Senate Bill S4057

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4057
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 31, 2025
                                ___________
 
 Introduced  by  Sen.  FAHY  --  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  extending  the  historic  homeownership
   rehabilitation tax credit and requiring additional reporting

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 2 and 3 of subsection (pp) of section 606 of the
 tax law, paragraph 2 as amended by section 4 of part RR of chapter 59 of
 the laws of 2018 and paragraph 3 as added by chapter 547 of the laws  of
 2006, are 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  and twenty-five thousand dollars for taxable years beginning on or
 after January first, two thousand  twenty-five].    In  the  case  of  a
 [husband  and  wife]  MARRIED  COUPLE, 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 Janu-
 ary first, two thousand twenty-five and twenty-five thousand dollars for
 taxable years beginning on or after January first, two thousand  twenty-
 five].
   (B)  For  taxable years beginning on or after January first, two thou-
 sand ten [and before January first, two thousand  twenty-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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08172-02-5
              

 S. 4057                             2
 
 income for such year  does  not  exceed  [sixty]  SEVENTY-FIVE  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] SEVENTY-FIVE 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, 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.]
   (3)(A)  The  term  "qualified  rehabilitation  expenditure" means, for
 purposes of this subsection, any amount properly chargeable to a capital
 account:
   (i) in connection with the certified  rehabilitation  of  a  qualified
 historic home, and
   (ii)  for  property  for  which  depreciation would be allowable under
 section 168 of the internal revenue code if the qualified historic  home
 were used in a trade or business.
   (B) Such term shall not include (i) the cost of acquiring any building
 or  interest  therein, (ii) any expenditure attributable to the enlarge-
 ment of an existing building, or (iii) any  expenditure  made  prior  to
 January first, two thousand seven.
   (C)  [Such  term  shall not include any expenditure in connection with
 the rehabilitation of a qualified historic home  unless  at  least  five
 percent of the total expenditures made in the rehabilitation process are
 allocable to the rehabilitation of the exterior of such building.
   (D)]  If  only  a  portion of a building is used as a residence of the
 taxpayer, only qualified rehabilitation expenditures which are  properly
 allocable  to such residential portion shall be taken into account under
 this subsection.
   (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 SUBSECTION ON RETURNS FILED DURING THE PRECEDING CALEN-
 DAR  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.
   § 2. Section 14.05 of the parks, recreation and historic  preservation
 law is amended by adding a new subdivision 5 to read as follows:
   5.  THE  COMMISSIONER SHALL REPORT ANNUALLY ON OR BEFORE THE FIRST DAY
 OF NOVEMBER,  ON  THE  TAX  CREDIT  PROJECTS  APPLIED  FOR  PURSUANT  TO
 SUBSECTION  (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 ASSEM-
 BLY WAYS AND MEANS COMMITTEE, SHALL BE MADE PUBLICLY  AVAILABLE  ON  THE
 OFFICE'S WEBSITE AND SHALL INCLUDE THE FOLLOWING INFORMATION:
   (A) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
 STATE  FISCAL  YEAR,  ORGANIZED  BY MUNICIPALITY AND COUNTY, AND PROJECT
 SIZE;
   (B)  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;
 S. 4057                             3
 
   (C)  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;
   (D) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION; AND
   (E) THE NUMBER OF PROJECTS CERTIFIED FOR STATE CREDITS BY THE OFFICE.
   § 3. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2025.