senate Bill S4905

2019-2020 Legislative Session

Establishes a credit against income tax for the rehabilitation of distressed commercial properties

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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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 29, 2019 referred to budget and revenue

Co-Sponsors

S4905 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6516
2013-2014: S2762
2015-2016: S1295
2017-2018: S2643

S4905 (ACTIVE) - Summary

Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.

S4905 (ACTIVE) - Sponsor Memo

S4905 (ACTIVE) - Bill Text download pdf


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

                                  4905

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 29, 2019
                               ___________

Introduced  by Sens. RANZENHOFER, FELDER, FUNKE, RITCHIE, SERINO -- 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
  against income tax for the  rehabilitation  of  distressed  commercial
  properties

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

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (jjj) to read as follows:
  (JJJ)  CREDIT  FOR REHABILITATION OF DISTRESSED COMMERCIAL PROPERTIES.
(1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND
NINETEEN,  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 QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY-
ER WITH RESPECT TO A QUALIFIED DISTRESSED COMMERCIAL PROPERTY. PROVIDED,
HOWEVER, THE CREDIT SHALL NOT EXCEED ONE HUNDRED THOUSAND DOLLARS.
  (2)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL-
ITATION.
  (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER  THIS  SUBSECTION  FOR
ANY  TAXABLE  YEAR  SHALL  EXCEED  THE TAXPAYER'S TAX FOR SUCH YEAR, THE
EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS,  AND  MAY  BE
APPLIED  AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS PROVIDED THAT
THE TOTAL AMOUNT OF THE CREDIT APPLIED AGAINST THE TAXPAYER'S TAX FOR  A
GIVEN YEAR SHALL NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS.
  (4)  (A)  THE  TERM  "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR
PURPOSES OF THIS SUBSECTION, ANY AMOUNT PROPERLY CHARGEABLE TO A CAPITAL
ACCOUNT:
  (I) IN CONNECTION WITH THE CERTIFIED  REHABILITATION  OF  A  QUALIFIED
DISTRESSED COMMERCIAL PROPERTY, AND

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

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