senate Bill S6042

Signed By Governor
2021-2022 Legislative Session

Relates to a tax credit and tax exemption for the rehabilitation of historic barns

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (14)
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

Votes

view votes

May 19, 2021 - Finance committee Vote

S6042
22
0
committee
22
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Finance committee vote details

May 4, 2021 - Budget and Revenue committee Vote

S6042
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Budget and Revenue committee vote details

Budget and Revenue Committee Vote: May 4, 2021

aye wr (1)

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

S6042 (ACTIVE) - Summary

Relates to a tax credit and tax exemption for the rehabilitation of historic barns; defines historic barns; requires the establishment of eligibility guidelines.

S6042 (ACTIVE) - Sponsor Memo

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.