Assembly Bill A9532

2011-2012 Legislative Session

Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property

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Archive: Last Bill Status - In Assembly Committee


  • 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

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2011-A9532 (ACTIVE) - Details

See Senate Version of this Bill:
S7557
Current Committee:
Assembly Ways And Means
Law Section:
Taxation
Versions Introduced in 2013-2014 Legislative Session:
A1855, S3701

2011-A9532 (ACTIVE) - Summary

Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property.

2011-A9532 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9532

                          I N  A S S E M B L Y

                             March 12, 2012
                               ___________

Introduced  by  M.  of  A.  MAGNARELLI  -- read once and referred to the
  Committee on Ways and Means

AN ACT in relation to qualifying a certain parcel of land located in the
  city of Syracuse, county of Onondaga for a tax  credit  for  rehabili-
  tation of historic property

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any provision of subsection (oo) of section
606 of the tax law or any other provision of law to  the  contrary,  the
owners  of all that tract or parcel of land situate in the city of Syra-
cuse, county of Onondaga, located  at  409  and  419-421  Stolp  Avenue,
otherwise known and distinguished as section 87, block 12, lots 113, 114
and  115 of the Stolp Addition and commonly known as the "Huntley Apart-
ments", shall qualify for a tax credit for  rehabilitation  of  historic
real property.
  For taxable years before January 1, 2015, the owners of all that tract
or  parcel  of land described above shall be allowed a credit as herein-
after provided, against the tax imposed by article 22 of the tax law, in
an amount equal to one hundred percent of the amount of  credit  allowed
the  taxpayer  with  respect  to  a  certified  historic structure under
subsection (a) (2) of section 47 of the federal  internal  revenue  code
with respect to a certified historic structure located within the state;
provided, however, the credit shall not exceed five million dollars. For
taxable  years  beginning on or after January 1, 2015, the owners of all
that tract or parcel of land described above shall be allowed  a  credit
as  hereinafter  provided,  against the tax imposed by article 22 of the
tax law, in an amount equal to thirty percent of the  amount  of  credit
allowed  the  taxpayer  with  respect  to a certified historic structure
under subsection (a)(2) of section 47 of the  federal  internal  revenue
code  with  respect to a certified historic structure located within the
state; provided, however, the credit shall not exceed one hundred  thou-
sand  dollars.    Tax  credits allowed pursuant to this section shall be
allowed in the taxable year that the qualified rehabilitation is  placed
in service under section 167 of the federal internal revenue code.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

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