Bill Text: NY A07298 | 2021-2022 | General Assembly | Introduced

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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) 2022-01-05 - referred to ways and means [A07298 Detail]

Download: New_York-2021-A07298-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7298

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                       May 4, 2021
                                       ___________

        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 CCC of chap-
     3  ter 59 of the laws of 2021, 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, and one hundred fifty percent of the amount of cred-
    10  it allowed the taxpayer with respect to a certified  historic  structure
    11  that  is  a small project, under internal revenue code section 47(c)(3),
    12  determined without regard to ratably allocating the credit over  a  five
    13  year  period  as  required  by  subsection  (a) of such section 47, with
    14  respect to a certified historic  structure  located  within  the  state.
    15  Provided,  however,  the  credit  shall  not exceed [five] seven million
    16  dollars in state   fiscal year  two  thousand  twenty-two--two  thousand
    17  twenty-three and nine  million dollars in state fiscal year two thousand
    18  twenty-three--two   thousand twenty-four. For taxable years beginning on
    19  or after January first, two thousand twenty-five, a  taxpayer  shall  be
    20  allowed  a  credit  as  hereinafter provided, against the tax imposed by
    21  this article, in an amount equal to thirty  percent  of  the  amount  of
    22  credit  allowed the taxpayer with respect to a certified historic struc-
    23  ture under internal revenue code section  47(c)(3),  determined  without
    24  regard  to  ratably  allocating  the  credit  over a five year period as

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07962-02-1
        A. 7298                             2

     1  required by subsection (a) of such section 47, with respect to a  certi-
     2  fied historic structure located within the state; provided, however, the
     3  credit shall not exceed one hundred thousand dollars.
     4    §  2.  Subparagraph  (i) of paragraph (a) of subdivision 26 of section
     5  210-B of the tax law, as amended by section 2 of part CCC of chapter  59
     6  of the laws of 2021, is amended to read as follows:
     7    (i)  For  taxable years beginning on or after January first, two thou-
     8  sand ten, and before January first, two thousand twenty-five, a taxpayer
     9  shall be allowed a credit  as  hereinafter  provided,  against  the  tax
    10  imposed  by  this  article, in an amount equal to one hundred percent of
    11  the amount of credit allowed the taxpayer for the same taxable year with
    12  respect to a certified historic structure, and one hundred fifty percent
    13  of the amount of credit allowed the taxpayer with respect to a certified
    14  historic structure that is a small project, under internal revenue  code
    15  section  47(c)(3),  determined  without regard to ratably allocating the
    16  credit over a five year period as required by  subsection  (a)  of  such
    17  section 47, with respect to a certified historic structure located with-
    18  in  the  state.  Provided,  however,  the credit shall not exceed [five]
    19  seven million dollars in state  fiscal  year  two  thousand  twenty-two-
    20  -two  thousand twenty-three   and   nine million dollars in state fiscal
    21  year two thousand twenty-three--two thousand twenty-four.
    22    § 3. Subparagraph (A) of paragraph 1 of  subdivision  (y)  of  section
    23  1511  of  the tax law, as amended by section 3 of part CCC of chapter 59
    24  of the laws of 2021, is amended to read as follows:
    25    (A) For taxable years beginning on or after January first,  two  thou-
    26  sand  ten and before January first, two thousand twenty-five, a taxpayer
    27  shall be allowed a credit  as  hereinafter  provided,  against  the  tax
    28  imposed  by  this  article, in an amount equal to one hundred percent of
    29  the amount of credit allowed the taxpayer with respect  to  a  certified
    30  historic structure, and one hundred fifty percent of the amount of cred-
    31  it  allowed  the taxpayer with respect to a certified historic structure
    32  that is a small project, under internal revenue code  section  47(c)(3),
    33  determined  without  regard to ratably allocating the credit over a five
    34  year period as required by subsection  (a)  of  such  section  47,  with
    35  respect  to  a  certified  historic  structure located within the state.
    36  Provided, however, the credit shall  not  exceed  [five]  seven  million
    37  dollars in state fiscal year two thousand twenty-two--two thousand twen-
    38  ty-three  and   nine million   dollars in state fiscal year two thousand
    39  twenty-three--two thousand twenty-four. For taxable years  beginning  on
    40  or  after  January  first, two thousand twenty-five, a taxpayer shall be
    41  allowed a credit as hereinafter provided, against  the  tax  imposed  by
    42  this  article,  in  an  amount  equal to thirty percent of the amount of
    43  credit allowed the taxpayer with respect to a certified historic  struc-
    44  ture  under  internal  revenue code section 47(c)(3), determined without
    45  regard to ratably allocating the credit  over  a  five  year  period  as
    46  required  by  subsection (a) of such section 47 with respect to a certi-
    47  fied historic structure located within the state.    Provided,  however,
    48  the credit shall not exceed one hundred thousand dollars.
    49    § 4. This act shall take effect immediately and shall apply to taxable
    50  years beginning on and after January 1, 2021.