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

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


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S4905 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
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
2021-2022: S5142

2019-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.

2019-S4905 (ACTIVE) - Sponsor Memo

2019-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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