Senate Bill S6711

2019-2020 Legislative Session

Relates to the transferability of the rehabilitation of historic properties tax credit

download bill text pdf

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-S6711 (ACTIVE) - Details

See Assembly Version of this Bill:
A8491
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2021-2022 Legislative Session:
A899

2019-S6711 (ACTIVE) - Summary

Provides for the transferability of the rehabilitation of historic properties tax credit.

2019-S6711 (ACTIVE) - Sponsor Memo

2019-S6711 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6711
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                            September 13, 2019
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to the transferability  of  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. Subsection (oo) of section 606 of the tax law,  is  amended
 by adding a new paragraph 6 to read as follows:
   (6)(A)  A  TAXPAYER  ALLOWED  A CREDIT PURSUANT TO THIS SUBSECTION MAY
 TRANSFER THE CREDIT, IN WHOLE OR IN PART, TO ANOTHER PERSON  OR  ENTITY,
 WHO SHALL BE REFERRED TO AS THE TRANSFEREE, WITH RESPECT TO THE REHABIL-
 ITATED  HISTORIC BUILDING MAY BE ALLOCATED AND NOTWITHSTANDING THAT SUCH
 OTHER PERSON OR ENTITY OWNS NO INTEREST IN  THE  REHABILITATED  HISTORIC
 BUILDING OR IN AN ENTITY WITH AN OWNERSHIP INTEREST IN THE REHABILITATED
 HISTORIC  BUILDING.   TRANSFEREES SHALL BE ENTITLED TO APPLY TRANSFERRED
 CREDIT TO A TAX IMPOSED UNDER ARTICLE NINE-A, TWENTY-TWO OR THIRTY-THREE
 OF THIS CHAPTER, PROVIDED ALL REQUIREMENTS FOR CLAIMING THE  CREDIT  ARE
 MET.  A  TRANSFEREE  MAY  NOT  TRANSFER  ANY CREDIT, OR PORTION THEREOF,
 ACQUIRED BY TRANSFER.
   (B) A TAXPAYER ALLOWED A CREDIT PURSUANT TO THIS  ARTICLE  MUST  ENTER
 INTO A TRANSFER CONTRACT WITH THE TRANSFEREE. THE TRANSFER CONTRACT MUST
 SPECIFY  (I)  THE  BUILDING  IDENTIFICATION  NUMBERS  FOR  REHABILITATED
 HISTORIC BUILDINGS IN THE PROJECT;  (II)  THE  DATE  SUCH  REHABILITATED
 HISTORIC  BUILDING  WAS PLACED INTO SERVICE; (III) THE FIVE YEAR COMPLI-
 ANCE PERIOD FOR THE PROJECT; (IV) THE SCHEDULE OF YEARS  FOR  WHICH  THE
 TRANSFER  CREDIT  MAY  BE  CLAIMED  AND  THE AMOUNT OF CREDIT PREVIOUSLY
 CLAIMED; (V) THE AMOUNT OF CONSIDERATION RECEIVED BY  THE  TAXPAYER  FOR
 THE TRANSFER CREDIT; AND (VI) THE AMOUNT OF CREDIT BEING TRANSFERRED.
   (C) NO TRANSFER SHALL BE EFFECTIVE UNLESS THE TAXPAYER ALLOWED A CRED-
 IT  PURSUANT TO THIS SUBSECTION AND SEEKING TO TRANSFER THE CREDIT FILES
 A TRANSFER STATEMENT WITH THE  COMMISSIONER  OF  PARKS,  RECREATION  AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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