S T A T E O F N E W Y O R K
________________________________________________________________________
7298
2021-2022 Regular Sessions
I N A S S E M B L Y
May 4, 2021
___________
Introduced by M. of A. ENGLEBRIGHT, LUPARDO, FAHY, PEOPLES-STOKES,
GALEF, OTIS, ASHBY -- read once and referred to the Committee on Ways
and Means
AN ACT to amend the tax law, in relation to increasing the maximum award
available under the historic preservation 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 CCC of chap-
ter 59 of the laws of 2021, is amended 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] SEVEN million
dollars IN STATE FISCAL YEAR TWO THOUSAND TWENTY-TWO--TWO THOUSAND
TWENTY-THREE AND NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOUSAND
TWENTY-THREE--TWO THOUSAND TWENTY-FOUR. 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 struc-
ture under internal revenue code section 47(c)(3), determined without
regard to ratably allocating the credit over a five year period as
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07962-02-1
A. 7298 2
required by subsection (a) of such section 47, with respect to a certi-
fied historic structure located within the state; provided, however, the
credit shall not exceed one hundred thousand dollars.
§ 2. Subparagraph (i) of paragraph (a) of subdivision 26 of section
210-B of the tax law, as amended by section 2 of part CCC of chapter 59
of the laws of 2021, is amended to read as follows:
(i) 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 for the same taxable year with
respect to a certified historic structure, and one hundred fifty 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), 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 with-
in the state. Provided, however, the credit shall not exceed [five]
SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND TWENTY-TWO-
-TWO THOUSAND TWENTY-THREE AND NINE MILLION DOLLARS IN STATE FISCAL
YEAR TWO THOUSAND TWENTY-THREE--TWO THOUSAND TWENTY-FOUR.
§ 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section
1511 of the tax law, as amended by section 3 of part CCC of chapter 59
of the laws of 2021, is amended 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] SEVEN million
dollars IN STATE FISCAL YEAR TWO THOUSAND TWENTY-TWO--TWO THOUSAND TWEN-
TY-THREE AND NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOUSAND
TWENTY-THREE--TWO THOUSAND TWENTY-FOUR. 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 struc-
ture 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 certi-
fied historic structure located within the state. Provided, however,
the credit shall not exceed one hundred thousand dollars.
§ 4. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2021.