Relates to a tax credit and tax exemption for the rehabilitation of historic barns; defines historic barns; requires the establishment of eligibility guidelines.
STATE OF NEW YORK
________________________________________________________________________
6947
2021-2022 Regular Sessions
IN ASSEMBLY
April 14, 2021
___________
Introduced by M. of A. BARRETT -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law and the real property tax law, in relation
to a tax credit and tax exemption for the rehabilitation of historic
barns
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph 12 of subsection (a) of section 606 of the tax
2 law, as added by chapter 309 of the laws of 1996, is amended to read as
3 follows:
4 (12) Rehabilitation credit for historic barns. A taxpayer shall be
5 allowed a credit, to be computed as hereinafter provided, against the
6 tax imposed by this article. The amount of the credit shall be twenty-
7 five percent of the taxpayer's qualified rehabilitation expenditures[,
8 as defined in paragraph two of subsection (c) of section forty-seven of
9 the internal revenue code, which qualify as the basis for the credit
10 provided for under paragraph one of subsection (b) of section thirty-
11 eight of such code by reason of subsection one of section forty-six of
12 such code,] paid or incurred within the five years immediately preceding
13 the year in which such tax credit shall be applied with respect to any
14 barn located in this state which [is a qualified rehabilitated building,
15 as such term is defined in paragraph one of subsection (c) of such
16 section forty-seven] qualifies as an historic barn pursuant to subdivi-
17 sion five of section four hundred eighty-three-b of the real property
18 tax law. For purposes of this paragraph, the term "barn" means a build-
19 ing [originally designed and used for storing farm equipment or agricul-
20 tural products, or for housing livestock] that is or was used as an
21 agricultural facility or for purposes related to agriculture. Provided,
22 however, such qualified rehabilitation expenditures shall not include
23 any such expenditures which are included, directly or indirectly, in the
24 computation of a credit claimed by the taxpayer pursuant to paragraph
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10595-02-1
A. 6947 2
1 one of this subsection. Provided further that no rehabilitation credit
2 shall be allowed for any rehabilitation of a barn which, immediately
3 prior to the commencement of such rehabilitation, was used for residen-
4 tial purposes, or which converts a barn not suitable for residential
5 purposes into one which is so suitable, nor shall a rehabilitation cred-
6 it be allowed for any rehabilitation that materially alters the historic
7 appearance of the barn.
8 § 2. Subdivision 5 of section 483-b of the real property tax law, as
9 added by chapter 309 of the laws of 1996, is amended to read as follows:
10 5. For the purposes of this section, an historic barn shall mean a
11 certified agricultural structure that was at least partially constructed
12 before nineteen hundred [thirty-six] forty-five and that [was originally
13 designed and used for storing farm equipment or agricultural products,
14 or for housing livestock] is or was used as an agricultural facility or
15 for purposes related to agriculture; provided, however, that a certified
16 agricultural structure that was constructed after nineteen hundred
17 forty-five may qualify as an historic barn if such structure is deter-
18 mined eligible for listing on the state or national register of historic
19 places or is determined to be a contributing structure of a district
20 listed on the state or national register of historic places. The office
21 of parks, recreation and historic preservation shall establish eligibil-
22 ity guidelines for the certification of agricultural structures as
23 historic barns which shall be eligible for the tax exemption established
24 pursuant to this section.
25 § 3. This act shall take effect on the one hundred twentieth day
26 after it shall have become a law and shall apply to taxable years begin-
27 ning on and after January 1, 2022. Effective immediately, the addition,
28 amendment and/or repeal of any rule or regulation necessary for the
29 implementation of this act on its effective date are authorized to be
30 made and completed on or before such effective date.
