Assembly Bill A3670

2021-2022 Legislative Session

Relates to the rehabilitation of historic properties tax credit

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A3670 (ACTIVE) - Details

See Senate Version of this Bill:
S4439
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A5760, S3645

2021-A3670 (ACTIVE) - Summary

Relates to the rehabilitation of historic properties tax credit; and provides that small projects of two million five hundred thousand dollars or less are entitled to 150% of the amount of credit allowed the taxpayer under the internal revenue code.

2021-A3670 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3670
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2021
                                ___________
 
 Introduced  by M. of A. WOERNER -- read once and referred to the Commit-
   tee on Ways and Means
 
 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 a new paragraph 6 is 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 FIFTY PERCENT OF THE AMOUNT OF CRED-
 IT  ALLOWED  THE TAXPAYER WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE
 THAT IS A SMALL PROJECT, 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 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),  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 within the

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01183-02-1
              

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