Bill Text: NY S03645 | 2019-2020 | General Assembly | Amended

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Bill Title: Relates to the rehabilitation of historic properties tax credit; and provides that small projects of five million dollars or less are entitled to 150% of the amount of credit allowed the taxpayer under the internal revenue code.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Engrossed - Dead) 2020-01-08 - PRINT NUMBER 3645B [S03645 Detail]

Download: New_York-2019-S03645-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         3645--B

                               2019-2020 Regular Sessions

                    IN SENATE

                                    February 11, 2019
                                       ___________

        Introduced  by Sens. KENNEDY, KAPLAN, METZGER, SERRANO -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Budget  and  Revenue  --  committee  discharged, bill amended, ordered
          reprinted as amended and recommitted to said committee --  recommitted
          to  the Committee on Budget and Revenue in accordance with Senate Rule
          6, sec. 8 -- committee discharged, bill amended, ordered reprinted  as
          amended and recommitted to said committee

        AN  ACT  to  amend  the  tax  law,  in relation to 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.  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 and a new paragraph 6 is added to
     4  read as follows:
     5    (A)  For  taxable years beginning on or after January first, two thou-
     6  sand ten and before January first, two thousand twenty-five, a  taxpayer
     7  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
     8  imposed by this article, in an amount equal to one  hundred  percent  of
     9  the  amount  of  credit allowed the taxpayer with respect to a certified
    10  historic structure, and one hundred fifty percent of the amount of cred-
    11  it allowed the taxpayer with respect to a certified  historic  structure
    12  that  is  a small project, under internal revenue code section 47(c)(3),
    13  determined without regard to ratably allocating the credit over  a  five
    14  year  period  as  required  by  subsection  (a) of such section 47, with
    15  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 first, two thousand twenty-
    18  five, a taxpayer shall be allowed  a  credit  as  hereinafter  provided,
    19  against  the  tax  imposed by this article, in an amount equal to thirty
    20  percent of the amount of credit allowed the taxpayer with respect  to  a
    21  certified   historic  structure  under  internal  revenue  code  section
    22  47(c)(3), determined without regard to  ratably  allocating  the  credit
    23  over  a  five  year period as required by subsection (a) of such section

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09259-09-9
        S. 3645--B                          2

     1  47, with respect to a certified historic structure  located  within  the
     2  state;  provided, however, the credit shall not exceed one hundred thou-
     3  sand dollars.
     4    (6)  For  purposes  of  this subsection the term "small project" means
     5  qualified rehabilitation expenditures totaling five million  dollars  or
     6  less.
     7    §  2.  Subparagraph  (i) of paragraph (a) of subdivision 26 of section
     8  210-B of the tax law, as amended by section 2 of part RR of  chapter  59
     9  of the laws of 2018, is amended and a new paragraph (f) is added to read
    10  as follows:
    11    (i)  For  taxable years beginning on or after January first, two thou-
    12  sand ten, and before January first, two thousand twenty-five, a taxpayer
    13  shall be allowed a credit  as  hereinafter  provided,  against  the  tax
    14  imposed  by  this  article, in an amount equal to one hundred percent of
    15  the amount of credit allowed the taxpayer for the same taxable year with
    16  respect to a certified historic structure, and one hundred fifty percent
    17  of the amount of credit allowed the taxpayer with respect to a certified
    18  historic structure that is a small project, under internal revenue  code
    19  section  47(c)(3),  determined  without regard to ratably allocating the
    20  credit over a five year period as required by  subsection  (a)  of  such
    21  section 47, with respect to a certified historic structure located with-
    22  in  the  state.  Provided,  however,  the  credit  shall not exceed five
    23  million dollars.
    24    (f) For purposes of this subdivision "small project"  means  qualified
    25  rehabilitation expenditures totaling five million dollars or less.
    26    §  3.  Subparagraph  (A)  of paragraph 1 of subdivision (y) of section
    27  1511 of the tax law, as amended by section 3 of part RR of chapter 59 of
    28  the laws of 2018, is amended and a new paragraph 6 is added to  read  as
    29  follows:
    30    (A)  For  taxable years beginning on or after January first, two thou-
    31  sand ten and before January first, two thousand twenty-five, a  taxpayer
    32  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
    33  imposed by this article, in an amount equal to one  hundred  percent  of
    34  the  amount  of  credit allowed the taxpayer with respect to a certified
    35  historic structure, and one hundred fifty percent of the amount of cred-
    36  it allowed the taxpayer with respect to a certified  historic  structure
    37  that  is  a small project, under internal revenue code section 47(c)(3),
    38  determined without regard to ratably allocating the credit over  a  five
    39  year  period  as  required  by  subsection  (a) of such section 47, with
    40  respect to a certified historic  structure  located  within  the  state.
    41  Provided, however, the credit shall not exceed five million dollars. For
    42  taxable  years beginning on or after January first, two thousand twenty-
    43  five, a taxpayer shall be allowed  a  credit  as  hereinafter  provided,
    44  against  the  tax  imposed by this article, in an amount equal to thirty
    45  percent of the amount of credit allowed the taxpayer with respect  to  a
    46  certified   historic  structure  under  internal  revenue  code  section
    47  47(c)(3), determined without regard to  ratably  allocating  the  credit
    48  over a five year period as required by subsection (a) of such section 47
    49  with respect to a certified historic structure located within the state.
    50  Provided,  however,  the  credit  shall  not exceed one hundred thousand
    51  dollars.
    52    (6) For purposes of this subdivision "small project"  means  qualified
    53  rehabilitation expenditures totaling five million dollars or less.
    54    § 4. This act shall take effect immediately and shall apply to taxable
    55  years beginning on and after January 1, 2020.