Bill Text: NY S06134 | 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: Bipartisan Bill
Status: (Vetoed) 2012-12-17 - VETOED MEMO.183 [S06134 Detail]
Download: New_York-2011-S06134-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6134 I N S E N A T E (PREFILED) January 4, 2012 ___________ Introduced by Sen. GRISANTI -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13898-01-2 S. 6134 2 1 the amount of credit allowed the taxpayer with respect to a certified 2 historic structure under subsection (a) (2) of section 47 of the federal 3 internal revenue code with respect to a certified historic structure 4 located within the state. Provided, however, the credit shall not exceed 5 [five] TWELVE million dollars. For taxable years beginning on or after 6 January first, two thousand fifteen, a taxpayer shall be allowed a cred- 7 it as hereinafter provided, against the tax imposed by this article, in 8 an amount equal to thirty percent of the amount of credit allowed the 9 taxpayer with respect to a certified historic structure under subsection 10 (a)(2) of section 47 of the federal internal revenue code with respect 11 to a certified historic structure located within the state. Provided, 12 however, the credit shall not exceed one hundred thousand dollars. 13 S 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456 14 of the tax law, as added by chapter 472 of the laws of 2010, is amended 15 to read as follows: 16 (A) For taxable years beginning on or after January first, two thou- 17 sand ten and before January first, two thousand fifteen, a taxpayer 18 shall be allowed a credit as hereinafter provided, against the tax 19 imposed by this article, in an amount equal to one hundred percent of 20 the amount of credit allowed the taxpayer with respect to a certified 21 historic structure under subsection (a)(2) of section 47 of the federal 22 internal revenue code with respect to a certified historic structure 23 located within the state. Provided, however, the credit shall not exceed 24 [five] TWELVE million dollars. For taxable years beginning on or after 25 January first, two thousand fifteen, a taxpayer shall be allowed a cred- 26 it as hereinafter provided, against the tax imposed by this article, in 27 an amount equal to thirty percent of the amount of credit allowed the 28 taxpayer with respect to a certified historic structure under subsection 29 (a)(2) of section 47 of the federal internal revenue code with respect 30 to a certified historic structure located within the state. Provided, 31 however, the credit shall not exceed one hundred thousand dollars. 32 S 4. Subparagraph (A) of paragraph (1) of subdivision (y) of section 33 1511 of the tax law, as added by chapter 472 of the laws of 2010, is 34 amended to read as follows: 35 (A) For taxable years beginning on or after January first, two thou- 36 sand ten and before January first, two thousand fifteen, a taxpayer 37 shall be allowed a credit as hereinafter provided, against the tax 38 imposed by this article, in an amount equal to one hundred percent of 39 the amount of credit allowed the taxpayer with respect to a certified 40 historic structure under subsection (a)(2) of section 47 of the federal 41 internal revenue code with respect to a certified historic structure 42 located within the state. Provided, however, the credit shall not exceed 43 [five] TWELVE million dollars. For taxable years beginning on or after 44 January first, two thousand fifteen, a taxpayer shall be allowed a cred- 45 it as hereinafter provided, against the tax imposed by this article, in 46 an amount equal to thirty percent of the amount of credit allowed the 47 taxpayer with respect to a certified historic structure under subsection 48 (a)(2) of section 47 of the federal internal revenue code with respect 49 to a certified historic structure located within the state. Provided, 50 however, the credit shall not exceed one hundred thousand dollars. 51 S 5. This act shall take effect immediately and shall apply to taxable 52 years beginning on and after January 1, 2012.