senate Bill S3645

2019-2020 Legislative Session

Relates to the rehabilitation of historic properties tax credit

download bill text pdf

Sponsored By

Current 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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 11, 2019 referred to budget and revenue

Co-Sponsors

S3645 (ACTIVE) - Details

See Assembly Version of this Bill:
A5760
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L

S3645 (ACTIVE) - Summary

Relates to the rehabilitation of historic properties tax credit; provides that small projects of five million dollars or less are entitled to 110% of the amount of credit allowed the taxpayer under the internal revenue code; provides that a taxpayer is permitted to transfer such credit one time; and provides that the term qualified historic home includes a certified historic structure located in a city with a population of less than 1,000,000 with a poverty rate greater than 15% in the 2017 American community survey.

S3645 (ACTIVE) - Sponsor Memo

S3645 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3645

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 11, 2019
                               ___________

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  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. 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 and two new paragraphs  6  and  7
are added 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, AND ONE HUNDRED TEN PERCENT OF THE AMOUNT OF  CREDIT
ALLOWED THE TAXPAYER WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE THAT
IS A SMALL PROJECT, 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 million dollars. For taxable
years beginning on or after 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 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), 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 one hundred thousand dollars.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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