Bill Text: NY A08491 | 2019-2020 | General Assembly | Introduced


Bill Title: Provides for the transferability of the rehabilitation of historic properties tax credit.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced) 2019-08-07 - referred to ways and means [A08491 Detail]

Download: New_York-2019-A08491-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          8491

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                     August 7, 2019
                                       ___________

        Introduced  by M. of A. WOERNER -- read once and referred to the Commit-
          tee on Ways and Means

        AN ACT to amend the tax law, in relation to the transferability  of  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. Subsection (oo) of section 606 of the tax law,  is  amended
     2  by adding a new paragraph 6 to read as follows:
     3    (6)(a)  A  taxpayer  allowed  a credit pursuant to this subsection may
     4  transfer the credit, in whole or in part, to another person  or  entity,
     5  who shall be referred to as the transferee, with respect to the rehabil-
     6  itated  historic building may be allocated and notwithstanding that such
     7  other person or entity owns no interest in  the  rehabilitated  historic
     8  building or in an entity with an ownership interest in the rehabilitated
     9  historic  building.   Transferees shall be entitled to apply transferred
    10  credit to a tax imposed under article nine-A, twenty-two or thirty-three
    11  of this chapter, provided all requirements for claiming the  credit  are
    12  met.  A  transferee  may  not  transfer  any credit, or portion thereof,
    13  acquired by transfer.
    14    (b) A taxpayer allowed a credit pursuant to this  article  must  enter
    15  into a transfer contract with the transferee. The transfer contract must
    16  specify  (i)  the  building  identification  numbers  for  rehabilitated
    17  historic buildings in the project;  (ii)  the  date  such  rehabilitated
    18  historic  building  was placed into service; (iii) the five year compli-
    19  ance period for the project; (iv) the schedule of years  for  which  the
    20  transfer  credit  may  be  claimed  and  the amount of credit previously
    21  claimed; (v) the amount of consideration received by  the  taxpayer  for
    22  the transfer credit; and (vi) the amount of credit being transferred.
    23    (c) No transfer shall be effective unless the taxpayer allowed a cred-
    24  it  pursuant to this subsection and seeking to transfer the credit files
    25  a transfer statement with the  commissioner  of  parks,  recreation  and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13530-01-9

        A. 8491                             2

     1  historic  preservation prior to the transfer and he or she approves such
     2  transfer. The transfer statement shall  provide  the  name  and  federal
     3  identification numbers of the filing transferor and the taxpayer to whom
     4  the  filing  transferor transferred the credit, and the amount of credit
     5  transferred to each such person  or  entity.  A  copy  of  the  transfer
     6  contract  shall  be  attached  to  the transfer statement. The statement
     7  shall also contain such other information as the commissioner of  parks,
     8  recreation  and  historic  preservation may require. After reviewing the
     9  transfer contract and the transfer statement, the commissioner of parks,
    10  recreation and historic preservation shall approve or deny the  transfer
    11  as provided in this subsection. If the commissioner of parks, recreation
    12  and  historic  preservation approves the transfer, he or she shall issue
    13  an approval statement that provides  the  name  of  the  transferor  and
    14  transferee, the amount of credit being transferred and such other infor-
    15  mation  as  the commissioner of parks, recreation and historic preserva-
    16  tion and the commissioner  deem  necessary.  A  copy  of  the  statement
    17  approved by the commissioner of parks, recreation and historic preserva-
    18  tion must be attached to the transferee's tax return. If the commission-
    19  er  of  parks, recreation and historic preservation denies the transfer,
    20  he or she shall provide the taxpayer a written  determination  for  such
    21  denial. The commissioner of parks, recreation and historic preservation,
    22  in  consultation  with the commissioner, may establish such other proce-
    23  dures and standards deemed necessary  for  the  transferability  of  the
    24  rehabilitation tax credit.
    25    (d)  The  commissioner  of parks, recreation and historic preservation
    26  shall forward copies of all transfer statements and attachments  thereto
    27  and  approval  statements to the department within thirty days after the
    28  transfer is approved  by  the  commissioner  of  parks,  recreation  and
    29  historic preservation.
    30    (e)  The  taxpayer  that  originally  received the credit shall remain
    31  solely liable for all obligations and liabilities imposed on the taxpay-
    32  er with respect to the credit, none of which shall apply to a  party  to
    33  whom the credit has been subsequently transferred.
    34    § 2. This act shall take effect immediately and shall apply to taxable
    35  years beginning on and after January 1, 2020.
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