Bill Text: NY S06945 | 2011-2012 | General Assembly | Introduced
Bill Title: Extends provisions of law relating to the credit for the rehabilitation of historic properties and historic homes.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Introduced - Dead) 2012-06-21 - COMMITTED TO RULES [S06945 Detail]
Download: New_York-2011-S06945-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6945 I N S E N A T E 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: 1 Section 1. Subparagraph (A) of paragraph 1 of subsection (oo) of 2 section 606 of the tax law, as amended by chapter 472 of the laws of 3 2010, is amended to read as follow: 4 (A) For taxable years beginning on or after January first, two thou- 5 sand ten and before January first, two thousand [fifteen] TWENTY, a 6 taxpayer shall be allowed a credit as hereinafter provided, against the 7 tax imposed by this article, in an amount equal to one hundred percent 8 of the amount of credit allowed the taxpayer with respect to a certified 9 historic structure under subsection (a) (2) of section 47 of the federal 10 internal revenue code with respect to a certified historic structure 11 located within the state. Provided, however, the credit shall not exceed 12 five million dollars. For taxable years beginning on or after January 13 first, two thousand [fifteen] TWENTY, a taxpayer shall be allowed a 14 credit as hereinafter provided, against the tax imposed by this article, 15 in an amount equal to thirty percent of the amount of credit allowed the 16 taxpayer with respect to a certified historic structure under subsection 17 (a)(2) of section 47 of the federal internal revenue code with respect 18 to a certified historic structure located within the state; provided, 19 however, the credit shall not exceed one hundred thousand dollars. 20 S 2. Paragraph 2 of subsection (pp) of section 606 of the tax law, as 21 added by chapter 547 of the laws of 2006, subparagraphs (A) and (B) as 22 amended by chapter 472 of the laws of 2010, is amended to read as 23 follow: 24 (2) (A) With respect to any particular residence of a taxpayer, the 25 credit allowed under paragraph one of this subsection shall not exceed 26 fifty thousand dollars for taxable years beginning on or after January EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15246-01-2 S. 6945 2 1 first, two thousand ten and before January first, two thousand [fifteen] 2 TWENTY and twenty-five thousand dollars for taxable years beginning on 3 or after January first, two thousand [fifteen] TWENTY. In the case of a 4 husband and wife, the amount of the credit shall be divided between them 5 equally or in such other manner as they may both elect. If a taxpayer 6 incurs qualified rehabilitation expenditures in relation to more than 7 one residence in the same year, the total amount of credit allowed under 8 paragraph one of this subsection for all such expenditures shall not 9 exceed fifty thousand dollars for taxable years beginning on or after 10 January first, two thousand ten and before January first, two thousand 11 [fifteen] TWENTY and twenty-five thousand dollars for taxable years 12 beginning on or after January first, two thousand [fifteen] TWENTY. 13 (B) For taxable years beginning on or after January first, two thou- 14 sand ten and before January first, two thousand [fifteen] TWENTY, if the 15 amount of credit allowable under this subsection shall exceed the 16 taxpayer's tax for such year, and the taxpayer's New York adjusted gross 17 income for such year does not exceed sixty thousand dollars, the excess 18 shall be treated as an overpayment of tax to be credited or refunded in 19 accordance with the provisions of section six hundred eighty-six of this 20 article, provided, however, that no interest shall be paid thereon. If 21 the taxpayer's New York adjusted gross income for such year exceeds 22 sixty thousand dollars, the excess credit that may be carried over to 23 the following year or years and may be deducted from the taxpayer's tax 24 for such year or years. For taxable years beginning on or after January 25 first, two thousand [fifteen] TWENTY, if the amount of credit allowable 26 under this subsection shall exceed the taxpayer's tax for such year, the 27 excess may be carried over to the following year or years and may be 28 deducted from the taxpayer's tax for such year or years. 29 S 3. Subparagraph (A) of paragraph 1 of subdivision 40 of section 210 30 of the tax law, as amended by chapter 472 of the laws of 2010, is 31 amended to read as follow: 32 (A) For taxable years beginning on or after January first, two thou- 33 sand ten and before January first, two thousand [fifteen] TWENTY, a 34 taxpayer shall be allowed a credit as hereinafter provided, against the 35 tax imposed by this article, in an amount equal to one hundred percent 36 of the amount of credit allowed the taxpayer with respect to a certified 37 historic structure under subsection (a) (2) of section 47 of the federal 38 internal revenue code with respect to a certified historic structure 39 located within the state. Provided, however, the credit shall not exceed 40 five million dollars. For taxable years beginning on or after January 41 first, two thousand [fifteen] TWENTY, a taxpayer shall be allowed a 42 credit as hereinafter provided, against the tax imposed by this article, 43 in an amount equal to thirty percent of the amount of credit allowed the 44 taxpayer with respect to a certified historic structure under subsection 45 (a)(2) of section 47 of the federal internal revenue code with respect 46 to a certified historic structure located within the state. Provided, 47 however, the credit shall not exceed one hundred thousand dollars. 48 S 4. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456 49 of the tax law, as added by chapter 472 of the laws of 2010, is amended 50 to read as follows: 51 (A) For taxable years beginning on or after January first, two thou- 52 sand ten and before January first, two thousand [fifteen] TWENTY, a 53 taxpayer shall be allowed a credit as hereinafter provided, against the 54 tax imposed by this article, in an amount equal to one hundred percent 55 of the amount of credit allowed the taxpayer with respect to a certified 56 historic structure under subsection (a)(2) of section 47 of the federal S. 6945 3 1 internal revenue code with respect to a certified historic structure 2 located within the state. Provided, however, the credit shall not exceed 3 five million dollars. For taxable years beginning on or after January 4 first, two thousand [fifteen] TWENTY, a taxpayer shall be allowed a 5 credit as hereinafter provided, against the tax imposed by this article, 6 in an amount equal to thirty percent of the amount of credit allowed the 7 taxpayer with respect to a certified historic structure under subsection 8 (a)(2) of section 47 of the federal internal revenue code with respect 9 to a certified historic structure located within the state. Provided, 10 however, the credit shall not exceed one hundred thousand dollars. 11 S 5. Subparagraph (A) of paragraph 1 of subdivision (y) of section 12 1511 of the tax law, as added by chapter 472 of the laws of 2010, is 13 amended to read as follows: 14 (A) For taxable years beginning on or after January first, two thou- 15 sand ten and before January first, two thousand [fifteen] TWENTY, a 16 taxpayer shall be allowed a credit as hereinafter provided, against the 17 tax imposed by this article, in an amount equal to one hundred percent 18 of the amount of credit allowed the taxpayer with respect to a certified 19 historic structure under subsection (a)(2) of section 47 of the federal 20 internal revenue code with respect to a certified historic structure 21 located within the state. Provided, however, the credit shall not exceed 22 five million dollars. For taxable years beginning on or after January 23 first, two thousand [fifteen] TWENTY, a taxpayer shall be allowed a 24 credit as hereinafter provided, against the tax imposed by this article, 25 in an amount equal to thirty percent of the amount of credit allowed the 26 taxpayer with respect to a certified historic structure under subsection 27 (a)(2) of section 47 of the federal internal revenue code with respect 28 to a certified historic structure located within the state. Provided, 29 however, the credit shall not exceed one hundred thousand dollars. 30 6. This act shall take effect immediately.