Bill Text: NY S02702 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a credit for the restoration of certain historic properties located in the state for projects with a cost of five million dollars or less.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S02702 Detail]

Download: New_York-2019-S02702-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2702
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 29, 2019
                                       ___________
        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 establishing  a  credit  for
          the restoration of certain historic properties
          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) (i) For taxable years beginning on or  after  January  first,  two
     5  thousand  ten  and  before  January  first,  two thousand twenty-five, a
     6  taxpayer shall be allowed a credit as hereinafter provided, against  the
     7  tax  imposed  by this article, in an amount equal to one hundred percent
     8  of 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 million dollars. For taxable
    14  years beginning on or after January first, two thousand  twenty-five,  a
    15  taxpayer  shall be allowed a credit as hereinafter provided, against the
    16  tax imposed by this article, in an amount equal to thirty percent of the
    17  amount of credit allowed  the  taxpayer  with  respect  to  a  certified
    18  historic  structure under internal revenue code section 47(c)(3), deter-
    19  mined without regard to ratably allocating the credit over a  five  year
    20  period as required by subsection (a) of such section 47, with respect to
    21  a  certified  historic  structure  located  within  the state; provided,
    22  however, the credit shall not exceed one hundred thousand dollars.
    23    (ii) For taxable years beginning on or after January first, two  thou-
    24  sand  twenty,  a  taxpayer  shall  be  allowed  a  credit as hereinafter
    25  provided, against the tax imposed by this article, in an amount equal to
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08727-01-9
        S. 2702                             2
     1  one hundred ten percent of the amount of credit allowed the taxpayer for
     2  the same taxable year with respect to  a  certified  historic  structure
     3  under  internal  revenue code section 47(c)(3), with respect to a certi-
     4  fied historic structure located within the state. Provided, however, the
     5  credit  established pursuant to this clause shall be limited to projects
     6  with a cost of five million dollars or less.
     7    § 2. This act shall take effect immediately and shall apply to taxable
     8  years beginning on or after January 1, 2020.