Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 18, 2014 |
referred to ways and means delivered to assembly passed senate |
Jun 09, 2014 |
advanced to third reading amended 2762b |
Jun 03, 2014 |
2nd report cal. |
Jun 02, 2014 |
1st report cal.1066 |
May 13, 2014 |
reported and committed to finance |
Jan 28, 2014 |
print number 2762a |
Jan 28, 2014 |
amend and recommit to investigations and government operations |
Jan 08, 2014 |
referred to investigations and government operations |
May 21, 2013 |
reported and committed to finance |
Jan 23, 2013 |
referred to investigations and government operations |
Senate Bill S2762B
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D) 22nd Senate District
(R, C, IP, RFM) 24th Senate District
(R, C) Senate District
(D) Senate District
2013-S2762 - Details
2013-S2762 - Summary
Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidated vacancies; provides that the property shall be substantially rehabilitated which is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars.
2013-S2762 - Sponsor Memo
BILL NUMBER:S2762 TITLE OF BILL: An act to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commercial properties SUMMARY OF PROVISIONS: This bill would create a new tax credit program to encourage the rehabilitation of distressed commercial property. Section 1 - amends section 606 of the Tax Law by adding a new subsection (vv) which creates a tax credit for the rehabilitation of distressed commercial property. (1) For taxable years beginning after January 1, 2013, taxpayers shall be allowed a credit equal to thirty percent of the qualified expenditures made by the taxpayer with respect to a qualified distressed commercial property. (2) The credit shall not exceed $100,000. Credits are allowed in the taxable year in which the property is deemed a certified rehabilitation. (3) Credits may be carried forward, but not more than $25,000 in any year.
2013-S2762 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2762 2013-2014 Regular Sessions I N S E N A T E January 23, 2013 ___________ Introduced by Sens. RANZENHOFER, LANZA, LARKIN -- read twice and ordered printed, 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 establishing a credit against income tax for the rehabilitation of distressed commercial properties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (vv) to read as follows: (VV) CREDIT FOR REHABILITATION OF DISTRESSED COMMERCIAL PROPERTIES. (1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN, 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 QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY- ER WITH RESPECT TO A QUALIFIED DISTRESSED COMMERCIAL PROPERTY. PROVIDED, HOWEVER, THE CREDIT SHALL NOT EXCEED ONE HUNDRED THOUSAND DOLLARS. (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL- ITATION. (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS, AND MAY BE APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS. (4) (A) THE TERM "QUALIFIED REHABILITATION EXPENDITURE" MEANS, FOR PURPOSES OF THIS SUBSECTION, ANY AMOUNT PROPERLY CHARGEABLE TO A CAPITAL ACCOUNT: (I) IN CONNECTION WITH THE CERTIFIED REHABILITATION OF A QUALIFIED DISTRESSED COMMERCIAL PROPERTY, AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05241-01-3
co-Sponsors
(D) 22nd Senate District
(R, C, IP, RFM) 24th Senate District
(R, C) Senate District
(D) Senate District
2013-S2762A - Details
2013-S2762A - Summary
Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidated vacancies; provides that the property shall be substantially rehabilitated which is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars.
2013-S2762A - Sponsor Memo
BILL NUMBER:S2762A REVISED MEMO 01/29/2014 TITLE OF BILL: An act to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commercial properties SUMMARY OF PROVISIONS: This bill would create a new tax credit program to encourage the rehabilitation of distressed commercial property. Section 1 - amends section 606 of the Tax Law by adding a new subsection (xx) which creates a tax credit for the rehabilitation of distressed commercial property. (1) For taxable years beginning after January 1, 2014, taxpayers shall be allowed a credit equal to thirty percent of the qualified expenditures made by the taxpayer with respect to a qualified distressed commercial property. (2) The credit shall not exceed $100,000. Credits are allowed in the taxable year in which the property is deemed a certified rehabilitation. (3) Credits may be carried forward, but not more than $25,000 in any year.
2013-S2762A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2762--A 2013-2014 Regular Sessions I N S E N A T E January 23, 2013 ___________ Introduced by Sens. RANZENHOFER, FELDER, LANZA, LARKIN, LATIMER, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommit- ted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee AN ACT to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commercial properties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as relettered by section 5 of part H of chapter 1 of the laws of 2003, are relettered subsections (yyy) and (zzz) and a new subsection (xx) is added to read as follows: (XX) CREDIT FOR REHABILITATION OF DISTRESSED COMMERCIAL PROPERTIES. (1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN, 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 QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY- ER WITH RESPECT TO A QUALIFIED DISTRESSED COMMERCIAL PROPERTY. PROVIDED, HOWEVER, THE CREDIT SHALL NOT EXCEED ONE HUNDRED THOUSAND DOLLARS. (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL- ITATION. (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS, AND MAY BE APPLIED AGAINST THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS, BUT SHALL NOT EXCEED TWENTY-FIVE THOUSAND DOLLARS. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05241-04-4
co-Sponsors
(D) 22nd Senate District
(R, C, IP, RFM) 24th Senate District
(R, C) Senate District
(D) Senate District
2013-S2762B (ACTIVE) - Details
2013-S2762B (ACTIVE) - Summary
Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidated vacancies; provides that the property shall be substantially rehabilitated which is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars.
2013-S2762B (ACTIVE) - Sponsor Memo
BILL NUMBER:S2762B TITLE OF BILL: An act to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commer- cial properties SUMMARY OF PROVISIONS: This bill would create a new tax credit program to encourage the reha- bilitation of distressed commercial property. Section 1 - amends section 606 of the Tax Law by adding a new subsection (ccc) which creates a tax credit for the rehabilitation of distressed commercial property. (1) For taxable years beginning after January 1, 2014, taxpayers shall be allowed a credit equal to thirty percent of the qualified expendi- tures made by the taxpayer with respect to a qualified distressed commercial property. (2) The credit shall not exceed $100,000. Credits are allowed in the taxable year in which the property is deemed a certified rehabilitation. (3) Credits may be carried forward, but not more than $25,000 in any year.
2013-S2762B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2762--B Cal. No. 1066 2013-2014 Regular Sessions I N S E N A T E January 23, 2013 ___________ Introduced by Sens. RANZENHOFER, FELDER, LANZA, LARKIN, LATIMER, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommit- ted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- reported favorably from said committee and committed to the Committee on Finance -- reported favorably from said committee, ordered to first and second report, amended on second report, ordered to a third reading, and to be reprinted as amended, retaining its place in the order of third reading AN ACT to amend the tax law, in relation to establishing a credit against income tax for the rehabilitation of distressed commercial properties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows: (CCC) CREDIT FOR REHABILITATION OF DISTRESSED COMMERCIAL PROPERTIES. (1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN, 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 QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAY- ER WITH RESPECT TO A QUALIFIED DISTRESSED COMMERCIAL PROPERTY. PROVIDED, HOWEVER, THE CREDIT SHALL NOT EXCEED ONE HUNDRED THOUSAND DOLLARS. (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE PROPERTY IS DEEMED A CERTIFIED REHABIL- ITATION. (3) IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS, AND MAY BE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.