FOR CLAIMING THE CREDIT
TRANSFERRED. ANY CREDIT RECAPTURED SHALL BE THE LIABILITY OF THE TAXPAY-
ER WHO ACTUALLY CLAIMED THE CREDIT. THE CLAIM OF A TRANSFEREE SHALL BE
PERMITTED IN THE SAME MANNER AND SUBJECT TO THE SAME PROVISIONS OF THIS
SUBSECTION AS APPLIED TO THE TAXPAYER TO WHOM THE CREDIT WAS ORIGINALLY
ALLOWED.
(7) FOR PURPOSES OF THIS SUBSECTION THE TERM "SMALL PROJECT" MEANS
QUALIFIED REHABILITATION EXPENDITURES TOTALING FIVE MILLION DOLLARS OR
LESS.
§ 2. Subparagraph (i) of paragraph (a) of subdivision 26 of section
210-B of the tax law, as amended by section 2 of part RR of chapter 59
of the laws of 2018, is amended and a new paragraph (f) is added 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-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 for the same taxable year with
respect to a certified historic structure, AND ONE HUNDRED FIFTY PERCENT
OF THE AMOUNT OF CREDIT ALLOWED THE TAXPAYER WITH RESPECT TO A CERTIFIED
HISTORIC STRUCTURE THAT IS A SMALL PROJECT, under internal revenue code
section 47(c)(3), determined without regard to ratably allocating the
credit over a five year period as required by subsection (a) of such
section 47, with respect to a certified historic structure located with-
in the state. Provided, however, the credit shall not exceed five
million dollars.
(F) FOR PURPOSES OF THIS SUBDIVISION "SMALL PROJECT" MEANS QUALIFIED
REHABILITATION EXPENDITURES TOTALING FIVE MILLION DOLLARS OR LESS.
§ 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section
1511 of the tax law, as amended by section 3 of part RR of chapter 59 of
the laws of 2018, is amended and a new paragraph 6 is added 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-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, AND ONE HUNDRED FIFTY PERCENT OF THE AMOUNT OF CRED-
IT ALLOWED THE TAXPAYER WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE
THAT IS A SMALL PROJECT, under internal revenue code section 47(c)(3),
determined without regard to ratably allocating the credit over a five
year period as required by subsection (a) of such section 47, with
respect to a certified historic structure located within the state.
Provided, however, the credit shall not exceed five million dollars. For
A. 5760--A 3
taxable years beginning 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), determined without regard to ratably allocating the credit
over a five year period as required by subsection (a) of such section 47
with respect to a certified historic structure located within the state.
Provided, however, the credit shall not exceed one hundred thousand
dollars.
(6) FOR PURPOSES OF THIS SUBDIVISION "SMALL PROJECT" MEANS QUALIFIED
REHABILITATION EXPENDITURES TOTALING FIVE MILLION DOLLARS OR LESS.
§ 4. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2020.