A09915 Summary:

BILL NOA09915
 
SAME ASSAME AS S06945
 
SPONSORLupardo
 
COSPNSRRivera P, Englebright
 
MLTSPNSR
 
Amd SS606, 210, 1456 & 1511, Tax L
 
Extends provisions of law relating to the credit for the rehabilitation of historic properties and historic homes.
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A09915 Actions:

BILL NOA09915
 
04/20/2012referred to ways and means
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A09915 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9915
 
                   IN ASSEMBLY
 
                                     April 20, 2012
                                       ___________
 
        Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
          tee on Ways and Means
 
        AN ACT to amend the tax law, in relation to extending provisions of  law
          relating  to  the credit for the rehabilitation of historic properties
          and historic homes
 
          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 follow:
     4    (A)  For  taxable years beginning on or after January first, two thou-
     5  sand ten and before January first,  two  thousand  [fifteen]  twenty,  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 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 million dollars. For taxable years beginning on  or  after  January

    13  first,  two  thousand  [fifteen]  twenty,  a taxpayer shall be allowed a
    14  credit as hereinafter provided, against the tax imposed by this article,
    15  in 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    § 2. Paragraph 2 of subsection (pp) of section 606 of the tax law,  as
    21  added  by  chapter 547 of the laws of 2006, subparagraphs (A) and (B) as
    22  amended by chapter 472 of the laws  of  2010,  is  amended  to  read  as
    23  follow:
    24    (2)  (A)  With  respect to any particular residence of a taxpayer, the

    25  credit allowed under paragraph one of this subsection shall  not  exceed
    26  fifty  thousand  dollars for taxable years beginning on or after January
    27  first, two thousand ten and before January first, two thousand [fifteen]
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15246-01-2

        A. 9915                             2
 
     1  twenty and twenty-five thousand dollars for taxable years  beginning  on
     2  or  after January first, two thousand [fifteen] twenty. In the case of a
     3  husband and wife, the amount of the credit shall be divided between them
     4  equally  or  in  such other manner as they may both elect. If a taxpayer

     5  incurs qualified rehabilitation expenditures in relation  to  more  than
     6  one residence in the same year, the total amount of credit allowed under
     7  paragraph  one  of  this  subsection for all such expenditures shall not
     8  exceed fifty thousand dollars for taxable years beginning  on  or  after
     9  January  first,  two thousand ten and before January first, two thousand
    10  [fifteen] twenty and twenty-five  thousand  dollars  for  taxable  years
    11  beginning on or after January first, two thousand [fifteen] twenty.
    12    (B)  For  taxable years beginning on or after January first, two thou-
    13  sand ten and before January first, two thousand [fifteen] twenty, if the
    14  amount of credit  allowable  under  this  subsection  shall  exceed  the
    15  taxpayer's tax for such year, and the taxpayer's New York adjusted gross

    16  income  for such year does not exceed sixty thousand dollars, the excess
    17  shall be treated as an overpayment of tax to be credited or refunded  in
    18  accordance with the provisions of section six hundred eighty-six of this
    19  article,  provided,  however, that no interest shall be paid thereon. If
    20  the taxpayer's New York adjusted gross  income  for  such  year  exceeds
    21  sixty  thousand  dollars,  the excess credit that may be carried over to
    22  the following year or years and may be deducted from the taxpayer's  tax
    23  for  such year or years. For taxable years beginning on or after January
    24  first, two thousand [fifteen] twenty, if the amount of credit  allowable
    25  under this subsection shall exceed the taxpayer's tax for such year, the
    26  excess  may  be  carried  over to the following year or years and may be
    27  deducted from the taxpayer's tax for such year or years.

    28    § 3. Subparagraph (A) of paragraph 1 of subdivision 40 of section  210
    29  of  the  tax  law,  as  amended  by  chapter 472 of the laws of 2010, is
    30  amended to read as follow:
    31    (A) For taxable years beginning on or after January first,  two  thou-
    32  sand  ten  and  before  January  first, two thousand [fifteen] twenty, a
    33  taxpayer shall be allowed a credit as hereinafter provided, against  the
    34  tax  imposed  by this article, in an amount equal to one hundred percent
    35  of the amount of credit allowed the taxpayer with respect to a certified
    36  historic structure under subsection (a) (2) of section 47 of the federal
    37  internal revenue code with respect to  a  certified  historic  structure
    38  located within the state. Provided, however, the credit shall not exceed
    39  five  million  dollars.  For taxable years beginning on or after January

    40  first, two thousand [fifteen] twenty, a  taxpayer  shall  be  allowed  a
    41  credit as hereinafter provided, against the tax imposed by this article,
    42  in an amount equal to thirty percent of the amount of credit allowed the
    43  taxpayer with respect to a certified historic structure under subsection
    44  (a)(2)  of  section 47 of the federal internal revenue code with respect
    45  to a certified historic structure located within  the  state.  Provided,
    46  however, the credit shall not exceed one hundred thousand dollars.
    47    § 4. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
    48  of  the tax law, as added by chapter 472 of the laws of 2010, is amended
    49  to read as follows:
    50    (A) For taxable years beginning on or after January first,  two  thou-
    51  sand  ten  and  before  January  first, two thousand [fifteen] twenty, a

    52  taxpayer shall be allowed a credit as hereinafter provided, against  the
    53  tax  imposed  by this article, in an amount equal to one hundred percent
    54  of the amount of credit allowed the taxpayer with respect to a certified
    55  historic structure under subsection (a)(2) of section 47 of the  federal
    56  internal  revenue  code  with  respect to a certified historic structure

        A. 9915                             3
 
     1  located within the state. Provided, however, the credit shall not exceed
     2  five million dollars. For taxable years beginning on  or  after  January
     3  first,  two  thousand  [fifteen]  twenty,  a taxpayer shall be allowed a
     4  credit as hereinafter provided, against the tax imposed by this article,
     5  in an amount equal to thirty percent of the amount of credit allowed the

     6  taxpayer with respect to a certified historic structure under subsection
     7  (a)(2)  of  section 47 of the federal internal revenue code with respect
     8  to a certified historic structure located within  the  state.  Provided,
     9  however, the credit shall not exceed one hundred thousand dollars.
    10    §  5.  Subparagraph  (A)  of paragraph 1 of subdivision (y) of section
    11  1511 of the tax law, as added by chapter 472 of the  laws  of  2010,  is
    12  amended to read as follows:
    13    (A)  For  taxable years beginning on or after January first, two thou-
    14  sand ten and before January first,  two  thousand  [fifteen]  twenty,  a
    15  taxpayer  shall be allowed a credit as hereinafter provided, against the
    16  tax imposed by this article, in an amount equal to one  hundred  percent
    17  of the amount of credit allowed the taxpayer with respect to a certified

    18  historic  structure under subsection (a)(2) of section 47 of the federal
    19  internal revenue code with respect to  a  certified  historic  structure
    20  located within the state. Provided, however, the credit shall not exceed
    21  five  million  dollars.  For taxable years beginning on or after January
    22  first, two thousand [fifteen] twenty, a  taxpayer  shall  be  allowed  a
    23  credit as hereinafter provided, against the tax imposed by this article,
    24  in an amount equal to thirty percent of the amount of credit allowed the
    25  taxpayer with respect to a certified historic structure under subsection
    26  (a)(2)  of  section 47 of the federal internal revenue code with respect
    27  to a certified historic structure located within  the  state.  Provided,
    28  however, the credit shall not exceed one hundred thousand dollars.
    29    6. This act shall take effect immediately.
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