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. LBD13530-01-9A. 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.