Bill Text: NY S01295 | 2015-2016 | General Assembly | Amended

New York Senate Bill 1295 (Prior Session Legislation)

Bill Title: Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.

Spectrum: Slight Partisan Bill (Republican 4-2)

Status: (Engrossed - Dead) 2016-06-01 - referred to ways and means [S01295 Detail]

Download: New_York-2015-S01295-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         1295--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                     January 9, 2015
                                       ___________
        Introduced  by  Sens.  RANZENHOFER,  FELDER, FUNKE, LARKIN, PANEPINTO --
          read twice and ordered printed, and when printed to  be  committed  to
          the Committee on Investigations and Government Operations -- recommit-
          ted  to  the  Committee on Investigations and Government Operations in
          accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee
        AN ACT to amend the tax  law,  in  relation  to  establishing  a  credit
          against  income  tax  for  the rehabilitation of distressed commercial
          properties
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  606  of  the  tax law is amended by adding a new
     2  subsection (ccc) to read as follows:
     3    (ccc) Credit for rehabilitation of distressed  commercial  properties.
     4  (1)  For taxable years beginning on or after January first, two thousand
     5  sixteen, a taxpayer shall be allowed a credit as  hereinafter  provided,
     6  against  the  tax  imposed by this article, in an amount equal to thirty
     7  percent of the qualified rehabilitation expenditures made by the taxpay-
     8  er with respect to a qualified distressed commercial property. Provided,
     9  however, the credit shall not exceed one hundred thousand dollars.
    10    (2) Tax credits allowed pursuant to this subsection shall  be  allowed
    11  in the taxable year in which the property is deemed a certified rehabil-
    12  itation.
    13    (3)  If  the  amount of the credit allowable under this subsection for
    14  any taxable year shall exceed the taxpayer's  tax  for  such  year,  the
    15  excess  may  be  carried over to the following year or years, and may be
    16  applied against the taxpayer's tax for such year or years, but shall not
    17  exceed twenty-five thousand dollars.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02088-02-6