Increases the maximum award available under the historic preservation tax credit from five million dollars to twelve million dollars over a period of three years.
STATE OF NEW YORK
________________________________________________________________________
6979--A
2013-2014 Regular Sessions
IN ASSEMBLY
April 29, 2013
___________
Introduced by M. of A. ENGLEBRIGHT, FAHY, McDONALD, PEOPLES-STOKES,
LUPARDO, GALEF, OTIS -- Multi-Sponsored by -- M. of A. MAYER -- read
once and referred to the Committee on Ways and Means -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the tax law, in relation to increasing the maximum award
available under the historic preservation tax credit; and providing
for the repeal of such provisions upon expiration thereof
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 F of chapter
3 59 of the laws of 2013, is amended to read as follows:
4 (A) For taxable years beginning on or after January first, two thou-
5 sand ten and before January first, two thousand twenty, a taxpayer shall
6 be allowed a credit as hereinafter provided, against the tax imposed by
7 this article, in an amount equal to one hundred percent of the amount of
8 credit allowed the taxpayer with respect to a certified historic struc-
9 ture under subsection (a) (2) of section 47 of the federal internal
10 revenue code with respect to a certified historic structure located
11 within the state. Provided, however, the credit shall not exceed [five]
12 seven million dollars in state fiscal year two thousand sixteen--two
13 thousand seventeen, nine million dollars in state fiscal year two thou-
14 sand seventeen--two thousand eighteen and twelve million dollars in
15 state fiscal year two thousand eighteen--two thousand nineteen. For
16 taxable years beginning on or after January first, two thousand twenty,
17 a taxpayer shall be allowed a credit as hereinafter provided, against
18 the tax imposed by this article, in an amount equal to thirty percent of
19 the amount of credit allowed the taxpayer with respect to a certified
20 historic structure under subsection (a)(2) of section 47 of the federal
21 internal revenue code with respect to a certified historic structure
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04642-08-3
A. 6979--A 2
1 located within the state; provided, however, the credit shall not exceed
2 one hundred thousand dollars.
3 § 2. Subparagraph (A) of paragraph 1 of subdivision 40 of section 210
4 of the tax law, as amended by section 2 of part F of chapter 59 of the
5 laws of 2013, is amended to read as follows:
6 (A) For taxable years beginning on or after January first, two thou-
7 sand ten and before January first, two thousand twenty, a taxpayer shall
8 be allowed a credit as hereinafter provided, against the tax imposed by
9 this article, in an amount equal to one hundred percent of the amount of
10 credit allowed the taxpayer with respect to a certified historic struc-
11 ture under subsection (a) (2) of section 47 of the federal internal
12 revenue code with respect to a certified historic structure located
13 within the state. Provided, however, the credit shall not exceed [five]
14 seven million dollars in state fiscal year two thousand sixteen--two
15 thousand seventeen, nine million dollars in state fiscal year two thou-
16 sand seventeen--two thousand eighteen and twelve million dollars in
17 state fiscal year two thousand eighteen--two thousand nineteen. For
18 taxable years beginning on or after January first, two thousand twenty,
19 a taxpayer shall be allowed a credit as hereinafter provided, against
20 the tax imposed by this article, in an amount equal to thirty percent of
21 the amount of credit allowed the taxpayer with respect to a certified
22 historic structure under subsection (a)(2) of section 47 of the federal
23 internal revenue code with respect to a certified historic structure
24 located within the state. Provided, however, the credit shall not exceed
25 one hundred thousand dollars.
26 § 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
27 of the tax law, as amended by section 3 of part F of chapter 59 of the
28 laws of 2013, is amended to read as follows:
29 (A) For taxable years beginning on or after January first, two thou-
30 sand ten and before January first, two thousand twenty, a taxpayer shall
31 be allowed a credit as hereinafter provided, against the tax imposed by
32 this article, in an amount equal to one hundred percent of the amount of
33 credit allowed the taxpayer with respect to a certified historic struc-
34 ture under subsection (a)(2) of section 47 of the federal internal
35 revenue code with respect to a certified historic structure located
36 within the state. Provided, however, the credit shall not exceed [five]
37 seven million dollars in state fiscal year two thousand sixteen--two
38 thousand seventeen, nine million dollars in state fiscal year two thou-
39 sand seventeen--two thousand eighteen and twelve million dollars in
40 state fiscal year two thousand eighteen--two thousand nineteen. For
41 taxable years beginning on or after January first, two thousand twenty,
42 a taxpayer shall be allowed a credit as hereinafter provided, against
43 the tax imposed by this article, in an amount equal to thirty percent of
44 the amount of credit allowed the taxpayer with respect to a certified
45 historic structure under subsection (a)(2) of section 47 of the federal
46 internal revenue code with respect to a certified historic structure
47 located within the state. Provided, however, the credit shall not exceed
48 one hundred thousand dollars.
49 § 4. Subparagraph (A) of paragraph 1 of subdivision (y) of section
50 1511 of the tax law, as amended by section 4 of part F of chapter 59 of
51 the laws of 2013, is amended to read as follows:
52 (A) For taxable years beginning on or after January first, two thou-
53 sand ten and before January first, two thousand twenty, a taxpayer shall
54 be allowed a credit as hereinafter provided, against the tax imposed by
55 this article, in an amount equal to one hundred percent of the amount of
56 credit allowed the taxpayer with respect to a certified historic struc-
A. 6979--A 3
1 ture under subsection (a)(2) of section 47 of the federal internal
2 revenue code with respect to a certified historic structure located
3 within the state. Provided, however, the credit shall not exceed [five]
4 seven million dollars in state fiscal year two thousand sixteen--two
5 thousand seventeen, nine million dollars in state fiscal year two thou-
6 sand seventeen--two thousand eighteen and twelve million dollars in
7 state fiscal year two thousand eighteen--two thousand nineteen. For
8 taxable years beginning on or after January first, two thousand twenty,
9 a taxpayer shall be allowed a credit as hereinafter provided, against
10 the tax imposed by this article, in an amount equal to thirty percent of
11 the amount of credit allowed the taxpayer with respect to a certified
12 historic structure under subsection (a)(2) of section 47 of the federal
13 internal revenue code with respect to a certified historic structure
14 located within the state. Provided, however, the credit shall not exceed
15 one hundred thousand dollars.
16 § 5. This act shall take effect immediately and shall apply to taxable
17 years beginning on and after January 1, 2014 provided that this act
18 shall expire and be deemed repealed on and after December 31, 2020.
