S2206-2013 Actions

• Jan 14, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S2206-2013 Memo

BILL NUMBER:S2206

TITLE OF BILL:  An act to amend the tax law, in relation to the
definition of qualified historic home for the purposes of the historic
homeownership rehabilitation credit

PURPOSE:  The purpose of this bill is to expand the purview of the
historic home rehabilitation tax credit to include all homes listed on
the national or state historic registers and all homes of a historical
significance in historic districts.

SUMMARY OF PROVISIONS:  The bill amends subparagraph (A) of paragraph
S of subsection (pp) of Section 606 of the Tax Law to delete language
in the definition of a "qualified historic home" that requires such
home to be a "targeted area residence within the meaning of Section
143 (j) of the Internal Revenue Code." Thus, the bill expands the
application of the historic home rehabilitation tax credit to all
homes listed as historic under the national and state registers and
any home deemed to be of historical significance located in a
registered historic district.

JUSTIFICATION:  Chapter 547 of the laws of 2006 enacted a 20% tax
credit for the rehabilitation of historic homes or homes located in a
historic district provided such homes are located in "distressed
areas" pursuant to the Internal Revenue Code. While Chapter 547
represents a significant first step in implementing a historic home
rehabilitation tax credit, it unfortunately would only apply to
approximately 4,100 homes statewide.

Eliminating the "distressed area" or "targeted area" requirement as
provided for in the bill would expand the tax credit program to
include over 50,000 qualified homes, a goal that was envisioned by
original legislation first introduced in 1995.

Extending the incentives contained in Chapter 547 to historic homes
located anywhere in the state will enhance the revitalization of our
neighborhoods by providing an incentive for investment in New York's
rich legacy of historic housing stock.

Primarily, the bill would create a vastly expanded economic
development program targeted at aging residential properties that
would provide increased housing opportunities; however, it would also
have an economic impact on local economies resulting from spending by
homeowners for labor and materials. Rehabilitation of these properties
would also result in tax base growth and will also help foster further
business growth.

LEGISLATIVE HISTORY:  2011,2012: S.758A/A.2678 Referred to
Investigations an Government Operations 2009,2010: S.4682/A.4364
Referred to Investigations and Government Operations 2007,2008:
S.4875/A.4117 Passed Senate

FISCAL IMPLICATIONS:  Undetermined; however, any fiscal impact on the
state would be partially offset by increased local property tax
revenues through increased assessments on rehabilitated properties and


the return to the tax rolls of previously abandoned or delinquent
properties.

EFFECTIVE DATE:  This act shall take effect immediately.

S2206-2013 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         2206
 2013-2014 Regular Sessions
 I N  SENATE
 January 14, 2013
 
 Introduced  by Sens. YOUNG, RANZENHOFER -- read twice and ordered print
 ed, and when printed to be committed  to  the  Committee  on  Investi
 gations and Government Operations
 AN  ACT to amend the tax law, in relation to the definition of qualified
 historic home for the purposes of the historic homeownership rehabili
 tation credit
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section  1.  Subparagraph  (A)  of  paragraph  5 of subsection (pp) of
 section 606 of the tax law, as added by chapter 547 of the laws of 2006,
 clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
 read as follows:

 (A) The term "qualified historic home" means,  for  purposes  of  this
 subsection,  a  certified  historic  structure  located  within New York
 state:

 (i) which has been substantially rehabilitated,
 (ii) which, or any portion of which, is owned, in whole  or  part,  by
 the taxpayer, AND
 (iii)  in  which the taxpayer resides during the taxable year in which
 the taxpayer is allowed a credit under this subsection[, and
 (iv) which is in whole or in part a targeted area residence within the
 meaning of section 143(j) of the internal revenue  code  or  is  located
 within  a  census  tract  which  is  identified as being at or below one
 hundred percent of the state median family income  in  the  most  recent
 federal census].
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06082-01-3

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