senate Bill S3645A

2019-2020 Legislative Session

Relates to the rehabilitation of historic properties tax credit

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Sponsored By

Current Bill Status - On Floor Calendar


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

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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

Votes

view votes

Jun 12, 2019 - Rules committee Vote

S3645A
19
0
committee
19
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

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; provides that small projects of five million dollars or less are entitled to 110% of the amount of credit allowed the taxpayer under the internal revenue code; and provides that a taxpayer is permitted to transfer such credit one time.

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 (ACTIVE) - Details

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

S3645A (ACTIVE) - Summary

Relates to the rehabilitation of historic properties tax credit; provides that small projects of five million dollars or less are entitled to 110% of the amount of credit allowed the taxpayer under the internal revenue code; and provides that a taxpayer is permitted to transfer such credit one time.

S3645A (ACTIVE) - Sponsor Memo

S3645A (ACTIVE) - 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.

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