Bill Text: NY S07557 | 2011-2012 | General Assembly | Introduced
Bill Title: Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2012-06-14 - referred to ways and means [S07557 Detail]
Download: New_York-2011-S07557-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 7557 I N S E N A T E June 4, 2012 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT in relation to qualifying a certain parcel of land located in the city of Syracuse, county of Onondaga for a tax credit for rehabili- tation of historic property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Notwithstanding any provision of subsection (oo) of section 2 606 of the tax law or any other provision of law to the contrary, the 3 owners of all that tract or parcel of land situate in the city of Syra- 4 cuse, county of Onondaga, located at 409 and 419-421 Stolp Avenue, 5 otherwise known and distinguished as section 87, block 12, lots 113, 114 6 and 115 of the Stolp Addition and commonly known as the "Huntley Apart- 7 ments", shall qualify for a tax credit for rehabilitation of historic 8 real property. 9 For taxable years before January 1, 2015, the owners of all that tract 10 or parcel of land described above shall be allowed a credit as herein- 11 after provided, against the tax imposed by article 22 of the tax law, in 12 an amount equal to one hundred percent of the amount of credit allowed 13 the taxpayer with respect to a certified historic structure under 14 subsection (a) (2) of section 47 of the federal internal revenue code 15 with 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 1, 2015, the owners of all 18 that tract or parcel of land described above shall be allowed a credit 19 as hereinafter provided, against the tax imposed by article 22 of the 20 tax law, in an amount equal to thirty percent of the amount of credit 21 allowed the taxpayer with respect to a certified historic structure 22 under subsection (a)(2) of section 47 of the federal internal revenue 23 code with respect to a certified historic structure located within the 24 state; provided, however, the credit shall not exceed one hundred thou- 25 sand dollars. Tax credits allowed pursuant to this section shall be EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14821-01-2 S. 7557 2 1 allowed in the taxable year that the qualified rehabilitation is placed 2 in service under section 167 of the federal internal revenue code. 3 If the taxpayer is a partner in a partnership or a shareholder of a 4 New York S corporation, then the credit cap imposed by this section 5 shall be applied at the entity level, so that the aggregate credit 6 allowed to all the partners or shareholders of each such entity in the 7 taxable year does not exceed the credit cap that is applicable in that 8 taxable year. 9 If the credit allowed the taxpayer pursuant to section 47 of the 10 internal revenue code with respect to a qualified rehabilitation is 11 recaptured pursuant to subsection (a) of section 50 of the internal 12 revenue code, a portion of the credit allowed under this section must be 13 added back in the same taxable year and in the same proportion as the 14 federal recapture. If the amount of the credit allowable under this 15 section for any taxable year shall exceed the taxpayer's tax for such 16 year, the excess may be carried over to the following year or years, and 17 may be applied against the taxpayer's tax for such year or years. 18 S 2. This act shall take effect immediately.