Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 10, 2021 |
signed chap.672 |
Nov 29, 2021 |
delivered to governor |
Jun 08, 2021 |
returned to senate passed assembly ordered to third reading rules cal.595 substituted for a6947 |
Jun 03, 2021 |
referred to ways and means delivered to assembly passed senate |
May 24, 2021 |
advanced to third reading |
May 20, 2021 |
2nd report cal. |
May 19, 2021 |
1st report cal.1205 |
May 04, 2021 |
reported and committed to finance |
Mar 31, 2021 |
referred to budget and revenue |
Senate Bill S6042
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D, WF) 41st Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Actions
Votes
2021-S6042 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A6947
- Law Section:
- Tax Law
- Laws Affected:
- Amd §606, Tax L; amd §483-b, RPT L
2021-S6042 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6042 SPONSOR: HINCHEY TITLE OF BILL: An act to amend the tax law and the real property tax law, in relation to a tax credit and tax exemption for the rehabilitation of historic barns PURPOSE OR GENERAL IDEA OF BILL: To provide a tax credit and tax exemption for the rehabilitation of historic barns SUMMARY OF PROVISIONS: Section one amends the tax law in relation to a rehabilitation credit for historic barns. Section two amends the real property tax law for the purpose of defining a historic barn eligible for the rehabilitation credit.
2021-S6042 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6042 2021-2022 Regular Sessions I N S E N A T E March 31, 2021 ___________ Introduced by Sen. HINCHEY -- 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 and the real property tax law, in relation to a tax credit and tax exemption for the rehabilitation of historic barns THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 12 of subsection (a) of section 606 of the tax law, as added by chapter 309 of the laws of 1996, is amended to read as follows: (12) Rehabilitation credit for historic barns. A taxpayer shall be allowed a credit, to be computed as hereinafter provided, against the tax imposed by this article. The amount of the credit shall be twenty- five percent of the taxpayer's qualified rehabilitation expenditures[, as defined in paragraph two of subsection (c) of section forty-seven of the internal revenue code, which qualify as the basis for the credit provided for under paragraph one of subsection (b) of section thirty- eight of such code by reason of subsection one of section forty-six of such code,] paid or incurred WITHIN THE FIVE YEARS IMMEDIATELY PRECEDING THE YEAR IN WHICH SUCH TAX CREDIT SHALL BE APPLIED with respect to any barn located in this state which [is a qualified rehabilitated building, as such term is defined in paragraph one of subsection (c) of such section forty-seven] QUALIFIES AS AN HISTORIC BARN PURSUANT TO SUBDIVI- SION FIVE OF SECTION FOUR HUNDRED EIGHTY-THREE-B OF THE REAL PROPERTY TAX LAW. For purposes of this paragraph, the term "barn" means a build- ing [originally designed and used for storing farm equipment or agricul- tural products, or for housing livestock] THAT IS OR WAS USED AS AN AGRICULTURAL FACILITY OR FOR PURPOSES RELATED TO AGRICULTURE. Provided, however, such qualified rehabilitation expenditures shall not include any such expenditures which are included, directly or indirectly, in the computation of a credit claimed by the taxpayer pursuant to paragraph EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.