The New York State Senate

 
                     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

                       [ ] is old law to be omitted.
                                                            LBD08490-01-9

 S. 7928                             2
 
   (i)  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 for the same taxable year 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  [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 THOUSAND TWENTY-TWO.
   §  3.  Subparagraph  (A)  of paragraph 1 of subdivision (y) of section
 1511 of the tax law, as amended by section 3 of part RR of chapter 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 within
 the state.  Provided, however, the credit shall not exceed  one  hundred
 thousand dollars.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2019.