Bill S6945-2011

Extends provisions of law relating to the credit for the rehabilitation of historic properties and historic homes

Extends provisions of law relating to the credit for the rehabilitation of historic properties and historic homes.

Details

Actions

  • Jun 21, 2012: COMMITTED TO RULES
  • Jun 11, 2012: ADVANCED TO THIRD READING
  • Jun 6, 2012: 2ND REPORT CAL.
  • Jun 5, 2012: 1ST REPORT CAL.1069
  • May 22, 2012: REPORTED AND COMMITTED TO FINANCE
  • Apr 13, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - May 22, 2012
Ayes (8): Marcellino, Alesi, Golden, Nozzolio, Zeldin, Squadron, Diaz, Peralta

Memo

BILL NUMBER:S6945

TITLE OF BILL: An act to amend the tax law, in relation to extending provisions of law relating to the credit for the rehabilitation of historic properties and historic homes

PURPOSE: This bill extends the availability of the New York State Rehabilitation Tax Credit programs for commercial and owner-occupied properties for five years. The availability of the current programs availability through the taxable year ending before January first, two thousand fifteen is changed to the taxable year ending before January first, two thousand twenty.

SUMMARY OF PROVISIONS: Section 1 amends section 606 of the tax law, as amended by Chapter 472 of the laws of 2010, to extend program availability through the taxable year ending before January first, two thousand twenty.

EFFECT OF PRESENT LAW WHICH THIS BILL WOULD ALTER: This bill would extend the availability of New York state tax credit programs for historic commercial properties and historic homes through the taxable year ending before January first, two thousand twenty.

JUSTIFICATION: The expanded New York State rehabilitation tax credit programs were implemented in two thousand and ten and data shows these programs have catalyzed a number of building rehabilitation and community revitalization projects throughout the state. Stronger program implementation and success was hurt by the imposition of New York State's tax credit deferral program in two thousand and ten, limiting the ability of property owners and developers to attract investments to rehabilitation projects.

Extending program availability five years through two thousand and nineteen will provide this program with a chance to be made whole and work as intended. Program extension will assure property owners, developers and investors alike of program availability, thus allowing plans for continued reinvestment in the urban cores, downtowns, and main streets of communities across New York State.

As of December two thousand eleven, this program has spurred projects in at least 48 municipalities across thirty two counties. Extending program availability will assure that this state tax credit program continues to attract significant new private investment to historic properties, return federal dollars to New York State, and incentivize reinvestment in existing municipal infrastructure.

LEGISLATIVE HISTORY: This is a new bill.

FISCAL IMPLICATIONS: There are no fiscal implications for fiscal years two thousand twelve through two thousand fourteen.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6945 IN SENATE April 13, 2012 ___________
Introduced by Sens. VALESKY, YOUNG -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to extending provisions of law relating to the credit for the rehabilitation of historic properties and historic homes 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 follow: (A) For taxable years beginning on or after January first, two thou- sand ten and before January first, two thousand [fifteen] 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 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 million dollars. For taxable years beginning on or after January first, two thousand [fifteen] 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. Paragraph 2 of subsection (pp) of section 606 of the tax law, as added by chapter 547 of the laws of 2006, subparagraphs (A) and (B) as amended by chapter 472 of the laws of 2010, is amended to read as follow: (2) (A) With respect to any particular residence of a taxpayer, the credit allowed under paragraph one of this subsection shall not exceed fifty thousand dollars for taxable years beginning on or after January
first, two thousand ten and before January first, two thousand [fifteen] TWENTY and twenty-five thousand dollars for taxable years beginning on or after January first, two thousand [fifteen] TWENTY. In the case of a husband and wife, the amount of the credit shall be divided between them equally or in such other manner as they may both elect. If a taxpayer incurs qualified rehabilitation expenditures in relation to more than one residence in the same year, the total amount of credit allowed under paragraph one of this subsection for all such expenditures shall not exceed fifty thousand dollars for taxable years beginning on or after January first, two thousand ten and before January first, two thousand [fifteen] TWENTY and twenty-five thousand dollars for taxable years beginning on or after January first, two thousand [fifteen] TWENTY. (B) For taxable years beginning on or after January first, two thou- sand ten and before January first, two thousand [fifteen] TWENTY, if the amount of credit allowable under this subsection shall exceed the taxpayer's tax for such year, and the taxpayer's New York adjusted gross income for such year does not exceed sixty thousand dollars, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided, however, that no interest shall be paid thereon. If the taxpayer's New York adjusted gross income for such year exceeds sixty thousand dollars, the excess credit that may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years. For taxable years beginning on or after January first, two thousand [fifteen] TWENTY, if the amount of credit allowable under this subsection shall exceed the taxpayer's tax for such year, the excess may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years. S 3. 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 follow: (A) For taxable years beginning on or after January first, two thou- sand ten and before January first, two thousand [fifteen] 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 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 million dollars. For taxable years beginning on or after January first, two thousand [fifteen] 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 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] 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 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 million dollars. For taxable years beginning on or after January first, two thousand [fifteen] 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. 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] 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 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 million dollars. For taxable years beginning on or after January first, two thousand [fifteen] 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. 6. This act shall take effect immediately.

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