NY State Senate Bill 2021-S4439

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to budget and revenue
Feb 04, 2021	referred to budget and revenue

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2021-S4439 (ACTIVE) - Details

See Assembly Version of this Bill:: A3670
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§606, 210-B & 1511, Tax L
Versions Introduced in 2019-2020 Legislative Session:: S3645, A5760

2021-S4439 (ACTIVE) - Summary

Relates to the rehabilitation of historic properties tax credit; 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-S4439 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4439

SPONSOR: KENNEDY
 
TITLE OF BILL:

An act to amend the tax law, in relation to the rehabilitation of
historic properties tax credit

 
PURPOSE:

The purpose of this bill is to strengthen the tax credit for the reha-
bilitations of historic properties

 
SUMMARY OF PROVISIONS:

Section 1 establishes that a taxpayer shall be allowed a credit against
the tax imposed by this article in an amount equal to one hundred fifty
percent of the amount of credit with respect to a certified historic
structure that is a small project. This section defines a small project
as a qualified rehabilitation project with expenditures totaling two
million five hundred thousand dollars or less.

Section 2 amends section 606 of the tax law to add that a qualified
historic home eligible for the tax credit may also be a home located in
a city with a population of less than one million with a poverty rate
greater than fifteen percent, rounded to the nearest whole number, in
the two thousand seventeen American community survey

Section 3 defines a small project as a qualified rehabilitation with
expenditures totaling two million five hundred thousand dollars or less
and specifies that the tax payer will be allowed one hundred fifty
percent of the amount of credit for a small project in subdivision 26 of
section 210-B of the tax law

Section 4 defines a small project as a qualified rehabilitation with
expenditures totaling two million five hundred thousand dollars or less
and specifies that the tax payer will be allowed one hundred fifty
percent of the amount of credit for a small project in subdivision (y)
of section 1511 of the tax law

Section 5 establishes the effective date

 
JUSTIFICATION:

This bill will strengthen and expand the already successful New York
State Historic Tax Credit. Across New York State, and particularly in
Upstate New York, the Historic Tax Credit has been used to not only save
historic properties, but to turn crumbling buildings into successful
businesses, homes and museums. The New York State Historic Tax Credit
allows property owners and investors to not only save buildings that
would otherwise be torn down, but to also create new economic opportu-
nities in small communities. Additionally, the structure of the Historic
Tax Credit allows for investment to be made immediately, while the cred-
its are not paid out by the state until a minimum of one to two years
later.

By including cities with a population under one million people with a
poverty rate of 15 percent (rounded to the nearest whole number) in the
American Communities Survey, the Historic Tax Credit will be available
for small projects in many more communities, from small urban communi-
ties like Mechanicville, Cohoes, Yonkers and Mount Vernon; expanding
upon the success we have already seen in cities like Buffalo and Sarato-
ga Springs. This means that small projects, defined as projects with
under $2.5 million in expenditures, will be eligible for a 30% tax cred-
it, as opposed to the 20% credit for larger projects.

The enhancements to the Historic Tax Credit put forward in this legis-
lation will allow business and building owners to continue to breathe
new life into old buildings and enable them to successfully invest in
their communities.

 
LEGISLATIVE HISTORY:

New bill

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S4439 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4439
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2021
                                ___________
 
 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 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

 S. 4439                             2
 
 state; provided, however, the credit shall not exceed one hundred  thou-
 sand dollars.
   (6)  FOR  PURPOSES  OF  THIS SUBSECTION THE TERM "SMALL PROJECT" MEANS
 QUALIFIED REHABILITATION EXPENDITURES TOTALING TWO MILLION FIVE  HUNDRED
 THOUSAND DOLLARS OR LESS.
   §  2.  Subparagraph  (i) of paragraph (a) of subdivision 26 of section
 210-B of the tax law, as amended by section 2 of part RR of  chapter  59
 of the laws of 2018, is amended and a new paragraph (f) is added 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
 million dollars.
   (F) FOR PURPOSES OF THIS SUBDIVISION "SMALL PROJECT"  MEANS  QUALIFIED
 REHABILITATION  EXPENDITURES  TOTALING TWO MILLION FIVE HUNDRED THOUSAND
 DOLLARS OR LESS.
   § 3. Subparagraph (A) of paragraph 1 of  subdivision  (y)  of  section
 1511 of the tax law, as amended by section 3 of part RR of chapter 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 state.
 Provided, however, the credit shall  not  exceed  one  hundred  thousand
 dollars.
   (6)  FOR  PURPOSES OF THIS SUBDIVISION "SMALL PROJECT" MEANS QUALIFIED
 REHABILITATION EXPENDITURES TOTALING TWO MILLION FIVE  HUNDRED  THOUSAND
 DOLLARS OR LESS.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2022.

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Senate Bill S4439

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

Actions

co-Sponsors

2021-S4439 (ACTIVE) - Details

2021-S4439 (ACTIVE) - Summary

2021-S4439 (ACTIVE) - Sponsor Memo

2021-S4439 (ACTIVE) - Bill Text download pdf

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Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

Actions

co-Sponsors

2021-S4439 (ACTIVE) - Details

2021-S4439 (ACTIVE) - Summary

2021-S4439 (ACTIVE) - Sponsor Memo

2021-S4439 (ACTIVE) - Bill Text download pdf

Comments