STATE OF NEW YORK
________________________________________________________________________
6945
IN SENATE
April 13, 2012
___________
Introduced by Sens. VALESKY, YOUNG -- read twice and ordered printed,
and when printed to be committed to the Committee on Investigations
and Government Operations
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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15246-01-2
S. 6945 2
1 first, two thousand ten and before January first, two thousand [fifteen]
2 twenty and twenty-five thousand dollars for taxable years beginning on
3 or after January first, two thousand [fifteen] twenty. In the case of a
4 husband and wife, the amount of the credit shall be divided between them
5 equally or in such other manner as they may both elect. If a taxpayer
6 incurs qualified rehabilitation expenditures in relation to more than
7 one residence in the same year, the total amount of credit allowed under
8 paragraph one of this subsection for all such expenditures shall not
9 exceed fifty thousand dollars for taxable years beginning on or after
10 January first, two thousand ten and before January first, two thousand
11 [fifteen] twenty and twenty-five thousand dollars for taxable years
12 beginning on or after January first, two thousand [fifteen] twenty.
13 (B) For taxable years beginning on or after January first, two thou-
14 sand ten and before January first, two thousand [fifteen] twenty, if the
15 amount of credit allowable under this subsection shall exceed the
16 taxpayer's tax for such year, and the taxpayer's New York adjusted gross
17 income for such year does not exceed sixty thousand dollars, the excess
18 shall be treated as an overpayment of tax to be credited or refunded in
19 accordance with the provisions of section six hundred eighty-six of this
20 article, provided, however, that no interest shall be paid thereon. If
21 the taxpayer's New York adjusted gross income for such year exceeds
22 sixty thousand dollars, the excess credit that may be carried over to
23 the following year or years and may be deducted from the taxpayer's tax
24 for such year or years. For taxable years beginning on or after January
25 first, two thousand [fifteen] twenty, if the amount of credit allowable
26 under this subsection shall exceed the taxpayer's tax for such year, the
27 excess may be carried over to the following year or years and may be
28 deducted from the taxpayer's tax for such year or years.
29 § 3. Subparagraph (A) of paragraph 1 of subdivision 40 of section 210
30 of the tax law, as amended by chapter 472 of the laws of 2010, is
31 amended to read as follow:
32 (A) For taxable years beginning on or after January first, two thou-
33 sand ten and before January first, two thousand [fifteen] twenty, a
34 taxpayer shall be allowed a credit as hereinafter provided, against the
35 tax imposed by this article, in an amount equal to one hundred percent
36 of the amount of credit allowed the taxpayer with respect to a certified
37 historic structure under subsection (a) (2) of section 47 of the federal
38 internal revenue code with respect to a certified historic structure
39 located within the state. Provided, however, the credit shall not exceed
40 five million dollars. For taxable years beginning on or after January
41 first, two thousand [fifteen] twenty, a taxpayer shall be allowed a
42 credit as hereinafter provided, against the tax imposed by this article,
43 in an amount equal to thirty percent of the amount of credit allowed the
44 taxpayer with respect to a certified historic structure under subsection
45 (a)(2) of section 47 of the federal internal revenue code with respect
46 to a certified historic structure located within the state. Provided,
47 however, the credit shall not exceed one hundred thousand dollars.
48 § 4. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
49 of the tax law, as added by chapter 472 of the laws of 2010, is amended
50 to read as follows:
51 (A) For taxable years beginning on or after January first, two thou-
52 sand ten and before January first, two thousand [fifteen] twenty, a
53 taxpayer shall be allowed a credit as hereinafter provided, against the
54 tax imposed by this article, in an amount equal to one hundred percent
55 of the amount of credit allowed the taxpayer with respect to a certified
56 historic structure under subsection (a)(2) of section 47 of the federal
S. 6945 3
1 internal revenue code with respect to a certified historic structure
2 located within the state. Provided, however, the credit shall not exceed
3 five million dollars. For taxable years beginning on or after January
4 first, two thousand [fifteen] twenty, a taxpayer shall be allowed a
5 credit as hereinafter provided, against the tax imposed by this article,
6 in an amount equal to thirty percent of the amount of credit allowed the
7 taxpayer with respect to a certified historic structure under subsection
8 (a)(2) of section 47 of the federal internal revenue code with respect
9 to a certified historic structure located within the state. Provided,
10 however, the credit shall not exceed one hundred thousand dollars.
11 § 5. Subparagraph (A) of paragraph 1 of subdivision (y) of section
12 1511 of the tax law, as added by chapter 472 of the laws of 2010, is
13 amended to read as follows:
14 (A) For taxable years beginning on or after January first, two thou-
15 sand ten and before January first, two thousand [fifteen] twenty, a
16 taxpayer shall be allowed a credit as hereinafter provided, against the
17 tax imposed by this article, in an amount equal to one hundred percent
18 of the amount of credit allowed the taxpayer with respect to a certified
19 historic structure under subsection (a)(2) of section 47 of the federal
20 internal revenue code with respect to a certified historic structure
21 located within the state. Provided, however, the credit shall not exceed
22 five million dollars. For taxable years beginning on or after January
23 first, two thousand [fifteen] twenty, a taxpayer shall be allowed a
24 credit as hereinafter provided, against the tax imposed by this article,
25 in an amount equal to thirty percent of the amount of credit allowed the
26 taxpayer with respect to a certified historic structure under subsection
27 (a)(2) of section 47 of the federal internal revenue code with respect
28 to a certified historic structure located within the state. Provided,
29 however, the credit shall not exceed one hundred thousand dollars.
30 6. This act shall take effect immediately.
