senate Bill S7928

2019-2020 Legislative Session

Increases the maximum award available under the historic preservation tax credit

download bill text pdf

Sponsored By

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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 03, 2020 referred to budget and revenue

Co-Sponsors

S7928 (ACTIVE) - Details

See Assembly Version of this Bill:
A4800
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S4642
2015-2016: S3631
2017-2018: S5161, A8416

S7928 (ACTIVE) - Summary

Increases the maximum award available under the historic preservation tax credit from five million dollars to nine million dollars over a period of two years.

S7928 (ACTIVE) - Sponsor Memo

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.