Bill Text: NY S04439 | 2021-2022 | General Assembly | Introduced
Bill Title: Relates to the rehabilitation of historic properties tax credit; provides that small projects of two million five hundred thousand dollars or less are entitled to 150% of the amount of credit allowed the taxpayer under the internal revenue code.
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S04439 Detail]
Download: New_York-2021-S04439-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4439 2021-2022 Regular Sessions IN SENATE February 4, 2021 ___________ Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue 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- 18 five, a taxpayer shall be allowed a credit as hereinafter provided, 19 against the tax imposed by this article, in an amount equal to thirty 20 percent of the amount of credit allowed the taxpayer with respect to a 21 certified historic structure under internal revenue code section 22 47(c)(3), determined without regard to ratably allocating the credit 23 over a five year period as required by subsection (a) of such section 24 47, with respect to a certified historic structure located within the EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01183-02-1S. 4439 2 1 state; provided, however, the credit shall not exceed one hundred thou- 2 sand dollars. 3 (6) For purposes of this subsection the term "small project" means 4 qualified rehabilitation expenditures totaling two million five hundred 5 thousand dollars or less. 6 § 2. Subparagraph (i) of paragraph (a) of subdivision 26 of section 7 210-B of the tax law, as amended by section 2 of part RR of chapter 59 8 of the laws of 2018, is amended and a new paragraph (f) is added to read 9 as follows: 10 (i) For taxable years beginning on or after January first, two thou- 11 sand ten, and before January first, two thousand twenty-five, a taxpayer 12 shall be allowed a credit as hereinafter provided, against the tax 13 imposed by this article, in an amount equal to one hundred percent of 14 the amount of credit allowed the taxpayer for the same taxable year with 15 respect to a certified historic structure, and one hundred fifty percent 16 of the amount of credit allowed the taxpayer with respect to a certified 17 historic structure that is a small project, under internal revenue code 18 section 47(c)(3), determined without regard to ratably allocating the 19 credit over a five year period as required by subsection (a) of such 20 section 47, with respect to a certified historic structure located with- 21 in the state. Provided, however, the credit shall not exceed five 22 million dollars. 23 (f) For purposes of this subdivision "small project" means qualified 24 rehabilitation expenditures totaling two million five hundred thousand 25 dollars or less. 26 § 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 27 1511 of the tax law, as amended by section 3 of part RR of chapter 59 of 28 the laws of 2018, is amended and a new paragraph 6 is added to read as 29 follows: 30 (A) For taxable years beginning on or after January first, two thou- 31 sand ten and before January first, two thousand twenty-five, a taxpayer 32 shall be allowed a credit as hereinafter provided, against the tax 33 imposed by this article, in an amount equal to one hundred percent of 34 the amount of credit allowed the taxpayer with respect to a certified 35 historic structure, and one hundred fifty percent of the amount of cred- 36 it allowed the taxpayer with respect to a certified historic structure 37 that is a small project, under internal revenue code section 47(c)(3), 38 determined without regard to ratably allocating the credit over a five 39 year period as required by subsection (a) of such section 47, with 40 respect to a certified historic structure located within the state. 41 Provided, however, the credit shall not exceed five million dollars. For 42 taxable years beginning on or after January first, two thousand twenty- 43 five, a taxpayer shall be allowed a credit as hereinafter provided, 44 against the tax imposed by this article, in an amount equal to thirty 45 percent of the amount of credit allowed the taxpayer with respect to a 46 certified historic structure under internal revenue code section 47 47(c)(3), determined without regard to ratably allocating the credit 48 over a five year period as required by subsection (a) of such section 47 49 with respect to a certified historic structure located within the state. 50 Provided, however, the credit shall not exceed one hundred thousand 51 dollars. 52 (6) For purposes of this subdivision "small project" means qualified 53 rehabilitation expenditures totaling two million five hundred thousand 54 dollars or less. 55 § 4. This act shall take effect immediately and shall apply to taxable 56 years beginning on and after January 1, 2022.
