senate Bill S6711

2019-2020 Legislative Session

Relates to the transferability of the rehabilitation of historic properties tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules 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
Sep 13, 2019 referred to rules

S6711 (ACTIVE) - Details

See Assembly Version of this Bill:
A8491
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S6711 (ACTIVE) - Summary

Provides for the transferability of the rehabilitation of historic properties tax credit.

S6711 (ACTIVE) - Sponsor Memo

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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