NY State Senate Bill 2019-S902

Senate Bill S902

2019-2020 Legislative Session

Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit

download bill text pdf

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 09, 2019	referred to investigations and government operations

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2019-S902 (ACTIVE) - Details

See Assembly Version of this Bill:: A6097
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S4682, A4364
2011-2012: S758, A2678
2013-2014: S2206, A3993
2015-2016: S2317, A3194
2017-2018: S540, A3908
2021-2022: A5600
2023-2024: A4396

2019-S902 (ACTIVE) - Summary

Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

2019-S902 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S902

SPONSOR: YOUNG
 
TITLE OF BILL:  An act to amend the tax law, in relation to the defi-
nition of qualified historic home for the purposes of the historic
homeownership rehabilitation credit

 
PURPOSE:

The purpose of this bill is to expand the purview of the historic home
rehabilitation tax credit to include all homes listed on the national or
state historic registers and all homes of a historical significance in
historic districts.

 
SUMMARY OF PROVISIONS:

The bill amends subparagraph (A) of paragraph 5 of subsection (pp) of
Section 606 of the Tax Law to delete language in the definition of a
"qualified historic home" that requires such home to be a "targeted area
residence within the meaning of Section 143 (j) of the Internal Revenue
Code." Thus, the bill expands the application of the historic home reha-

bilitation tax credit to all homes listed as historic under the national
and state registers and any home deemed to be of historical significance
located in a registered historic district.

 
JUSTIFICATION:

Chapter 547 of the laws of 2006 enacted a 20% tax credit for the reha-
bilitation of historic homes or homes located in a historic district
provided such homes are located in "distressed areas" pursuant to the
Internal Revenue Code. While Chapter 547 represents a significant first
step in implementing a historic home rehabilitation tax credit, it
unfortunately, would only apply to approximately 4,100 homes statewide.

Eliminating the "distressed area" or "targeted area" requirement as
provided for in the bill would expand the tax credit program to include
over 50,000 qualified homes, a goal that was envisioned by original
legislation first introduced in 1995.

Extending the incentives contained in Chapter 547 to historic homes
located anywhere in the state will enhance the revitalization of our
neighborhoods by providing an incentive for investment in New York's
rich legacy of historic housing stock.

Primarily, the bill would create a vastly expanded economic development
program targeted at aging residential properties that would provide
increased housing opportunities; however, it would also have an economic
impact on local economies resulting from spending by homeowners for
labor and materials. Rehabilitation of these properties would also
result in tax base growth and will also help foster further business
growth.

 
LEGISLATIVE HISTORY:

2017,2018: S.540/A.3908 Referred to Investigations and Government Oper-
ations
2015,2016: S.2317/A.3194 Referred to Investigations and Government Oper-
ations

2013,2014: S.2206/A.3993 Referred to Investigations and Government Oper-
ations
2011,2012: S.758A/A.2678 Referred to Investigations and Government Oper-
ations
2009,2010: S.4682/A.4364 Referred to Investigations and Government Oper-
ations
2007,2008: S.4575/A.4117 Passed Senate

 
FISCAL IMPLICATIONS:

Undetermined; however, any fiscal impact on the state would be partially
offset by increased local property tax revenues through increased
assessments on rehabilitated properties and the return to the tax rolls
of previously abandoned or delinquent properties.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S902 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    902
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2019
                                ___________
 
 Introduced  by  Sens.  YOUNG, SANDERS -- read twice and ordered printed,
   and when printed to be committed to the  Committee  on  Investigations
   and Government Operations
 
 AN  ACT to amend the tax law, in relation to the definition of qualified
   historic home for the purposes of the historic homeownership rehabili-
   tation 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  5 of subsection (pp) of
 section 606 of the tax law, as added by chapter 547 of the laws of 2006,
 clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
 read as follows:
   (A) The term "qualified historic home" means,  for  purposes  of  this
 subsection,  a  certified  historic  structure  located  within New York
 state:
   (i) which has been substantially rehabilitated,
   (ii) which, or any portion of which, is owned, in whole  or  part,  by
 the taxpayer, AND
   (iii)  in  which the taxpayer resides during the taxable year in which
 the taxpayer is allowed a credit under this subsection[, and
   (iv) which is in whole or in part a targeted area residence within the
 meaning of section 143(j) of the internal revenue  code  or  is  located
 within  a  census  tract  which  is  identified as being at or below one
 hundred percent of the state median family income  in  the  most  recent
 federal census].
   § 2. This act shall take effect immediately.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03641-01-9

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Senate Bill S902

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Sponsored By

Catharine Young