S6134-2011 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

S6134-2011 Meetings

S6134-2011 Calendars

S6134-2011 Votes

S6134-2011 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.

S6134-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         6134
 I N  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
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13898-01-2
 
       S. 6134                             2
 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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