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Senate Bill S2702

2019-2020 Legislative Session

Relates to establishing a credit for the restoration of certain historic properties

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Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

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2019-S2702 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2019-S2702 (ACTIVE) - Summary

Establishes a credit for the restoration of certain historic properties located in the state for projects with a cost of five million dollars or less.

2019-S2702 (ACTIVE) - Sponsor Memo

2019-S2702 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2702
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 29, 2019
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to establishing  a  credit  for
   the restoration of certain historic properties
 
   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 to read as follows:
   (A) (I) 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),  deter-
 mined  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), deter-
 mined 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.
   (II) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOU-
 SAND  TWENTY,  A  TAXPAYER  SHALL  BE  ALLOWED  A  CREDIT AS HEREINAFTER
 PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE, IN AN AMOUNT EQUAL TO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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