S1797-2011 Actions

• May 1, 2012: PRINT NUMBER 1797B
• May 1, 2012: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 7, 2011: REPORTED AND COMMITTED TO FINANCE
• May 25, 2011: PRINT NUMBER 1797A
• May 25, 2011: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 12, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S1797-2011 Memo

BILL NUMBER:S1797

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.

JUSTIFICATION:

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

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:


Immediately.

S1797-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         1797
 2011-2012 Regular Sessions
 I N  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 credit
 EXPLANATION--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.

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