Bill Text: NY A09110 | 2011-2012 | General Assembly | Introduced
Bill Title: Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Introduced - Dead) 2012-06-19 - substituted by s6134 [A09110 Detail]
Download: New_York-2011-A09110-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 9110 I N A S S E M B L Y January 25, 2012 ___________ Introduced by M. of A. ENGLEBRIGHT -- 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 chapter 472 of the laws of 3 2010, 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 fifteen, 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 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] TWELVE million dollars. For taxable years beginning on or after 13 January first, two thousand fifteen, a taxpayer shall be allowed a cred- 14 it as hereinafter provided, against the tax imposed by this article, in 15 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. Subparagraph (A) of paragraph 1 of subdivision 40 of section 210 21 of the tax law, as amended by chapter 472 of the laws of 2010, is 22 amended to read as follows: 23 (A) For taxable years beginning on or after January first, two thou- 24 sand ten and before January first, two thousand fifteen, a taxpayer 25 shall be allowed a credit as hereinafter provided, against the tax 26 imposed by this article, in an amount equal to one hundred percent of 27 the amount of credit allowed the taxpayer with respect to a certified 28 historic structure under subsection (a) (2) of section 47 of the federal EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13898-01-2 A. 9110 2 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] TWELVE million dollars. For taxable years beginning on or after 4 January first, two thousand fifteen, a taxpayer shall be allowed a cred- 5 it as hereinafter provided, against the tax imposed by this article, in 6 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 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456 12 of the tax law, as added by chapter 472 of the laws of 2010, is amended 13 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, a taxpayer 16 shall be allowed a credit as hereinafter provided, against the tax 17 imposed by this article, in an amount equal to one hundred percent of 18 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] TWELVE million dollars. For taxable years beginning on or after 23 January first, two thousand fifteen, a taxpayer shall be allowed a cred- 24 it as hereinafter provided, against the tax imposed by this article, in 25 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 S 4. Subparagraph (A) of paragraph (1) of subdivision (y) of section 31 1511 of the tax law, as added by chapter 472 of the laws of 2010, is 32 amended to read as follows: 33 (A) For taxable years beginning on or after January first, two thou- 34 sand ten and before January first, two thousand fifteen, a taxpayer 35 shall be allowed a credit as hereinafter provided, against the tax 36 imposed by this article, in an amount equal to one hundred percent of 37 the amount of credit allowed the taxpayer with respect to a certified 38 historic structure under subsection (a)(2) of section 47 of the federal 39 internal revenue code with respect to a certified historic structure 40 located within the state. Provided, however, the credit shall not exceed 41 [five] TWELVE million dollars. For taxable years beginning on or after 42 January first, two thousand fifteen, a taxpayer shall be allowed a cred- 43 it as hereinafter provided, against the tax imposed by this article, in 44 an amount equal to thirty percent of the amount of credit allowed the 45 taxpayer with respect to a certified historic structure under subsection 46 (a)(2) of section 47 of the federal internal revenue code with respect 47 to a certified historic structure located within the state. Provided, 48 however, the credit shall not exceed one hundred thousand dollars. 49 S 5. This act shall take effect immediately and shall apply to taxable 50 years beginning on and after January 1, 2012.