|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Sep 13, 2019||referred to rules|
senate Bill S6711
Current Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6711 (ACTIVE) - Details
S6711 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6711 SPONSOR: KENNEDY TITLE OF BILL: An act to amend the tax law, in relation to the trans- ferability of the rehabilitation of historic properties tax credit PURPOSE: To strengthen the historic properties tax credit by allowing a taxpayer awarded a rehabilitation of historic properties tax credit the ability to transfer such credit to another person or entity SUMMARY OF PROVISIONS: Section 1 amends subsection (oo) of section 606 of the tax law by adding a new paragraph 6, which states that a taxpayer allowed a credit pursu- ant to this subsection may transfer the credit, in whole or in part, to another person or entity. The transferee shall be entitled to apply the transferred credit to a tax imposed under article nine-A, twenty-two or thirty-three of this chapter. Section 1 stipulates that the credit may only be transferred one time; that the taxpayer originally awarded the
S6711 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6711 2019-2020 Regular Sessions I N S E N A T E September 13, 2019 ___________ Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to the transferability of 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. Subsection (oo) of section 606 of the tax law, is amended by adding a new paragraph 6 to read as follows: (6)(A) A TAXPAYER ALLOWED A CREDIT PURSUANT TO THIS SUBSECTION MAY TRANSFER THE CREDIT, IN WHOLE OR IN PART, TO ANOTHER PERSON OR ENTITY, WHO SHALL BE REFERRED TO AS THE TRANSFEREE, WITH RESPECT TO THE REHABIL- ITATED HISTORIC BUILDING MAY BE ALLOCATED AND NOTWITHSTANDING THAT SUCH OTHER PERSON OR ENTITY OWNS NO INTEREST IN THE REHABILITATED HISTORIC BUILDING OR IN AN ENTITY WITH AN OWNERSHIP INTEREST IN THE REHABILITATED HISTORIC BUILDING. TRANSFEREES SHALL BE ENTITLED TO APPLY TRANSFERRED CREDIT TO A TAX IMPOSED UNDER ARTICLE NINE-A, TWENTY-TWO OR THIRTY-THREE OF THIS CHAPTER, PROVIDED ALL REQUIREMENTS FOR CLAIMING THE CREDIT ARE MET. A TRANSFEREE MAY NOT TRANSFER ANY CREDIT, OR PORTION THEREOF, ACQUIRED BY TRANSFER. (B) A TAXPAYER ALLOWED A CREDIT PURSUANT TO THIS ARTICLE MUST ENTER INTO A TRANSFER CONTRACT WITH THE TRANSFEREE. THE TRANSFER CONTRACT MUST SPECIFY (I) THE BUILDING IDENTIFICATION NUMBERS FOR REHABILITATED HISTORIC BUILDINGS IN THE PROJECT; (II) THE DATE SUCH REHABILITATED HISTORIC BUILDING WAS PLACED INTO SERVICE; (III) THE FIVE YEAR COMPLI- ANCE PERIOD FOR THE PROJECT; (IV) THE SCHEDULE OF YEARS FOR WHICH THE TRANSFER CREDIT MAY BE CLAIMED AND THE AMOUNT OF CREDIT PREVIOUSLY CLAIMED; (V) THE AMOUNT OF CONSIDERATION RECEIVED BY THE TAXPAYER FOR THE TRANSFER CREDIT; AND (VI) THE AMOUNT OF CREDIT BEING TRANSFERRED. (C) NO TRANSFER SHALL BE EFFECTIVE UNLESS THE TAXPAYER ALLOWED A CRED- IT PURSUANT TO THIS SUBSECTION AND SEEKING TO TRANSFER THE CREDIT FILES A TRANSFER STATEMENT WITH THE COMMISSIONER OF PARKS, RECREATION AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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