Bill Text: NY S06134 | 2011-2012 | General Assembly | Introduced


Bill Title: Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars.

Spectrum: Bipartisan Bill

Status: (Vetoed) 2012-12-17 - VETOED MEMO.183 [S06134 Detail]

Download: New_York-2011-S06134-Introduced.html
                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6134
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 4, 2012
                                      ___________
       Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       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 chapter 472  of  the  laws  of
    3  2010, 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  fifteen,  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 subsection (a) (2) of section 47 of the federal
   10  internal revenue code with respect to  a  certified  historic  structure
   11  located within the state. Provided, however, the credit shall not exceed
   12  [five]  TWELVE  million dollars. For taxable years beginning on or after
   13  January first, two thousand fifteen, a taxpayer shall be allowed a cred-
   14  it as hereinafter provided, against the tax imposed by this article,  in
   15  an  amount  equal  to thirty percent of the amount of credit allowed the
   16  taxpayer with respect to a certified historic structure under subsection
   17  (a)(2) of section 47 of the federal internal revenue code  with  respect
   18  to  a  certified  historic structure located within the state; provided,
   19  however, the credit shall not exceed one hundred thousand dollars.
   20    S 2. Subparagraph (A) of paragraph 1 of subdivision 40 of section  210
   21  of  the  tax  law,  as  amended  by  chapter 472 of the laws of 2010, is
   22  amended to read as follows:
   23    (A) For taxable years beginning on or after January first,  two  thou-
   24  sand  ten  and  before  January  first, two thousand fifteen, a taxpayer
   25  shall be allowed a credit  as  hereinafter  provided,  against  the  tax
   26  imposed  by  this  article, in an amount equal to one hundred percent of
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13898-01-2
       S. 6134                             2
    1  the amount of credit allowed the taxpayer with respect  to  a  certified
    2  historic structure under subsection (a) (2) of section 47 of the federal
    3  internal  revenue  code  with  respect to a certified historic structure
    4  located within the state. Provided, however, the credit shall not exceed
    5  [five]  TWELVE  million dollars. For taxable years beginning on or after
    6  January first, two thousand fifteen, a taxpayer shall be allowed a cred-
    7  it as hereinafter provided, against the tax imposed by this article,  in
    8  an  amount  equal  to thirty percent of the amount of credit allowed the
    9  taxpayer with respect to a certified historic structure under subsection
   10  (a)(2) of section 47 of the federal internal revenue code  with  respect
   11  to  a  certified  historic structure located within the state. Provided,
   12  however, the credit shall not exceed one hundred thousand dollars.
   13    S 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
   14  of the tax law, as added by chapter 472 of the laws of 2010, is  amended
   15  to read as follows:
   16    (A)  For  taxable years beginning on or after January first, two thou-
   17  sand ten and before January first,  two  thousand  fifteen,  a  taxpayer
   18  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
   19  imposed by this article, in an amount equal to one  hundred  percent  of
   20  the  amount  of  credit allowed the taxpayer with respect to a certified
   21  historic structure under subsection (a)(2) of section 47 of the  federal
   22  internal  revenue  code  with  respect to a certified historic structure
   23  located within the state. Provided, however, the credit shall not exceed
   24  [five] TWELVE million dollars. For taxable years beginning on  or  after
   25  January first, two thousand fifteen, a taxpayer shall be allowed a cred-
   26  it  as hereinafter provided, against the tax imposed by this article, in
   27  an amount equal to thirty percent of the amount of  credit  allowed  the
   28  taxpayer with respect to a certified historic structure under subsection
   29  (a)(2)  of  section 47 of the federal internal revenue code with respect
   30  to a certified historic structure located within  the  state.  Provided,
   31  however, the credit shall not exceed one hundred thousand dollars.
   32    S  4.  Subparagraph (A) of paragraph (1) of subdivision (y) of section
   33  1511 of the tax law, as added by chapter 472 of the  laws  of  2010,  is
   34  amended to read as follows:
   35    (A)  For  taxable years beginning on or after January first, two thou-
   36  sand ten and before January first,  two  thousand  fifteen,  a  taxpayer
   37  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
   38  imposed by this article, in an amount equal to one  hundred  percent  of
   39  the  amount  of  credit allowed the taxpayer with respect to a certified
   40  historic structure under subsection (a)(2) of section 47 of the  federal
   41  internal  revenue  code  with  respect to a certified historic structure
   42  located within the state. Provided, however, the credit shall not exceed
   43  [five] TWELVE million dollars. For taxable years beginning on  or  after
   44  January first, two thousand fifteen, a taxpayer shall be allowed a cred-
   45  it  as hereinafter provided, against the tax imposed by this article, in
   46  an amount equal to thirty percent of the amount of  credit  allowed  the
   47  taxpayer with respect to a certified historic structure under subsection
   48  (a)(2)  of  section 47 of the federal internal revenue code with respect
   49  to a certified historic structure located within  the  state.  Provided,
   50  however, the credit shall not exceed one hundred thousand dollars.
   51    S 5. This act shall take effect immediately and shall apply to taxable
   52  years beginning on and after January 1, 2012.
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