Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Mar 03, 2020 | referred to budget and revenue |
senate Bill S7928
2019-2020 Legislative Session
Sponsored By
Timothy M. Kennedy
(D, IP, WF) 63rd Senate District
Archive: Last 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
Co-Sponsors
Shelley B. Mayer
(D, WF) 37th Senate District
S7928 (ACTIVE) - Details
S7928 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7928 SPONSOR: KENNEDY TITLE OF BILL: An act to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to increase the maximum award under the historic preservation tax credit to $7 million in SFY 2020-21 and $9 million in SFY 2021-22. SUMMARY OF PROVISIONS: Section 1 - amends the Tax Law section 606 to increase the maximum award under the Historic Preservation Tax Cap to $7 million in SFY 2020-21 and $9 million in SFY 2021-22. Section 2 - amends the Tax Law section 210-B to increase the maximum
S7928 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7928 I N S E N A T E March 3, 2020 ___________ 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 increasing the maximum award available under the historic preservation 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 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 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] SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND TWENTY--TWO THOUSAND TWENTY-ONE AND NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOUSAND TWENTY-ONE--TWO THOU- SAND TWENTY-TWO. For taxable years beginning on or after January first, two thousand twenty-five, a taxpayer shall be allowed a credit as here- inafter 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 47, with respect to a certified historic structure located with- in the state; provided, however, the credit shall not exceed one hundred thousand dollars. § 2. Subparagraph (i) of paragraph (a) of subdivision 26 of section 210-B of the tax law, as amended by section 2 of part RR of chapter 59 of the laws of 2018, is amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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