The New York State Senate

 
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 ________________________________________________________________________
 
                                   4174
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2023
                                ___________
 
 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 and the parks, recreation and historic pres-
   ervation law, in relation to establishing the large projects  historic
   rehabilitation  tax  credit  and the "white elephant" housing historic
   rehabilitation projects tax credit program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subsection (oo) of section 606 of the tax law, as amended
 by chapter 239 of the laws of 2009, paragraph 1 as  amended  by  chapter
 472  of the laws of 2010, subparagraph (A) of paragraph 1 as amended and
 paragraph 6 as added by section 1 of part CCC of chapter 59 of the  laws
 of 2021, paragraph 3 as amended by section 1 of part RR of chapter 59 of
 the laws of 2018, paragraph 4 as amended by section 1 of part F of chap-
 ter  59  of  the laws of 2013 and paragraph 5 as amended by section 2 of
 part U of chapter 59 of the laws of 2019, is amended to read as follows:
   (oo) Credit for rehabilitation of historic  properties.  (1)  (A)  For
 taxable  years beginning on or after January first, two thousand ten and
 before January first, two thousand [twenty-five] THIRTY-FIVE, a taxpayer
 shall be allowed a credit  as  hereinafter  provided,  against  the  tax
 imposed by this article, in an amount equal to:
   (I)  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 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; AND
   (II)  ONE HUNDRED PERCENT OF THE AMOUNT OF CREDIT ALLOWED THE TAXPAYER
 WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE   THAT   IS    A    WHITE
 ELEPHANT  PROJECT,  UNDER  INTERNAL  REVENUE CODE SECTION 47(C)(3), with
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06512-02-3

 S. 4174                             2
 
 respect to a certified historic  structure  located  within  the  state.
 Provided,  however,  the  credit  shall not exceed five million dollars,
 UNLESS SUCH CREDIT IS ALLOWED  WITH  RESPECT  TO  A  CERTIFIED  HISTORIC
 STRUCTURE  THAT  IS  A WHITE ELEPHANT PROJECT, IN WHICH CASE, THE CREDIT
 SHALL NOT EXCEED FIFTEEN MILLION DOLLARS. PROVIDED, FURTHER, THAT  WHEN-
 EVER  THE  COMMISSIONER  OF  PARKS, RECREATION AND HISTORIC PRESERVATION
 RECEIVES AN APPLICATION FOR A WHITE ELEPHANT PROJECT FROM  AN  APPLICANT
 FOR  WHICH  SUCH  COMMISSIONER  HAS  PREVIOUSLY  CERTIFIED CREDIT FOR AN
 ELIGIBLE WHITE ELEPHANT PROJECT, THE COMMISSIONER OF  PARKS,  RECREATION
 AND  HISTORIC  PRESERVATION  MAY  DEEM SUCH SUBSEQUENT APPLICATION TO BE
 PHASE II OF THE ORIGINAL ELIGIBLE PROJECT IF  SUCH  COMMISSIONER  DETER-
 MINES  THAT  THE  TWO  PROJECTS ARE REASONABLY RELATED, AS DETERMINED BY
 SUCH COMMISSIONER; THE PREVIOUS PROJECT QUALIFIED AS AN  ELIGIBLE  WHITE
 ELEPHANT  PROJECT WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED
 REHABILITATION EXPENDITURES; AND  THE  PHASE  II  APPLICATION  HAS  BEEN
 SUBMITTED  WITHIN  FIVE  YEARS  OF  SUCH COMMISSIONER'S PREVIOUS CERTIF-
 ICATION OF CREDIT FOR THE PREVIOUSLY ELIGIBLE WHITE ELEPHANT PROJECT.
   (B) For taxable years beginning on or after January first,  two  thou-
 sand  [twenty-five] THIRTY-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, UNLESS SUCH CREDIT IS ALLOWED WITH RESPECT
 TO A CERTIFIED HISTORIC STRUCTURE THAT IS A WHITE ELEPHANT  PROJECT,  IN
 WHICH CASE, THE CREDIT SHALL NOT EXCEED THREE HUNDRED THOUSAND DOLLARS.
   [(B)]  (C)  If  the taxpayer is a partner in a partnership or a share-
 holder of a New York S corporation,  then  the  credit  cap  imposed  in
 [subparagraph]  SUBPARAGRAPHS  (A)  AND  (B)  of this paragraph shall be
 applied at the entity level, so that the aggregate credit allowed to all
 the partners or shareholders of each such entity  in  the  taxable  year
 does not exceed the credit cap that is applicable in that taxable year.
   (2)  Tax  credits allowed pursuant to this subsection shall be allowed
 in the taxable year that  the  qualified  rehabilitation  is  placed  in
 service under section 167 of the federal internal revenue code.
   (3)  If the taxpayer is allowed a credit pursuant to section 47 of the
 internal revenue code with respect to a qualified rehabilitation that is
 also the subject of the credit allowed by this subsection and that cred-
 it pursuant to such section 47 is recaptured pursuant to subsection  (a)
 of  section  50  of  the  internal revenue code, a portion of the credit
 allowed under this subsection must be added back  in  the  same  taxable
 year and in the same proportion as the federal recapture.
   (4)  If the amount of the credit allowed under this subsection for any
 taxable year shall exceed the taxpayer's tax for such year,  the  excess
 shall  be treated as an overpayment of tax to be credited or refunded in
 accordance with the provisions of section six hundred eighty-six of this
 article, provided, however, that no interest shall be paid thereon.
   (5) Except in the case  of  (A)  a  qualified  rehabilitation  project
 undertaken within a state park, state historic site, or other land owned
 by  the  state,  that  is under the jurisdiction of the office of parks,
 recreation and historic preservation, OR (B) A QUALIFIED WHITE  ELEPHANT
 REHABILITATION  PROJECT  THAT  IS  ALSO  A  QUALIFIED LOW-INCOME HOUSING
 PROJECT UNDER ARTICLE TWO-A OF THE PUBLIC HOUSING LAW,  to  be  eligible
 S. 4174                             3
 
 for  the  credit  allowable  under  this  subsection  the rehabilitation
 project shall be in whole or in part located within a census tract which
 is identified as being at or below one  hundred  percent  of  the  state
 median  family income as calculated as of April first of each year using
 the most recent five year estimate from the  American  community  survey
 published  by  the  United States Census bureau. If there is a change in
 the most recent five year estimate, a census tract  that  qualified  for
 eligibility  under  this program before information about the change was
 released will remain eligible for a credit under this subsection for  an
 additional two calendar years.
   (6)  [For  purposes  of  this  subsection  the  term]  AS USED IN THIS
 SUBSECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   ["small] (A) "SMALL project" means qualified  rehabilitation  expendi-
 tures totaling two million five hundred thousand dollars or less[.];
   (B)  "WHITE  ELEPHANT PROJECT" MEANS QUALIFIED REHABILITATION EXPENDI-
 TURES TOTALING FIFTY MILLION DOLLARS OR MORE WITH RESPECT TO A CERTIFIED
 HISTORIC STRUCTURE THAT HAS BEEN VACANT, AS  DETERMINED  BY  LOCAL  CODE
 ENFORCEMENT  OR  OTHER  REASONABLE  MEANS,  FOR  AT LEAST TEN OF FIFTEEN
 CONSECUTIVE YEARS  PRECEDING THE DATE OF THE TAXPAYER'S APPLICATION  FOR
 THE REHABILITATION CREDIT; AND
   (C)  "PHASE II HOUSING PROJECT" MEANS A WHITE ELEPHANT HOUSING PROJECT
 WHICH THE COMMISSIONER DETERMINES (I) IS REASONABLY RELATED TO  A  PRIOR
 ELIGIBLE  WHITE  ELEPHANT  PROJECT  OR  ELIGIBLE  WHITE ELEPHANT HOUSING
 PROJECT BY THE SAME APPLICANT, (II)  SUCH  PRIOR  PROJECT  QUALIFIED  AS
 ELIGIBLE WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABIL-
 ITATION  EXPENDITURES,  AND  (III)  THE  PHASE  II  APPLICATION HAS BEEN
 SUBMITTED WITHIN FIVE YEARS OF THE COMMISSIONER'S PREVIOUS ALLOWANCE  OF
 CREDIT  FOR  THE PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE
 ELEPHANT HOUSING PROJECT.
   (7) THE ALLOCATION OF THE CREDIT ESTABLISHED BY THIS  SUBDIVISION  MAY
 BE  MADE WITHOUT REGARD TO  AND  IN  A  SEPARATE MANNER FROM ANY FEDERAL
 REHABILITATION  CREDIT  THAT  MAY  BE  ALLOCATED WITH RESPECT TO A QUAL-
 IFIED WHITE ELEPHANT PROJECT.
   (8) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
 OF NOVEMBER, ON THE AGGREGATE AMOUNT  OF  CREDITS  CLAIMED  AND  AWARDED
 PURSUANT  TO  THIS  SUBDIVISION  ON  RETURNS  FILED DURING THE PRECEDING
 CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR,  TEMPORARY
 PRESIDENT  OF  THE  SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
 FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
   § 2. Subdivision 26 of section 210-B of  the  tax  law,  as  added  by
 section  17  of part A of chapter 59 of the laws of 2014, paragraphs (a)
 and (c) as amended by section 2 of part RR of chapter 59 of the laws  of
 2018,  subparagraph (i) of paragraph (a) as amended and paragraph (f) as
 added by section 2 of part CCC of chapter 59 of the laws  of  2021,  and
 paragraph  (e)  as  amended  by section 1 of part U of chapter 59 of the
 laws of 2019, is amended to read as follows:
   26. Credit for rehabilitation of historic properties.  (a) Application
 of credit.  (i) For taxable years beginning on or after  January  first,
 two  thousand  ten, and before January first, two thousand [twenty-five]
 THIRTY-FIVE, a  taxpayer  shall  be  allowed  a  credit  as  hereinafter
 provided,  against  the  tax imposed by this article, in an amount equal
 to:
   (A) one hundred percent of the amount of credit allowed  the  taxpayer
 for  the  same  taxable year with respect to a certified historic struc-
 ture, and one hundred fifty percent of the amount of credit allowed  the
 S. 4174                             4
 
 taxpayer  with respect to a certified historic structure that is a small
 project, under internal revenue code section 47(c)(3), determined  with-
 out  regard  to ratably allocating the credit over a five year period as
 required by subsection (a) of such section 47; AND
   (B)  ONE  HUNDRED PERCENT OF THE AMOUNT OF CREDIT ALLOWED THE TAXPAYER
 WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE   THAT   IS   A    "WHITE
 ELEPHANT  PROJECT",  UNDER  INTERNAL REVENUE CODE SECTION 47(C)(3), with
 respect to a certified historic  structure  located  within  the  state.
 Provided,  however,  the  credit  shall not exceed five million dollars,
 UNLESS SUCH CREDIT IS ALLOWED  WITH  RESPECT  TO  A  CERTIFIED  HISTORIC
 STRUCTURE  THAT  IS  A WHITE ELEPHANT PROJECT, IN WHICH CASE, THE CREDIT
 SHALL NOT EXCEED FIFTEEN MILLION DOLLARS. PROVIDED, FURTHER, THAT  WHEN-
 EVER  THE  COMMISSIONER  OF  PARKS, RECREATION AND HISTORIC PRESERVATION
 RECEIVES AN APPLICATION FOR A WHITE ELEPHANT PROJECT FROM  AN  APPLICANT
 FOR  WHICH  SUCH  COMMISSIONER  HAS  PREVIOUSLY  CERTIFIED CREDIT FOR AN
 ELIGIBLE WHITE ELEPHANT PROJECT, THE COMMISSIONER OF  PARKS,  RECREATION
 AND  HISTORIC  PRESERVATION  MAY  DEEM SUCH SUBSEQUENT APPLICATION TO BE
 PHASE II OF THE ORIGINAL ELIGIBLE PROJECT IF  SUCH  COMMISSIONER  DETER-
 MINES  THAT  THE  TWO  PROJECTS ARE REASONABLY RELATED, AS DETERMINED BY
 SUCH COMMISSIONER; THE PREVIOUS PROJECT QUALIFIED AS AN  ELIGIBLE  WHITE
 ELEPHANT  PROJECT WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED
 REHABILITATION EXPENDITURES; AND  THE  PHASE  II  APPLICATION  HAS  BEEN
 SUBMITTED  WITHIN  FIVE  YEARS  OF  SUCH COMMISSIONER'S PREVIOUS CERTIF-
 ICATION OF CREDIT FOR THE PREVIOUSLY ELIGIBLE WHITE ELEPHANT PROJECT.
   (ii) For taxable years beginning on or after January first, two  thou-
 sand  [twenty-five] THIRTY-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 for the same taxable year determined without regard to  ratably
 allocating  the credit over a five year period as required by subsection
 (a) of section 47 of the internal revenue code, with respect to a certi-
 fied historic structure under subsection (c)(3) of  section  47  of  the
 internal  revenue  code  with  respect to a certified historic structure
 located within the state. Provided, however, the credit shall not exceed
 one hundred thousand dollars, UNLESS SUCH CREDIT IS ALLOWED WITH RESPECT
 TO A CERTIFIED HISTORIC STRUCTURE THAT IS A WHITE ELEPHANT  PROJECT,  IN
 WHICH CASE, THE CREDIT SHALL NOT EXCEED THREE HUNDRED THOUSAND DOLLARS.
   [(B)]  (III) If the taxpayer is a partner in a partnership or a share-
 holder in a New York S corporation, then  the  credit  caps  imposed  in
 [subparagraph (A)] SUBPARAGRAPHS (I) AND (II) of this paragraph shall be
 applied at the entity level, so that the aggregate credit allowed to all
 the  partners  or  shareholders  of each such entity in the taxable year
 does not exceed the credit cap that is applicable in that taxable year.
   (b) Tax credits allowed pursuant to this subdivision shall be  allowed
 in  the  taxable  year  that  the  qualified rehabilitation is placed in
 service under section 167 of the federal internal revenue code.
   (c) If the taxpayer is allowed a credit pursuant to section 47 of  the
 internal revenue code with respect to a qualified rehabilitation that is
 also  the  subject  of  the  credit allowed by this subdivision and that
 credit pursuant to such section 47 is recaptured pursuant to  subsection
 (a)  of section 50 of the internal revenue code, a portion of the credit
 allowed under this subdivision must be added back in  the  same  taxable
 year and in the same proportion as the federal credit.
   (d)  The  credit  allowed  under this subdivision for any taxable year
 shall not reduce the tax due for such  year  to  less  than  the  amount
 prescribed  in  paragraph  (d) of subdivision one of section two hundred
 S. 4174                             5
 
 ten of this article. However, if the amount of the credit allowed  under
 this  subdivision for any taxable year reduces the tax to such amount or
 if the taxpayer otherwise pays tax based on  the  fixed  dollar  minimum
 amount,  any  amount  of credit thus not deductible in such taxable year
 shall be treated as an overpayment of tax to be recredited  or  refunded
 in  accordance with the provisions of section one thousand eighty-six of
 this chapter. Provided, however, the provisions  of  subsection  (c)  of
 section  one  thousand  eighty-eight of this chapter notwithstanding, no
 interest shall be paid thereon.
   (e) Except in the case  of  (A)  a  qualified  rehabilitation  project
 undertaken within a state park, state historic site, or other land owned
 by  the  state,  that  is under the jurisdiction of the office of parks,
 recreation and historic preservation, OR (B) A QUALIFIED WHITE  ELEPHANT
 REHABILITATION  PROJECT  THAT  IS  ALSO  A  QUALIFIED LOW-INCOME HOUSING
 PROJECT UNDER ARTICLE TWO-A OF THE PUBLIC HOUSING LAW,  to  be  eligible
 for  the  credit  allowable  under  this subdivision, the rehabilitation
 project shall be in whole or in part located within a census tract which
 is identified as being at or below one  hundred  percent  of  the  state
 median  family income as calculated as of April first of each year using
 the most recent five year estimate from the  American  community  survey
 published  by  the  United States Census bureau. If there is a change in
 the most recent five year estimate, a census tract  that  qualified  for
 eligibility  under  this program before information about the change was
 released will remain eligible for a credit under this subdivision for an
 additional two calendar years.
   (f) [For purposes of this subdivision] DEFINITIONS. AS  USED  IN  THIS
 SUBDIVISION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   ["small]  (A)  "SMALL project" means qualified rehabilitation expendi-
 tures totaling two million five hundred thousand dollars or less[.];
   (B) "WHITE ELEPHANT PROJECT" MEANS QUALIFIED  REHABILITATION  EXPENDI-
 TURES TOTALING FIFTY MILLION DOLLARS OR MORE WITH RESPECT TO A CERTIFIED
 HISTORIC  STRUCTURE  THAT  HAS  BEEN VACANT, AS DETERMINED BY LOCAL CODE
 ENFORCEMENT OR OTHER REASONABLE MEANS,  FOR  AT  LEAST  TEN  OF  FIFTEEN
 CONSECUTIVE  YEARS  PRECEDING THE DATE OF THE TAXPAYER'S APPLICATION FOR
 THE REHABILITATION CREDIT; AND
   (C) "PHASE II HOUSING PROJECT" MEANS A WHITE ELEPHANT HOUSING  PROJECT
 WHICH  THE  COMMISSIONER DETERMINES (I) IS REASONABLY RELATED TO A PRIOR
 ELIGIBLE WHITE ELEPHANT  PROJECT  OR  ELIGIBLE  WHITE  ELEPHANT  HOUSING
 PROJECT  BY  THE  SAME  APPLICANT,  (II) SUCH PRIOR PROJECT QUALIFIED AS
 ELIGIBLE WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABIL-
 ITATION EXPENDITURES, AND  (III)  THE  PHASE  II  APPLICATION  HAS  BEEN
 SUBMITTED  WITHIN FIVE YEARS OF THE COMMISSIONER'S PREVIOUS ALLOWANCE OF
 CREDIT FOR THE PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR  ELIGIBLE  WHITE
 ELEPHANT HOUSING PROJECT.
   (G)   THE   ALLOCATION  OF  THE CREDIT ESTABLISHED BY THIS SUBDIVISION
 MAY BE MADE WITHOUT REGARD TO  AND  IN  A  SEPARATE  MANNER   FROM   ANY
 FEDERAL REHABILITATION  CREDIT  THAT  MAY  BE  ALLOCATED WITH RESPECT TO
 A QUALIFIED WHITE ELEPHANT PROJECT.
   (H) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
 OF  NOVEMBER,  ON  THE  AGGREGATE  AMOUNT OF CREDITS CLAIMED AND AWARDED
 PURSUANT TO THIS SUBDIVISION  ON  RETURNS  FILED  DURING  THE  PRECEDING
 CALENDAR YEAR.  SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY
 PRESIDENT  OF  THE  SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
 FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
 S. 4174                             6
 
   § 3. Subdivision (y) of section 1511 of the tax law, as added by chap-
 ter 472 of the laws of 2010, subparagraph (A) of paragraph 1 as  amended
 and  paragraph  6 as added by section 3 of part CCC of chapter 59 of the
 laws of 2021, paragraph 3 as amended by section 3 of part RR of  chapter
 59 of the laws of 2018, paragraph 4 as amended by section 4 of part F of
 chapter  59  of the laws of 2013 and paragraph 5 as amended by section 3
 of part U of chapter 59 of the laws of  2019,  is  amended  to  read  as
 follows:
   (y)  Credit  for  rehabilitation  of  historic properties. (1) (A) For
 taxable years beginning on or after January first, two thousand ten  and
 before January first, two thousand [twenty-five] THIRTY-FIVE, a taxpayer
 shall  be  allowed  a  credit  as  hereinafter provided, against the tax
 imposed by this article, in an amount equal to:
   (I) 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 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;AND
   (II) ONE HUNDRED PERCENT OF THE AMOUNT OF CREDIT ALLOWED THE  TAXPAYER
 WITH  RESPECT  TO  A CERTIFIED HISTORIC STRUCTURE   THAT   IS  A  "WHITE
 ELEPHANT PROJECT", UNDER INTERNAL REVENUE CODE  SECTION  47(C)(3),  with
 respect  to  a  certified  historic  structure located within the state.
 Provided, however, the credit shall not  exceed  five  million  dollars,
 UNLESS  SUCH  CREDIT  IS  ALLOWED  WITH  RESPECT TO A CERTIFIED HISTORIC
 STRUCTURE THAT IS A "WHITE ELEPHANT PROJECT", IN WHICH CASE, THE  CREDIT
 SHALL  NOT EXCEED FIFTEEN MILLION DOLLARS. PROVIDED, FURTHER, THAT WHEN-
 EVER THE COMMISSIONER OF PARKS,  RECREATION  AND  HISTORIC  PRESERVATION
 RECEIVES  AN  APPLICATION FOR A WHITE ELEPHANT PROJECT FROM AN APPLICANT
 FOR WHICH SUCH COMMISSIONER  HAS  PREVIOUSLY  CERTIFIED  CREDIT  FOR  AN
 ELIGIBLE  WHITE  ELEPHANT PROJECT, THE COMMISSIONER OF PARKS, RECREATION
 AND HISTORIC PRESERVATION MAY DEEM SUCH  SUBSEQUENT  APPLICATION  TO  BE
 "PHASE  II" OF THE ORIGINAL ELIGIBLE PROJECT IF SUCH COMMISSIONER DETER-
 MINES THAT THE TWO PROJECTS ARE REASONABLY  RELATED,  AS  DETERMINED  BY
 SUCH  COMMISSIONER;  THE PREVIOUS PROJECT QUALIFIED AS AN ELIGIBLE WHITE
 ELEPHANT PROJECT WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF  QUALIFIED
 REHABILITATION  EXPENDITURES;  AND  THE  "PHASE II" APPLICATION HAS BEEN
 SUBMITTED WITHIN FIVE YEARS  OF  SUCH  COMMISSIONER'S  PREVIOUS  CERTIF-
 ICATION OF CREDIT FOR THE PREVIOUSLY ELIGIBLE WHITE ELEPHANT PROJECT.
   (B)  For  taxable years beginning on or after January first, two thou-
 sand [twenty-five] THIRTY-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, UNLESS SUCH CREDIT IS ALLOWED  WITH
 RESPECT  TO  A  CERTIFIED  HISTORIC  STRUCTURE  THAT IS A WHITE ELEPHANT
 PROJECT, IN WHICH CASE, THE CREDIT SHALL NOT EXCEED THREE HUNDRED  THOU-
 SAND DOLLARS.
   [(B)]  (C) If the taxpayer is a partner in a partnership, then the cap
 imposed in [subparagraph] SUBPARAGRAPHS (A) AND (B)  of  this  paragraph
 shall  be  applied  at  the  entity  level, so that the aggregate credit
 S. 4174                             7
 
 allowed to all the partners of such partnership in the taxable year does
 not exceed the credit cap that is applicable in that taxable year.
   (2)  Tax  credits allowed pursuant to this subsection shall be allowed
 in the taxable year that  the  qualified  rehabilitation  is  placed  in
 service under section 167 of the federal internal revenue code.
   (3)  If the taxpayer is allowed a credit pursuant to section 47 of the
 internal revenue code with respect to a qualified rehabilitation that is
 also the subject of the credit allowed  by  this  subdivision  and  that
 credit  pursuant to such section 47 is recaptured pursuant to subsection
 (a) of section 50 of the internal revenue code, a portion of the  credit
 allowed  under  this  subdivision  in  the  taxable  year the credit was
 claimed must be added back in the same taxable  year  and  in  the  same
 proportion as the federal recapture.
   (4)  The  credit  allowed  under this subdivision for any taxable year
 shall not reduce the tax due for such year  to  less  than  the  minimum
 fixed  by  paragraph  four of subdivision (a) of section fifteen hundred
 two or section fifteen hundred  two-a  of  this  article,  whichever  is
 applicable.  However, if the amount of credits allowed under this subdi-
 vision for any taxable year reduces the tax to such amount,  any  amount
 of  credit  thus not deductible in such taxable year shall be treated as
 an overpayment of tax to be credited or refunded in accordance with  the
 provisions of section one thousand eighty-six of this chapter. Provided,
 however, the provisions of subsection (c) of section one thousand eight-
 y-eight of this chapter notwithstanding, no interest shall be paid ther-
 eon.
   (5)  Except  in  the  case  of  a (A) qualified rehabilitation project
 undertaken within a state park, state historic site, or other land owned
 by the state, that is under the jurisdiction of  the  office  of  parks,
 recreation  and historic preservation, OR (B) A QUALIFIED WHITE ELEPHANT
 REHABILITATION PROJECT THAT  IS  ALSO  A  QUALIFIED  LOW-INCOME  HOUSING
 PROJECT  UNDER  ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW, to be eligible
 for the credit allowable  under  this  subdivision,  the  rehabilitation
 project shall be in whole or in part located within a census tract which
 is  identified  as  being  at  or below one hundred percent of the state
 median family income as calculated as of April first of each year  using
 the  most  recent  five year estimate from the American community survey
 published by the United States Census bureau. If there is  a  change  in
 the  most  recent  five year estimate, a census tract that qualified for
 eligibility under this program before information about the  change  was
 released will remain eligible for a credit under this subdivision for an
 additional two calendar years.
   (6)  [For  purposes  of this subdivision] AS USED IN THIS SUBDIVISION,
 THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   ["small] (A) "SMALL project" means qualified  rehabilitation  expendi-
 tures totaling two million five hundred thousand dollars or less[.];
   (B)  "WHITE  ELEPHANT PROJECT" MEANS QUALIFIED REHABILITATION EXPENDI-
 TURES TOTALING FIFTY MILLION DOLLARS OR MORE WITH RESPECT TO A CERTIFIED
 HISTORIC STRUCTURE THAT HAS BEEN VACANT, AS  DETERMINED  BY  LOCAL  CODE
 ENFORCEMENT  OR  OTHER  REASONABLE  MEANS,  FOR  AT LEAST TEN OF FIFTEEN
 CONSECUTIVE YEARS  PRECEDING THE DATE OF THE TAXPAYER'S APPLICATION  FOR
 THE REHABILITATION CREDIT; AND
   (C)  "PHASE II HOUSING PROJECT" MEANS A WHITE ELEPHANT HOUSING PROJECT
 WHICH THE COMMISSIONER DETERMINES (1) IS REASONABLY RELATED TO  A  PRIOR
 ELIGIBLE  WHITE  ELEPHANT  PROJECT  OR  ELIGIBLE  WHITE ELEPHANT HOUSING
 PROJECT BY THE SAME APPLICANT,  (2)  SUCH  PRIOR  PROJECT  QUALIFIED  AS
 ELIGIBLE WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABIL-
 S. 4174                             8
 
 ITATION  EXPENDITURES, AND (3) THE PHASE II APPLICATION HAS BEEN SUBMIT-
 TED WITHIN FIVE YEARS OF THE COMMISSIONER'S PREVIOUS ALLOWANCE OF CREDIT
 FOR THE PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE ELEPHANT
 HOUSING PROJECT.
   (7)   THE   ALLOCATION  OF  THE CREDIT ESTABLISHED BY THIS SUBDIVISION
 MAY BE MADE WITHOUT REGARD TO  AND  IN   A   SEPARATE MANNER   FROM  ANY
 FEDERAL REHABILITATION  CREDIT  THAT  MAY  BE  ALLOCATED WITH RESPECT TO
 A QUALIFIED WHITE ELEPHANT PROJECT.
   (8) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
 OF  NOVEMBER,  ON  THE  AGGREGATE  AMOUNT OF CREDITS CLAIMED AND AWARDED
 PURSUANT TO THIS SUBDIVISION  ON  RETURNS  FILED  DURING  THE  PRECEDING
 CALENDAR YEAR.  SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY
 PRESIDENT  OF  THE  SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
 FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
   § 4. The parks, recreation and historic preservation law is amended by
 adding a new article 14-A to read as follows:
                                ARTICLE 14-A
        WHITE ELEPHANT HOUSING HISTORIC REHABILITATION PROJECTS TAX
                              CREDIT PROGRAM
 SECTION 14.15 DEFINITIONS.
         14.16 ALLOWANCE OF CREDIT, AMOUNT AND LIMITATIONS.
         14.17 PROJECT MONITORING.
         14.18 REGULATIONS,  COORDINATION  WITH  FEDERAL   REHABILITATION
                 CREDIT PROVISIONS.
   §  14.15  DEFINITIONS.  AS  USED  IN THIS ARTICLE, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   1. "ELIGIBILITY STATEMENT" MEANS A STATEMENT ISSUED BY THE COMMISSION-
 ER, IN CONSULTATION WITH THE COMMISSIONER OF THE DIVISION  OF  COMMUNITY
 HOUSING AND RENEWAL, CERTIFYING THAT A WHITE ELEPHANT HOUSING PROJECT IS
 ELIGIBLE  FOR  WHITE  ELEPHANT  HOUSING  PROJECT HISTORIC REHABILITATION
 CREDITS UNDER THIS ARTICLE AND LOW  INCOME  HOUSING  TAX  CREDITS  UNDER
 ARTICLE  TWO-A OF THE PUBLIC HOUSING LAW. SUCH STATEMENT SHALL SET FORTH
 THE TAXABLE YEAR IN WHICH THE BUILDING IS PLACED IN SERVICE, THE  DOLLAR
 AMOUNT  OF  REHABILITATION  CREDIT CERTIFIED BY THE COMMISSIONER TO SUCH
 BUILDING AS PROVIDED IN SECTION 14.16 OF THIS ARTICLE, THE DOLLAR AMOUNT
 OF LOW INCOME HOUSING TAX CREDIT ALLOCATED BY THE COMMISSIONER OF COMMU-
 NITY HOUSING AND RENEWAL TO SUCH BUILDING AS PROVIDED IN  SECTION  TWEN-
 TY-TWO  OF  THE  PUBLIC  HOUSING LAW, SUFFICIENT INFORMATION TO IDENTIFY
 EACH SUCH BUILDING AND THE TAXPAYER OR TAXPAYERS WITH  RESPECT  TO  EACH
 SUCH  BUILDING,  WHETHER  THE PROJECT IS A PHASE II HOUSING PROJECT, AND
 SUCH OTHER INFORMATION AS THE COMMISSIONER,  IN  CONSULTATION  WITH  THE
 COMMISSIONER OF TAXATION AND FINANCE AND COMMISSIONER OF COMMUNITY HOUS-
 ING  AND  RENEWAL,  SHALL PRESCRIBE. SUCH ELIGIBILITY STATEMENT SHALL BE
 FIRST ISSUED FOLLOWING THE CLOSE OF THE FIRST TAXABLE YEAR,  AND  THERE-
 AFTER,  TO  THE  EXTENT  REQUIRED  BY  THE  COMMISSIONER OF TAXATION AND
 FINANCE, FOLLOWING THE CLOSE OF  EACH  OF  THE  FOLLOWING  FOUR  TAXABLE
 YEARS.
   2. "ELIGIBLE WHITE ELEPHANT PROJECT" MEANS A WHITE ELEPHANT PROJECT AS
 DEFINED  IN  SECTION  TWO HUNDRED TEN-B, SIX HUNDRED SIX OR ONE THOUSAND
 FIVE HUNDRED ELEVEN OF THE TAX LAW THAT QUALIFIES FOR HISTORIC REHABILI-
 TATION TAX CREDIT.
   3. "ELIGIBLE WHITE ELEPHANT HOUSING PROJECT" MEANS AN  ELIGIBLE  WHITE
 ELEPHANT  PROJECT AS DEFINED IN THIS SECTION THAT ALSO QUALIFIES FOR LOW
 INCOME HOUSING TAX CREDIT UNDER ARTICLE TWO-A OF THE PUBLIC HOUSING LAW.
 S. 4174                             9
 
   4. "PHASE II HOUSING PROJECT" MEANS A WHITE ELEPHANT  HOUSING  PROJECT
 WHICH  THE  COMMISSIONER DETERMINES (A) IS REASONABLY RELATED TO A PRIOR
 ELIGIBLE WHITE ELEPHANT  PROJECT  OR  ELIGIBLE  WHITE  ELEPHANT  HOUSING
 PROJECT  BY  THE  SAME  APPLICANT,  (B)  SUCH PRIOR PROJECT QUALIFIED AS
 ELIGIBLE  WITH LESS THAN SEVENTY-FIVE MILLION DOLLARS OF QUALIFIED REHA-
 BILITATION EXPENDITURES, AND (C)  THE  PHASE  II  APPLICATION  HAS  BEEN
 SUBMITTED  WITHIN FIVE YEARS OF THE COMMISSIONER'S PREVIOUS ALLOWANCE OF
 CREDIT FOR THE PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR  ELIGIBLE  WHITE
 ELEPHANT HOUSING PROJECT.
   5. "QUALIFIED REHABILITATION EXPENDITURES" SHALL HAVE THE SAME MEANING
 AS IN SECTION 47 OF THE INTERNAL REVENUE CODE.
   6.  "WHITE ELEPHANT PROJECT" MEANS A PROJECT AS DEFINED IN SECTION TWO
 HUNDRED TEN-B, SIX HUNDRED SIX OR ONE THOUSAND FIVE  HUNDRED  ELEVEN  OF
 THE TAX LAW.
   7.  "WHITE  ELEPHANT HOUSING PROJECT" MEANS A "WHITE ELEPHANT PROJECT"
 AS DEFINED IN SECTION TWO HUNDRED TEN-B, SIX HUNDRED SIX OR ONE THOUSAND
 FIVE HUNDRED ELEVEN OF THE TAX LAW THAT IS ALSO A HOUSING PROJECT.
   8. REFERENCES IN THIS ARTICLE TO SECTION 47 OF  THE  INTERNAL  REVENUE
 CODE SHALL MEAN SUCH SECTION AS AMENDED FROM TIME TO TIME.
   §  14.16  ALLOWANCE  OF  CREDIT, AMOUNT AND LIMITATIONS. 1. A TAXPAYER
 SUBJECT TO TAX UNDER ARTICLE NINE-A, TWENTY-TWO, OR THIRTY-THREE OF  THE
 TAX  LAW  WHICH  OWNS AN INTEREST IN ONE OR MORE ELIGIBLE WHITE ELEPHANT
 HOUSING PROJECTS, OR A TRANSFEREE OF SUCH A  TAXPAYER  AS  DESCRIBED  IN
 SUBDIVISION  TWO OF THIS SECTION, SHALL BE ALLOWED A CREDIT AGAINST SUCH
 TAX FOR THE AMOUNT OF WHITE ELEPHANT HOUSING PROJECT HISTORIC  REHABILI-
 TATION CREDIT CERTIFIED BY THE COMMISSIONER TO EACH SUCH STRUCTURE.
   2. (A) A TAXPAYER ALLOWED A CREDIT PURSUANT TO THIS ARTICLE MAY TRANS-
 FER  THE  CREDIT,  IN WHOLE OR IN PART, TO ANOTHER PERSON OR ENTITY, WHO
 SHALL BE REFERRED TO AS THE TRANSFEREE, NOTWITHSTANDING THAT SUCH  OTHER
 PERSON OR ENTITY OWNS NO INTEREST IN THE ELIGIBLE WHITE ELEPHANT HOUSING
 PROJECT OR IN AN ENTITY WITH AN OWNERSHIP INTEREST IN THE ELIGIBLE WHITE
 ELEPHANT  HOUSING PROJECT. TRANSFEREES SHALL BE ENTITLED TO APPLY TRANS-
 FERRED CREDIT TO A TAX IMPOSED UNDER ARTICLE NINE-A, TWENTY-TWO OR THIR-
 TY-THREE OF THE TAX LAW, PROVIDED  ALL  REQUIREMENTS  FOR  CLAIMING  THE
 CREDIT  ARE  MET.  A  TRANSFEREE MAY NOT TRANSFER ANY CREDIT, OR PORTION
 THEREOF, ACQUIRED BY TRANSFER.
   (B) A TAXPAYER ALLOWED A CREDIT PURSUANT TO THIS  ARTICLE  MUST  ENTER
 INTO A TRANSFER CONTRACT WITH THE TRANSFEREE. THE TRANSFER CONTRACT MUST
 SPECIFY:
   (I) THE BUILDING IDENTIFICATION NUMBERS FOR ALL BUILDINGS IN THE WHITE
 ELEPHANT HOUSING PROJECT;
   (II) THE DATE EACH BUILDING WAS PLACED INTO SERVICE;
   (III) THE FIVE YEAR OWNERSHIP PERIOD FOR THE PROJECT;
   (IV)  THE  SCHEDULE  OF  YEARS  FOR  WHICH  THE TRANSFER CREDIT MAY BE
 CLAIMED AND THE AMOUNT OF CREDIT PREVIOUSLY CLAIMED;
   (V) THE AMOUNT OF CONSIDERATION  RECEIVED  BY  THE  TAXPAYER  FOR  THE
 TRANSFER CREDIT; AND
   (VI) THE AMOUNT OF CREDIT BEING TRANSFERRED.
   (C) NO TRANSFER SHALL BE EFFECTIVE UNLESS THE TAXPAYER ALLOWED A CRED-
 IT  PURSUANT  TO THIS ARTICLE AND SEEKING TO TRANSFER THE CREDIT FILES A
 TRANSFER STATEMENT WITH THE COMMISSIONER PRIOR TO THE TRANSFER  AND  THE
 COMMISSIONER  APPROVES  SUCH  TRANSFER.  THE  TRANSFER  STATEMENT  SHALL
 PROVIDE THE NAME  AND  FEDERAL  IDENTIFICATION  NUMBERS  OF  THE  FILING
 TRANSFEROR  AND  THE  TAXPAYER TO WHOM THE FILING TRANSFEROR TRANSFERRED
 THE CREDIT, AND THE AMOUNT OF CREDIT TRANSFERRED TO EACH SUCH PERSON  OR
 ENTITY.  A COPY OF THE TRANSFER CONTRACT SHALL BE ATTACHED TO THE TRANS-
 S. 4174                            10
 
 FER STATEMENT. THE STATEMENT SHALL ALSO CONTAIN SUCH  OTHER  INFORMATION
 AS  THE  COMMISSIONER MAY REQUIRE. AFTER REVIEWING THE TRANSFER CONTRACT
 AND THE TRANSFER STATEMENT, THE COMMISSIONER SHALL APPROVE OR  DENY  THE
 TRANSFER  AS  PROVIDED IN THIS SUBDIVISION. IF THE COMMISSIONER APPROVES
 THE TRANSFER, THE COMMISSIONER SHALL ISSUE AN  APPROVAL  STATEMENT  THAT
 PROVIDES THE NAME OF THE TRANSFEROR AND TRANSFEREE, THE AMOUNT OF CREDIT
 BEING TRANSFERRED AND SUCH OTHER INFORMATION AS THE COMMISSIONER AND THE
 COMMISSIONER  OF  TAXATION  AND  FINANCE  DEEM  NECESSARY. A COPY OF THE
 COMMISSIONER'S APPROVAL STATEMENT MUST BE ATTACHED TO  THE  TRANSFEREE'S
 TAX  RETURN.  IF  THE COMMISSIONER DENIES THE TRANSFER, THE COMMISSIONER
 SHALL PROVIDE THE TAXPAYER A WRITTEN DETERMINATION FOR SUCH DENIAL.  THE
 COMMISSIONER,  IN  CONSULTATION  WITH  THE  COMMISSIONER OF TAXATION AND
 FINANCE, MAY ESTABLISH SUCH OTHER PROCEDURES AND STANDARDS DEEMED NECES-
 SARY FOR THE TRANSFERABILITY  OF  THE  WHITE  ELEPHANT  HOUSING  PROJECT
 HISTORIC REHABILITATION CREDIT.
   (D)  THE  COMMISSIONER SHALL FORWARD COPIES OF ALL TRANSFER STATEMENTS
 AND ATTACHMENTS THERETO AND APPROVAL STATEMENTS  TO  THE  DEPARTMENT  OF
 TAXATION  AND  FINANCE WITHIN THIRTY DAYS AFTER THE TRANSFER IS APPROVED
 BY THE COMMISSIONER.
   § 14.17 PROJECT MONITORING.  THE  COMMISSIONER  SHALL  ESTABLISH  SUCH
 PROCEDURES  DEEMED  NECESSARY  FOR  MONITORING COMPLIANCE OF AN ELIGIBLE
 WHITE ELEPHANT HOUSING PROJECT WITH THE PROVISIONS OF THIS ARTICLE,  AND
 FOR  NOTIFYING  THE  COMMISSIONER  OF  TAXATION  AND FINANCE OF ANY SUCH
 NONCOMPLIANCE.
   § 14.18 REGULATIONS, COORDINATION WITH FEDERAL  REHABILITATION  CREDIT
 PROVISIONS.  1.  THE COMMISSIONER SHALL PROMULGATE RULES AND REGULATIONS
 NECESSARY TO ADMINISTER THE PROVISIONS OF THIS ARTICLE.
   2. THE PROVISIONS OF SECTION 47 OF THE  INTERNAL  REVENUE  CODE  SHALL
 APPLY  TO THE CREDIT UNDER THIS ARTICLE, PROVIDED HOWEVER, TO THE EXTENT
 SUCH PROVISIONS ARE INCONSISTENT WITH THIS ARTICLE,  THE  PROVISIONS  OF
 THIS ARTICLE SHALL CONTROL.
   3.  THE  ALLOCATION  OF  THE CREDIT ESTABLISHED BY THIS ARTICLE MAY BE
 MADE WITHOUT REGARD TO AND IN A SEPARATE MANNER FROM ANY  FEDERAL  REHA-
 BILITATION  CREDIT  THAT  MAY  BE  ALLOCATED WITH RESPECT TO AN ELIGIBLE
 WHITE ELEPHANT HOUSING PROJECT.
   § 5. Paragraph 2 of subsection (pp) of section 606 of the tax law,  as
 amended  by  section  4 of part RR of chapter 59 of the laws of 2018, is
 amended and a new paragraph 13 is added to read as follows:
   (2) (A) With respect to any particular residence of  a  taxpayer,  the
 credit  allowed  under paragraph one of this subsection shall not exceed
 fifty thousand dollars for taxable years beginning on or  after  January
 first,  two thousand ten and before January first, two thousand [twenty-
 five] THIRTY-FIVE and twenty-five thousand  dollars  for  taxable  years
 beginning  on or after January first, two thousand [twenty-five] THIRTY-
 FIVE. In the case of a husband and wife, the amount of the credit  shall
 be divided between them equally or in such other manner as they may both
 elect.  If  a  taxpayer  incurs qualified rehabilitation expenditures in
 relation to more than one residence in the same year, the  total  amount
 of  credit  allowed  under paragraph one of this subsection for all such
 expenditures shall not exceed fifty thousand dollars for  taxable  years
 beginning on or after January first, two thousand ten and before January
 first,  two  thousand [twenty-five] THIRTY-FIVE and twenty-five thousand
 dollars for taxable years beginning on or after January first, two thou-
 sand [twenty-five] THIRTY-FIVE.
   (B) For taxable years beginning on or after January first,  two  thou-
 sand  ten  and  before January first, two thousand [twenty-five] THIRTY-
 S. 4174                            11
 
 FIVE, if the amount of credit  allowable  under  this  subsection  shall
 exceed  the  taxpayer's  tax  for such year, and the taxpayer's New York
 adjusted gross income for such  year  does  not  exceed  sixty  thousand
 dollars,  the  excess  shall  be  treated as an overpayment of tax to be
 credited or refunded in accordance with the provisions  of  section  six
 hundred  eighty-six of this article, provided, however, that no interest
 shall be paid thereon. If the taxpayer's New York adjusted gross  income
 for such year exceeds sixty thousand dollars, the excess credit that may
 be  carried over to the following year or years and may be deducted from
 the taxpayer's tax for such year or years. For taxable  years  beginning
 on  or  after  January first, two thousand [twenty-five] THIRTY-FIVE, if
 the amount of credit allowable under this subsection  shall  exceed  the
 taxpayer's  tax  for  such  year,  the excess may be carried over to the
 following year or years and may be deducted from the taxpayer's tax  for
 such year or years.
   (13)  THE  COMMISSIONER  SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST
 DAY OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS CLAIMED AND  AWARDED
 PURSUANT  TO  THIS  SUBDIVISION  ON  RETURNS  FILED DURING THE PRECEDING
 CALENDAR YEAR.  SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY
 PRESIDENT OF THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIR  OF  THE  SENATE
 FINANCE  COMMITTEE  AND  CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE,
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
   § 6. Section 14.05 of the parks, recreation and historic  preservation
 law is amended by adding a new subdivision 5 to read as follows:
   5.  (A) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST
 DAY OF NOVEMBER, ON THE TAX CREDIT PROJECTS APPLIED  FOR  IN  ACCORDANCE
 WITH  SUBDIVISION  TWENTY-SIX  OF  SECTION TWO HUNDRED TEN-B, SUBSECTION
 (OO) OF SECTION SIX HUNDRED SIX, AND SUBDIVISION (Y) OF SECTION  FIFTEEN
 HUNDRED  ELEVEN  OF  THE  TAX  LAW ON RETURNS FILED DURING THE PRECEDING
 CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR,  TEMPORARY
 PRESIDENT  OF  THE  SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
 FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS  AND  MEANS  COMMITTEE,
 SHALL  BE  MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE AND SHALL
 INCLUDE THE FOLLOWING INFORMATION:
   (I) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
 STATE FISCAL YEAR, ORGANIZED BY MUNICIPALITY  AND  COUNTY,  AND  PROJECT
 SIZE;
   (II)  THE  NUMBER  AND  VALUE  OF TAX CREDIT PROJECTS CERTIFIED BY THE
 NATIONAL PARK SERVICE DURING THE STATE FISCAL YEAR, ORGANIZED BY MUNICI-
 PALITY AND COUNTY, AND PROJECT SIZE;
   (III) THE TOTAL VALUE OF CREDITS CERTIFIED ANNUALLY FOR  EACH  OF  THE
 TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVEN TO
 THE PRESENT, BY MUNICIPALITY AND COUNTY;
   (IV) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION;
   (V) THE NUMBER OF LOW-MODERATE HOUSING UNITS BEFORE AND AFTER REHABIL-
 ITATION; AND
   (VI) THE NUMBER OF PROJECTS CERTIFIED FOR BOTH FEDERAL AND STATE CRED-
 ITS, AND THE NUMBER OF PROJECTS CERTIFIED FOR FEDERAL CREDITS ONLY.
   (B) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
 OF NOVEMBER, ON THE TAX CREDIT PROJECTS APPLIED FOR PURSUANT TO SUBDIVI-
 SION  (PP)  OF  SECTION  SIX HUNDRED SIX OF THE TAX LAW ON RETURNS FILED
 DURING THE PRECEDING CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE
 GOVERNOR, TEMPORARY PRESIDENT OF THE SENATE, SPEAKER  OF  THE  ASSEMBLY,
 CHAIR OF THE SENATE FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND
 MEANS  COMMITTEE,  SHALL  BE  MADE  PUBLICLY  AVAILABLE  ON THE OFFICE'S
 WEBSITE AND SHALL INCLUDE THE FOLLOWING INFORMATION:
 S. 4174                            12

   (I) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
 STATE FISCAL YEAR, ORGANIZED BY MUNICIPALITY  AND  COUNTY,  AND  PROJECT
 SIZE;
   (II)  THE  NUMBER  AND  VALUE  OF TAX CREDIT PROJECTS CERTIFIED BY THE
 OFFICE DURING THE STATE FISCAL YEAR, ORGANIZED BY MUNICIPALITY AND COUN-
 TY, AND PROJECT SIZE;
   (III) THE TOTAL VALUE OF CREDITS CERTIFIED ANNUALLY FOR  EACH  OF  THE
 TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVEN TO
 THE PRESENT, BY MUNICIPALITY AND COUNTY;
   (IV) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION; AND
   (V) THE NUMBER OF PROJECTS CERTIFIED FOR STATE CREDITS BY THE OFFICE.
   § 7. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2024.