Relates to the tax credits for the rehabilitation of historic properties; makes technical corrections to section.
TITLE OF BILL:
An act to amend the tax law, in relation to the tax credits for the rehabilitation of historic properties
PURPOSE OR GENERAL IDEA OF BILL:
To exempt the tax credit for rehabilitation of historic properties from the temporary deferral of tax credits found in the 2010-2011 Revenue Bill, S.6610C/A.9710D.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 removes the tax credit for rehabilitation of historic properties from the list of tax credits subject to deferral pursuant to part Y of S.6610C/A.9710D.
Section 2 sets forth the effective date.
This bill ensures that the Historic Rehabilitation Tax Credit (HRTC), specifically the credit for the rehabilitation of historic properties, remains a vital tool for economic development in New York state by exempting it from the current proposal to defer certain tax credits. The current deferral plan found in Part Y of the 2010-2011 Revenue bill would defer historic rehabilitation tax credits above $2 million in value until 2013. While this $2 million cap presumably eliminates a number of credits from the impact. of the deferral plan, as applied to the HRTC, the deferral will impede financing for the largest, most catalytic projects capable of spurning economic development. Such projects generate the largest and most sustained construction employment and post-construction jobs and have the most trans formative value, both economically and in terms of community renewal.
The current HRTC program was created in such a way to promote economic growth and development even in the midst of difficult economic times. Thus, the current deferment proposal would significantly . weaken the program as an economic development tool. By carving out the HRTC from the tax credit deferment package, we protect the vitality of a program that catalyzes economic activity and promotes environmental sustainability within communities across the state of New York.
PRIOR LEGISLATIVE HISTORY:
08/11/10 - Referred to Ways and Means
To be determined.
STATE OF NEW YORK ________________________________________________________________________ 1797 2011-2012 Regular Sessions IN SENATE January 12, 2011 ___________Introduced by Sen. VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to the tax credits for the rehabilitation of historic properties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 3 of section 33 of the tax law, as added by section 1 of part Y of chapter 57 of the laws of 2010, is amended to read as follows: (a) This section shall apply to the credits allowed under the follow- ing provisions in article
[nine-a]NINE-A of this chapter and any appli- cable counterpart provisions in articles nine, twenty-two, thirty-two and thirty-three of this chapter: Section 210(12) investment tax credit Section 210(12-B) empire zone investment tax credit Section 210(12-C) empire zone employment incentive credit Section 210(12-D) employment incentive credit Section 210(12-E) QETC employment credit Section 210(12-F) QETC capital tax credit Section 210(12-G) QETC facilities, operations, and training credit Section 210(17) special additional mortgage recording tax credit Section 210(19) empire zone wage tax credit Section 210(20) empire zone capital tax credit Section 210(21-a) credit for servicing certain mortgages Section 210(23) credit for employment of persons with disabilities Section 210(24) alternative fuels credit Section 210(25) credit for purchase of an automated external defibril- lator Section 210(27) QEZE credit for real property taxes Section 210(28) QEZE tax reduction creditEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01164-01-1 S. 1797 2
Section 210(30) low income housing credit Section 210(31) green building credit Section 210(33) brownfield redevelopment tax credit Section 210(34) remediated brownfield credit for real property taxes for qualified sites Section 210(35) environmental remediation insurance credit Section 210(37) security training tax credit Section 210(37) credit for fuel cell electric generating equipment expenditures Section 210(38) conservation easement tax credit Section 210(38) empire state commercial production credit Section 210(38) biofuel production credit Section 210(39) clean heating fuel credit
[Section 210(40) credit for rehabilitation of historic properties]Section 210(40) credit for companies who provide transportation to individuals with disabilities S 2. This act shall take effect immediately.