senate Bill S3645B

2019-2020 Legislative Session

Relates to the rehabilitation of historic properties tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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 (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 print number 3645b
Jan 08, 2020 amend and recommit to budget and revenue
referred to budget and revenue
returned to senate
died in assembly
Jun 18, 2019 referred to ways and means
delivered to assembly
passed senate
Jun 12, 2019 ordered to third reading cal.1298
committee discharged and committed to rules
Jun 05, 2019 print number 3645a
Jun 05, 2019 amend and recommit to budget and revenue
Feb 11, 2019 referred to budget and revenue

Co-Sponsors

S3645 - Details

Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L

S3645 - Summary

Relates to the rehabilitation of historic properties tax credit; and provides that small projects of five million dollars or less are entitled to 150% of the amount of credit allowed the taxpayer under the internal revenue code.

S3645 - Sponsor Memo

S3645 - Bill Text download pdf


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

                                  3645

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 11, 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  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 TEN 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), 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.

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

Co-Sponsors

S3645A - Details

Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L

S3645A - Summary

Relates to the rehabilitation of historic properties tax credit; and provides that small projects of five million dollars or less are entitled to 150% of the amount of credit allowed the taxpayer under the internal revenue code.

S3645A - Sponsor Memo

S3645A - Bill Text download pdf


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

                                 3645--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 11, 2019
                               ___________

Introduced  by Sens. KENNEDY, METZGER, SERRANO -- read twice and ordered
  printed, and when printed to be committed to the Committee  on  Budget
  and  Revenue  -- 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 TEN 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), 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

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

Co-Sponsors

S3645B (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L

S3645B (ACTIVE) - Summary

Relates to the rehabilitation of historic properties tax credit; and provides that small projects of five million dollars or less are entitled to 150% of the amount of credit allowed the taxpayer under the internal revenue code.

S3645B (ACTIVE) - Sponsor Memo

S3645B (ACTIVE) - Bill Text download pdf


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

                                 3645--B

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 11, 2019
                               ___________

Introduced  by Sens. KENNEDY, KAPLAN, METZGER, SERRANO -- read twice and
  ordered printed, and when printed to be committed to the Committee  on
  Budget  and  Revenue  --  committee  discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee --  recommitted
  to  the Committee on Budget and Revenue 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 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 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
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

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