Bill S4642A-2013

Increases the maximum award available under the historic preservation tax credit

Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars over a period of three years.

Details

Actions

  • Jun 10, 2014: referred to ways and means
  • Jun 10, 2014: DELIVERED TO ASSEMBLY
  • Jun 10, 2014: PASSED SENATE
  • Jun 9, 2014: ORDERED TO THIRD READING CAL.1209
  • Jun 9, 2014: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • Apr 29, 2014: REPORTED AND COMMITTED TO FINANCE
  • Jan 9, 2014: PRINT NUMBER 4642A
  • Jan 9, 2014: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Jan 8, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Jan 8, 2014: returned to senate
  • Jan 8, 2014: died in assembly
  • Jun 13, 2013: referred to ways and means
  • Jun 13, 2013: DELIVERED TO ASSEMBLY
  • Jun 13, 2013: PASSED SENATE
  • Jun 12, 2013: ORDERED TO THIRD READING CAL.1348
  • Jun 12, 2013: COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • May 21, 2013: REPORTED AND COMMITTED TO FINANCE
  • Apr 16, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - Apr 29, 2014
Ayes (9): Marcellino, Carlucci, Golden, Nozzolio, O'Mara, Zeldin, Hoylman, Diaz, Squadron
VOTE: COMMITTEE VOTE: - Rules - Jun 9, 2014
Ayes (23): Skelos, Libous, Bonacic, Carlucci, Farley, Flanagan, Hannon, Larkin, LaValle, Marcellino, Maziarz, Nozzolio, Seward, Valesky, Little, Stewart-Cousins, Breslin, Dilan, Montgomery, Parker, Perkins, Espaillat, Gianaris
Ayes W/R (1): Krueger
Excused (1): Hassell-Thompson

Memo

BILL NUMBER:S4642A

TITLE OF BILL: An act to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit; and providing for the repeal of such provisions upon expiration thereof

PURPOSE: To increase the maximum award under the historic Preservation tax cap to $7 million in SFY 2015-16, $9 million in SFY 16-17, and $12 million for SFY 17-18.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends the tax law to increase the maximum award under the historic preservation tax cap to $7 million in SFY 2016-17, $9 million in SFY 17-18, and $12 million for SFY 18-19.

Section 2 amends the tax law to increase the maximum award under the historic preservation tax cap to $7 million in SFY 2016-17, $9 million in SFY 17-18, and $12 million for SFY 18-19.

Section 3 amends the tax law to increase the maximum award under the historic preservation tax cap to $7 million in SFY 2016-17, $9 million in SFY 17-18, and $12 million for SFY 18-19

Section 4 amends the tax law to increase the maximum award under the historic preservation tax cap to $7 million in SFY 2016-17, $9 Million in SFY 17-18, and $12 million for SFY 18-19

Section 5 is the effective date and repealer, for December 31, 2020.

JUSTIFICATION: The Historic Preservation Tax Credit is a great tool to be used to revitalize historic properties throughout New York. This tax credit has been used successfully by developers throughout New York to redo buildings that have long fallen into neglect and in dire need of repair. However, there is a current cap of $5 million per project. This $5 million cap, acts as a disincentive for developers to tackle larger, more blighted, and more expensive projects.

Current law allows for a 20% tax credit up to a maximum of $5 million dollars, this legislation continues the 20% credit, but raises the maximum threshold over a period of years from $5 million, $7 million, %9 million, $12 million therefore increasing the number of properties that developers will likely rehabilitate under this program.

PRIOR LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS: Minimal

EFFECTIVE DATE: This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2014 provided that his act shall expire on December 31, 2020.


Text

STATE OF NEW YORK ________________________________________________________________________ 4642--A 2013-2014 Regular Sessions IN SENATE April 16, 2013 ___________
Introduced by Sens. GRISANTI, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Committee on Investi- gations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (A) of paragraph 1 of subsection (oo) of section 606 of the tax law, as amended by section 1 of part F of chapter 59 of the laws of 2013, is amended to read as follows: (A) For taxable years beginning on or after January first, two thou- sand ten and before January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic struc- ture 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] SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU- SAND SEVENTEEN--TWO THOUSAND EIGHTEEN AND TWELVE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN. For taxable years beginning on or after January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, 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 thousand dollars. S 2. Subparagraph (A) of paragraph 1 of subdivision 40 of section 210 of the tax law, as amended by section 2 of part F of chapter 59 of the laws of 2013, is amended to read as follows: (A) For taxable years beginning on or after January first, two thou- sand ten and before January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic struc- ture 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] SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU- SAND SEVENTEEN--TWO THOUSAND EIGHTEEN AND TWELVE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN. For taxable years beginning on or after January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, 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 thousand dollars. S 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456 of the tax law, as amended by section 3 of part F of chapter 59 of the laws of 2013, is amended to read as follows: (A) For taxable years beginning on or after January first, two thou- sand ten and before January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic struc- ture 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] SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU- SAND SEVENTEEN--TWO THOUSAND EIGHTEEN AND TWELVE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN. For taxable years beginning on or after January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, 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 thousand dollars. S 4. Subparagraph (A) of paragraph 1 of subdivision (y) of section 1511 of the tax law, as amended by section 4 of part F of chapter 59 of the laws of 2013, is amended to read as follows: (A) For taxable years beginning on or after January first, two thou- sand ten and before January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of
credit allowed the taxpayer with respect to a certified historic struc- ture 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] SEVEN million dollars IN STATE FISCAL YEAR TWO THOUSAND SIXTEEN--TWO THOUSAND SEVENTEEN, NINE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOU- SAND SEVENTEEN--TWO THOUSAND EIGHTEEN AND TWELVE MILLION DOLLARS IN STATE FISCAL YEAR TWO THOUSAND EIGHTEEN--TWO THOUSAND NINETEEN. For taxable years beginning on or after January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, 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 thousand dollars. S 5. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2014 provided that this act shall expire and be deemed repealed on and after December 31, 2020.

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