Bill S6134-2011

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.

Details

Actions

  • Dec 17, 2012: VETOED MEMO.183
  • Dec 5, 2012: DELIVERED TO GOVERNOR
  • Jun 19, 2012: returned to senate
  • Jun 19, 2012: passed assembly
  • Jun 19, 2012: ordered to third reading rules cal.350
  • Jun 19, 2012: substituted for a9110
  • Jun 12, 2012: referred to ways and means
  • Jun 12, 2012: DELIVERED TO ASSEMBLY
  • Jun 12, 2012: PASSED SENATE
  • Jun 12, 2012: ORDERED TO THIRD READING CAL.1170
  • Jun 12, 2012: REPORTED AND COMMITTED TO RULES
  • May 2, 2012: REPORTED AND COMMITTED TO FINANCE
  • Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - May 2, 2012
Ayes (6): Marcellino, Alesi, Golden, Nozzolio, Zeldin, Squadron
Ayes W/R (1): Peralta
Nays (1): Diaz

Memo

BILL NUMBER:S6134

TITLE OF BILL: An act to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit

PURPOSE: To increase to $12 million the maximum award available under the historic preservation tax credit.

SUMMARY OF SPECIFIC PROVISIONS: Sections 1-4 amend the tax law to raise the maximum award available under the historic preservation tax credit to $12 million from $5 million.

Section 5 is the effective date.

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 to $12 million therefore increasing the number of properties that developers will likely rehabilitate under this program.

PRIOR LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This bill shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2012.


Text

STATE OF NEW YORK ________________________________________________________________________ 6134 IN SENATE (PREFILED) January 4, 2012 ___________
Introduced by Sen. GRISANTI -- 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 increasing the maximum award available under the historic preservation tax 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 1 of subsection (oo) of section 606 of the tax law, as amended by chapter 472 of the laws of 2010, 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 fifteen, 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 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] TWELVE million dollars. For taxable years beginning on or after January first, two thousand fifteen, a taxpayer shall be allowed a cred- it 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 chapter 472 of the laws of 2010, 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 fifteen, 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 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] TWELVE million dollars. For taxable years beginning on or after January first, two thousand fifteen, a taxpayer shall be allowed a cred- it 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 added by chapter 472 of the laws of 2010, 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 fifteen, 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 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] TWELVE million dollars. For taxable years beginning on or after January first, two thousand fifteen, a taxpayer shall be allowed a cred- it 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 added by chapter 472 of the laws of 2010, 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 fifteen, 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 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] TWELVE million dollars. For taxable years beginning on or after January first, two thousand fifteen, a taxpayer shall be allowed a cred- it 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, 2012.

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