Assembly Bill A364

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    364
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by M. of A. BARRETT -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to the treatment of excess  tax
   credits 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  amended by chapter 672 of the laws of 2021, 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
 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 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 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 one of this subsection. Provided  further
 that no rehabilitation credit shall be allowed for any rehabilitation of
 a  barn  which,  immediately prior to the commencement of such rehabili-
 tation, was used for residential purposes, or which converts a barn  not
 suitable  for  residential  purposes  into one which is so suitable, nor
 shall a rehabilitation credit be allowed  for  any  rehabilitation  that
 materially alters the historic appearance of the barn.  IF THE AMOUNT OF
 CREDIT  ALLOWABLE  UNDER THIS SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD00256-01-5
 A. 364                              2
 
 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 MAY BE CARRIED OVER TO THE FOLLOWING
 YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH  YEAR
 OR YEARS.
   § 2.  This act shall take effect immediately.