Bill Text: NY S07928 | 2019-2020 | General Assembly | Introduced
Bill Title: Increases the maximum award available under the historic preservation tax credit from five million dollars to nine million dollars over a period of two years.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2020-03-03 - REFERRED TO BUDGET AND REVENUE [S07928 Detail]
Download: New_York-2019-S07928-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7928 IN SENATE March 3, 2020 ___________ 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 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 section 1 of part RR of chap- 3 ter 59 of the laws of 2018, 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 twenty-five, 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 internal revenue code section 47(c)(3), deter- 10 mined without regard to ratably allocating the credit over a five year 11 period as required by subsection (a) of such section 47, with respect to 12 a certified historic structure located within the state. Provided, 13 however, the credit shall not exceed [five] seven million dollars in 14 state fiscal year two thousand twenty--two thousand twenty-one and nine 15 million dollars in state fiscal year two thousand twenty-one--two thou- 16 sand twenty-two. For taxable years beginning on or after January first, 17 two thousand twenty-five, a taxpayer shall be allowed a credit as here- 18 inafter provided, against the tax imposed by this article, in an amount 19 equal to thirty percent of the amount of credit allowed the taxpayer 20 with respect to a certified historic structure under internal revenue 21 code section 47(c)(3), determined without regard to ratably allocating 22 the credit over a five year period as required by subsection (a) of such 23 section 47, with respect to a certified historic structure located with- 24 in the state; provided, however, the credit shall not exceed one hundred 25 thousand dollars. 26 § 2. Subparagraph (i) of paragraph (a) of subdivision 26 of section 27 210-B of the tax law, as amended by section 2 of part RR of chapter 59 28 of the laws of 2018, is amended to read as follows: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08490-01-9S. 7928 2 1 (i) For taxable years beginning on or after January first, two thou- 2 sand ten, and before January first, two thousand twenty-five, a taxpayer 3 shall be allowed a credit as hereinafter provided, against the tax 4 imposed by this article, in an amount equal to one hundred percent of 5 the amount of credit allowed the taxpayer for the same taxable year with 6 respect to a certified historic structure under internal revenue code 7 section 47(c)(3), determined without regard to ratably allocating the 8 credit over a five year period as required by subsection (a) of such 9 section 47, with respect to a certified historic structure located with- 10 in the state. Provided, however, the credit shall not exceed [five] 11 seven million dollars in state fiscal year two thousand twenty--two 12 thousand twenty-one and nine million dollars in state fiscal year two 13 thousand twenty-one--two thousand twenty-two. 14 § 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 15 1511 of the tax law, as amended by section 3 of part RR of chapter 59 of 16 the laws of 2018, is amended to read as follows: 17 (A) For taxable years beginning on or after January first, two thou- 18 sand ten and before January first, two thousand twenty-five, a taxpayer 19 shall be allowed a credit as hereinafter provided, against the tax 20 imposed by this article, in an amount equal to one hundred percent of 21 the amount of credit allowed the taxpayer with respect to a certified 22 historic structure under internal revenue code section 47(c)(3), deter- 23 mined without regard to ratably allocating the credit over a five year 24 period as required by subsection (a) of such section 47, with respect to 25 a certified historic structure located within the state. Provided, 26 however, the credit shall not exceed [five] seven million dollars in 27 state fiscal year two thousand twenty--two thousand twenty-one and nine 28 million dollars in state fiscal year two thousand twenty-one--two thou- 29 sand twenty-two. For taxable years beginning on or after January first, 30 two thousand twenty-five, a taxpayer shall be allowed a credit as here- 31 inafter provided, against the tax imposed by this article, in an amount 32 equal to thirty percent of the amount of credit allowed the taxpayer 33 with respect to a certified historic structure under internal revenue 34 code section 47(c)(3), determined without regard to ratably allocating 35 the credit over a five year period as required by subsection (a) of such 36 section 47 with respect to a certified historic structure located within 37 the state. Provided, however, the credit shall not exceed one hundred 38 thousand dollars. 39 § 4. This act shall take effect immediately and shall apply to taxable 40 years beginning on and after January 1, 2019.