Bill Text: NY A04800 | 2019-2020 | General Assembly | Introduced
Bill Title: Increases the maximum award available under the historic preservation tax credit from five million dollars to nine million dollars over a period of two years.
Spectrum: Moderate Partisan Bill (Democrat 6-1)
Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A04800 Detail]
Download: New_York-2019-A04800-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4800 2019-2020 Regular Sessions IN ASSEMBLY February 5, 2019 ___________ Introduced by M. of A. ENGLEBRIGHT, LUPARDO, FAHY, PEOPLES-STOKES, GALEF, OTIS, ASHBY -- read once and referred to the Committee on Ways and Means 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: 1 Section 1. Subparagraph (A) of paragraph 1 of subsection (oo) of 2 section 606 of the tax law, as amended by section 1 of part RR of chap- 3 ter 59 of the laws of 2018, is amended to read as follows: 4 (A) For taxable years beginning on or after January first, two thou- 5 sand ten and before January first, two thousand twenty-five, a taxpayer 6 shall be allowed a credit as hereinafter provided, against the tax 7 imposed by this article, in an amount equal to one hundred percent of 8 the amount of credit allowed the taxpayer with respect to a certified 9 historic structure under internal revenue code section 47(c)(3), deter- 10 mined without regard to ratably allocating the credit over a five year 11 period as required by subsection (a) of such section 47, with respect to 12 a certified historic structure located within the state. Provided, 13 however, the credit shall not exceed [five] seven million dollars in 14 state fiscal year two thousand twenty--two thousand twenty-one and nine 15 million dollars in state fiscal year two thousand twenty-one--two thou- 16 sand twenty-two. For taxable years beginning on or after January first, 17 two thousand twenty-five, a taxpayer shall be allowed a credit as here- 18 inafter provided, against the tax imposed by this article, in an amount 19 equal to thirty percent of the amount of credit allowed the taxpayer 20 with respect to a certified historic structure under internal revenue 21 code section 47(c)(3), determined without regard to ratably allocating 22 the credit over a five year period as required by subsection (a) of such 23 section 47, with respect to a certified historic structure located with- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08490-01-9A. 4800 2 1 in the state; provided, however, the credit shall not exceed one hundred 2 thousand dollars. 3 § 2. Subparagraph (i) of paragraph (a) of subdivision 26 of section 4 210-B of the tax law, as amended by section 2 of part RR of chapter 59 5 of the laws of 2018, is amended to read as follows: 6 (i) For taxable years beginning on or after January first, two thou- 7 sand ten, and before January first, two thousand twenty-five, a taxpayer 8 shall be allowed a credit as hereinafter provided, against the tax 9 imposed by this article, in an amount equal to one hundred percent of 10 the amount of credit allowed the taxpayer for the same taxable year with 11 respect to a certified historic structure under internal revenue code 12 section 47(c)(3), determined without regard to ratably allocating the 13 credit over a five year period as required by subsection (a) of such 14 section 47, with respect to a certified historic structure located with- 15 in the state. Provided, however, the credit shall not exceed [five] 16 seven million dollars in state fiscal year two thousand twenty--two 17 thousand twenty-one and nine million dollars in state fiscal year two 18 thousand twenty-one--two thousand twenty-two. 19 § 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 20 1511 of the tax law, as amended by section 3 of part RR of chapter 59 of 21 the laws of 2018, is amended to read as follows: 22 (A) For taxable years beginning on or after January first, two thou- 23 sand ten and before January first, two thousand twenty-five, a taxpayer 24 shall be allowed a credit as hereinafter provided, against the tax 25 imposed by this article, in an amount equal to one hundred percent of 26 the amount of credit allowed the taxpayer with respect to a certified 27 historic structure under internal revenue code section 47(c)(3), deter- 28 mined without regard to ratably allocating the credit over a five year 29 period as required by subsection (a) of such section 47, with respect to 30 a certified historic structure located within the state. Provided, 31 however, the credit shall not exceed [five] seven million dollars in 32 state fiscal year two thousand twenty--two thousand twenty-one and nine 33 million dollars in state fiscal year two thousand twenty-one--two thou- 34 sand twenty-two. For taxable years beginning on or after January first, 35 two thousand twenty-five, a taxpayer shall be allowed a credit as here- 36 inafter provided, against the tax imposed by this article, in an amount 37 equal to thirty percent of the amount of credit allowed the taxpayer 38 with respect to a certified historic structure under internal revenue 39 code section 47(c)(3), determined without regard to ratably allocating 40 the credit over a five year period as required by subsection (a) of such 41 section 47 with respect to a certified historic structure located within 42 the state. Provided, however, the credit shall not exceed one hundred 43 thousand dollars. 44 § 4. This act shall take effect immediately and shall apply to taxable 45 years beginning on and after January 1, 2019.
