Relates to the rehabilitation of historic properties tax credit; and provides that small projects of five million dollars or less are entitled to 150% of the amount of credit allowed the taxpayer under the internal revenue code.
STATE OF NEW YORK
________________________________________________________________________
5760--C
2019-2020 Regular Sessions
IN ASSEMBLY
February 15, 2019
___________
Introduced by M. of A. WOERNER, LUPARDO, FAHY, OTIS, ENGLEBRIGHT,
D'URSO, ARROYO, SMULLEN, BRABENEC, McDONALD, HUNTER, MAGNARELLI --
Multi-Sponsored by -- M. of A. SCHIMMINGER, WALSH -- read once and
referred to the Committee on Ways and Means -- committee discharged,
bill amended, ordered reprinted as amended and recommitted to said
committee -- again reported from said committee with amendments,
ordered reprinted as amended and recommitted to said committee --
recommitted to the Committee on Ways and Means in accordance with
Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to the rehabilitation of
historic properties tax 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 1 of subsection (oo) of
2 section 606 of the tax law, as amended by section 1 of part RR of chap-
3 ter 59 of the laws of 2018, is amended and a new paragraph 6 is added to
4 read as follows:
5 (A) For taxable years beginning on or after January first, two thou-
6 sand ten and before January first, two thousand twenty-five, a taxpayer
7 shall be allowed a credit as hereinafter provided, against the tax
8 imposed by this article, in an amount equal to one hundred percent of
9 the amount of credit allowed the taxpayer with respect to a certified
10 historic structure, and one hundred fifty percent of the amount of cred-
11 it allowed the taxpayer with respect to a certified historic structure
12 that is a small project, under internal revenue code section 47(c)(3),
13 determined without regard to ratably allocating the credit over a five
14 year period as required by subsection (a) of such section 47, with
15 respect to a certified historic structure located within the state.
16 Provided, however, the credit shall not exceed five million dollars. For
17 taxable years beginning on or after January first, two thousand twenty-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09259-11-0
A. 5760--C 2
1 five, a taxpayer shall be allowed a credit as hereinafter provided,
2 against the tax imposed by this article, in an amount equal to thirty
3 percent of the amount of credit allowed the taxpayer with respect to a
4 certified historic structure under internal revenue code section
5 47(c)(3), determined without regard to ratably allocating the credit
6 over a five year period as required by subsection (a) of such section
7 47, with respect to a certified historic structure located within the
8 state; provided, however, the credit shall not exceed one hundred thou-
9 sand dollars.
10 (6) For purposes of this subsection the term "small project" means
11 qualified rehabilitation expenditures totaling five million dollars or
12 less.
13 § 2. Subparagraph (i) of paragraph (a) of subdivision 26 of section
14 210-B of the tax law, as amended by section 2 of part RR of chapter 59
15 of the laws of 2018, is amended and a new paragraph (f) is added to read
16 as follows:
17 (i) For taxable years beginning on or after January first, two thou-
18 sand ten, and before January first, two thousand twenty-five, a taxpayer
19 shall be allowed a credit as hereinafter provided, against the tax
20 imposed by this article, in an amount equal to one hundred percent of
21 the amount of credit allowed the taxpayer for the same taxable year with
22 respect to a certified historic structure, and one hundred fifty percent
23 of the amount of credit allowed the taxpayer with respect to a certified
24 historic structure that is a small project, under internal revenue code
25 section 47(c)(3), determined without regard to ratably allocating the
26 credit over a five year period as required by subsection (a) of such
27 section 47, with respect to a certified historic structure located with-
28 in the state. Provided, however, the credit shall not exceed five
29 million dollars.
30 (f) For purposes of this subdivision "small project" means qualified
31 rehabilitation expenditures totaling five million dollars or less.
32 § 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section
33 1511 of the tax law, as amended by section 3 of part RR of chapter 59 of
34 the laws of 2018, is amended and a new paragraph 6 is added to read as
35 follows:
36 (A) For taxable years beginning on or after January first, two thou-
37 sand ten and before January first, two thousand twenty-five, a taxpayer
38 shall be allowed a credit as hereinafter provided, against the tax
39 imposed by this article, in an amount equal to one hundred percent of
40 the amount of credit allowed the taxpayer with respect to a certified
41 historic structure, and one hundred fifty percent of the amount of cred-
42 it allowed the taxpayer with respect to a certified historic structure
43 that is a small project, under internal revenue code section 47(c)(3),
44 determined without regard to ratably allocating the credit over a five
45 year period as required by subsection (a) of such section 47, with
46 respect to a certified historic structure located within the state.
47 Provided, however, the credit shall not exceed five million dollars. For
48 taxable years beginning on or after January first, two thousand twenty-
49 five, a taxpayer shall be allowed a credit as hereinafter provided,
50 against the tax imposed by this article, in an amount equal to thirty
51 percent of the amount of credit allowed the taxpayer with respect to a
52 certified historic structure under internal revenue code section
53 47(c)(3), determined without regard to ratably allocating the credit
54 over a five year period as required by subsection (a) of such section 47
55 with respect to a certified historic structure located within the state.
A. 5760--C 3
1 Provided, however, the credit shall not exceed one hundred thousand
2 dollars.
3 (6) For purposes of this subdivision "small project" means qualified
4 rehabilitation expenditures totaling five million dollars or less.
5 § 4. This act shall take effect immediately and shall apply to taxable
6 years beginning on and after January 1, 2021.
