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A07526 Summary:

BILL NOA07526
 
SAME ASNo Same As
 
SPONSORFitzpatrick (MS)
 
COSPNSRBlankenbush, Giglio, Mikulin, Morinello, Tague
 
MLTSPNSRBarclay, DeStefano, Hawley, Manktelow, McDonough
 
Amd §606, Tax L
 
Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.
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A07526 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7526
 
SPONSOR: Fitzpatrick (MS)
  TITLE OF BILL: 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   PURPOSE OR GENERAL IDEA OF BILL:: To expand the purview of the historic home rehabilitation tax credit to include all homes listed on the national or state historic registers and all homes of a historical significance in historic districts.   SUMMARY OF PROVISIONS:: The bill amends subparagraph (A) of paragraph 5 of subsection (pp) of Section 606 of the Tax Law to delete language in the definition of a "qualified historic home" that requires such home to be a "targeted area residence within the meaning of Section 143 (j) of the Internal Revenue Code or within a census tract which is at or below 100% of the state medium family income." Thus, the bill expands the application of the historic home rehabilitation tax credit to all homes listed as historic under the national and state registers and any home deemed to be of historical significance located in a registered historic district.   DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):   JUSTIFICATION:: Chapter 547 of the laws of 2006 enacted a 20% tax credit for the reha- bilitation of historic homes or homes located in a historic district provided such homes are located in "distressed areas" pursuant to the Internal Revenue Code. While Chapter 547 represents a significant first step in implementing a historic home rehabilitation tax credit, elimi- nating the "targeted area" and census tract requirements, as provided for in the bill, would expand the tax credit program to include over 50,000 qualified homes, a goal that was envisioned by the original legislation which was first introduced in 1995. Extending the incentives contained in Chapter 547 to historic homes located anywhere in the state will enhance the revitalization of our neighborhoods by providing an incentive for investment in New York's rich legacy of historic housing stock. Its benefits would be plentiful. Primarily, it would create a vastly expanded economic development program targeted at aging residential properties that would provide increased housing opportunities. However, it would also have an economic impact on local economies resulting from spending by homeowners for labor and materials. Rehabilitation of these properties will result in tax base growth and will also help foster further business growth.   PRIOR LEGISLATIVE HISTORY:: 2024 - A4396 - Referred to Ways and Means 2022 - A5600 - Referred to Ways and Means 2020 - A6097 - Held in Housing Committee 2018 - A3908 - Held in Housing Committee 2016 - A3194 - Held in Housing Committee 2014 - A3993 - Held in Housing Committee 2012 - A2678a - Held in Housing Committee 2010 - A4364 - Held in Housing Committee 2008 - A4117 - Held in Housing Committee   FISCAL IMPLICATIONS FOR STATE AND   LOCAL GOVERNMENTS:: Undetermined; however, any fiscal impact on the state would be partially offset by increased local property tax revenues through increased assessments on rehabilitated properties and the return to the tax rolls of previously abandoned or delinquent properties.   EFFECTIVE DATE:: This act shall take effect immediately.
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