Bill Text: NY A05760 | 2019-2020 | General Assembly | Amended
Bill Title: Relates to the rehabilitation of historic properties tax credit; and provides that small projects of five million dollars or less are entitled to 150% of the amount of credit allowed the taxpayer under the internal revenue code.
Spectrum: Moderate Partisan Bill (Democrat 11-3)
Status: (Introduced - Dead) 2020-01-13 - print number 5760c [A05760 Detail]
Download: New_York-2019-A05760-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5760--C 2019-2020 Regular Sessions IN ASSEMBLY February 15, 2019 ___________ Introduced by M. of A. WOERNER, LUPARDO, FAHY, OTIS, ENGLEBRIGHT, D'URSO, ARROYO, SMULLEN, BRABENEC, McDONALD, HUNTER, MAGNARELLI -- Multi-Sponsored by -- M. of A. SCHIMMINGER, WALSH -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amendments, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to the rehabilitation of historic properties 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 and a new paragraph 6 is added to 4 read as follows: 5 (A) For taxable years beginning on or after January first, two thou- 6 sand ten and before January first, two thousand twenty-five, a taxpayer 7 shall be allowed a credit as hereinafter provided, against the tax 8 imposed by this article, in an amount equal to one hundred percent of 9 the amount of credit allowed the taxpayer with respect to a certified 10 historic structure, and one hundred fifty percent of the amount of cred- 11 it allowed the taxpayer with respect to a certified historic structure 12 that is a small project, under internal revenue code section 47(c)(3), 13 determined without regard to ratably allocating the credit over a five 14 year period as required by subsection (a) of such section 47, with 15 respect to a certified historic structure located within the state. 16 Provided, however, the credit shall not exceed five million dollars. For 17 taxable years beginning on or after January first, two thousand twenty- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09259-11-0A. 5760--C 2 1 five, a taxpayer shall be allowed a credit as hereinafter provided, 2 against the tax imposed by this article, in an amount equal to thirty 3 percent of the amount of credit allowed the taxpayer with respect to a 4 certified historic structure under internal revenue code section 5 47(c)(3), determined without regard to ratably allocating the credit 6 over a five year period as required by subsection (a) of such section 7 47, with respect to a certified historic structure located within the 8 state; provided, however, the credit shall not exceed one hundred thou- 9 sand dollars. 10 (6) For purposes of this subsection the term "small project" means 11 qualified rehabilitation expenditures totaling five million dollars or 12 less. 13 § 2. Subparagraph (i) of paragraph (a) of subdivision 26 of section 14 210-B of the tax law, as amended by section 2 of part RR of chapter 59 15 of the laws of 2018, is amended and a new paragraph (f) is added to read 16 as follows: 17 (i) For taxable years beginning on or after January first, two thou- 18 sand ten, and before January first, two thousand twenty-five, a taxpayer 19 shall be allowed a credit as hereinafter provided, against the tax 20 imposed by this article, in an amount equal to one hundred percent of 21 the amount of credit allowed the taxpayer for the same taxable year with 22 respect to a certified historic structure, and one hundred fifty percent 23 of the amount of credit allowed the taxpayer with respect to a certified 24 historic structure that is a small project, under internal revenue code 25 section 47(c)(3), determined without regard to ratably allocating the 26 credit over a five year period as required by subsection (a) of such 27 section 47, with respect to a certified historic structure located with- 28 in the state. Provided, however, the credit shall not exceed five 29 million dollars. 30 (f) For purposes of this subdivision "small project" means qualified 31 rehabilitation expenditures totaling five million dollars or less. 32 § 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 33 1511 of the tax law, as amended by section 3 of part RR of chapter 59 of 34 the laws of 2018, is amended and a new paragraph 6 is added to read as 35 follows: 36 (A) For taxable years beginning on or after January first, two thou- 37 sand ten and before January first, two thousand twenty-five, a taxpayer 38 shall be allowed a credit as hereinafter provided, against the tax 39 imposed by this article, in an amount equal to one hundred percent of 40 the amount of credit allowed the taxpayer with respect to a certified 41 historic structure, and one hundred fifty percent of the amount of cred- 42 it allowed the taxpayer with respect to a certified historic structure 43 that is a small project, under internal revenue code section 47(c)(3), 44 determined without regard to ratably allocating the credit over a five 45 year period as required by subsection (a) of such section 47, with 46 respect to a certified historic structure located within the state. 47 Provided, however, the credit shall not exceed five million dollars. For 48 taxable years beginning on or after January first, two thousand twenty- 49 five, a taxpayer shall be allowed a credit as hereinafter provided, 50 against the tax imposed by this article, in an amount equal to thirty 51 percent of the amount of credit allowed the taxpayer with respect to a 52 certified historic structure under internal revenue code section 53 47(c)(3), determined without regard to ratably allocating the credit 54 over a five year period as required by subsection (a) of such section 47 55 with respect to a certified historic structure located within the state.A. 5760--C 3 1 Provided, however, the credit shall not exceed one hundred thousand 2 dollars. 3 (6) For purposes of this subdivision "small project" means qualified 4 rehabilitation expenditures totaling five million dollars or less. 5 § 4. This act shall take effect immediately and shall apply to taxable 6 years beginning on and after January 1, 2021.