S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         4364

                              2009-2010 Regular Sessions

                                 I N  A S S E M B L Y

                                   February 3, 2009
                                      ___________

       Introduced  by  M. of A. FITZPATRICK, MOLINARO, TEDISCO, BACALLES, KOLB,
         RABBITT -- Multi-Sponsored by -- M. of  A.  BARCLAY,  BURLING,  CONTE,
         CROUCH, ERRIGO, FINCH, GIGLIO, HAYES, McDONOUGH, O'MARA, RAIA, SALADI-
         NO,  SCOZZAFAVA,  THIELE -- read once and referred to the Committee on
         Ways and Means

       AN ACT to amend the tax law, in relation to the definition of  qualified
         historic home for the purposes of the historic homeownership rehabili-
         tation 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  5  of  subsection  (pp)  of
    2  section 606 of the tax law, as added by chapter 547 of the laws of 2006,
    3  is amended to read as follows:
    4    (A)  The  term  "qualified  historic home" means, for purposes of this
    5  subsection, a certified  historic  structure  located  within  New  York
    6  state:
    7    (i) which has been substantially rehabilitated,
    8    (ii)  which,  or  any portion of which, is owned, in whole or part, by
    9  the taxpayer,
   10    (iii) in which the taxpayer resides during the taxable year  in  which
   11  the taxpayer is allowed a credit under this subsection, and
   12    (iv)  which  is  [in whole or in part a targeted area residence within
   13  the meaning of section 143(j) of the internal revenue code and]  located
   14  within an area of a city, town or village whose governing body has iden-
   15  tified  by  resolution  that  such  area is in need of community renewal
   16  because of deteriorated and/or vacant buildings and, by local  law,  has
   17  adopted  a  historic  preservation  and  community  renewal  program  to
   18  preserve and/or revitalize such area. A historic preservation and commu-
   19  nity renewal program  is  a  program  that  coordinates  all  applicable
   20  governmental  benefits  and  programs with the aims of preserving and/or
   21  revitalizing neighborhoods,  encouraging  property  owners  to  complete

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02959-01-9
       A. 4364                             2

    1  substantial  rehabilitation projects and promoting smart growth economic
    2  development. Such local laws shall be filed with the  office  of  parks,
    3  recreation  and  historic  preservation. The office of parks, recreation
    4  and  historic  preservation shall assist local governments in developing
    5  historic preservation and community renewal programs.
    6    S 2. This act shall take effect immediately.