STATE OF NEW YORK
________________________________________________________________________
2221--A
2013-2014 Regular Sessions
IN SENATE
January 14, 2013
___________
Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations -- recommitted to the Committee on Investigations and
Government Operations in accordance with Senate Rule 6, sec. 8 --
committee discharged, bill amended, ordered reprinted as amended and
recommitted to said committee
AN ACT to amend the tax law, in relation to credits for certain rehabil-
itation projects; 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. Subsection (oo) of section 606 of the tax law is amended by
2 adding a new paragraph 6 to read as follows:
3 (6) Tax credits allowed pursuant to this subsection shall be allowed
4 to a partnership, limited liability company, "subchapter S" corporation
5 or other business entity and shall be passed through to the partners,
6 members, or shareholders respectively. Credits allowed to these entities
7 shall be allocated among all partners, members, or shareholders respec-
8 tively, either in proportion to their ownership interest in the entity,
9 or as the partners, members, or shareholders mutually agree as provided
10 in an executed document without regard to their sharing of other tax or
11 economic attributes of the entity.
12 § 2. Subdivision 40 of section 210 of the tax law is amended by adding
13 a new paragraph 6 to read as follows:
14 (6) Tax credits allowed pursuant to this subdivision shall be allowed
15 to a partnership, limited liability company, "subchapter S" corporation
16 or other business entity and shall be passed through to the partners,
17 members, or shareholders respectively. Credits allowed to these entities
18 shall be allocated among all partners, members, or shareholders respec-
19 tively, either in proportion to their ownership interest in the entity,
20 or as the partners, members, or shareholders mutually agree as provided
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05761-02-4
S. 2221--A 2
1 in an executed document without regard to their sharing of other tax or
2 economic attributes of the entity.
3 § 3. Subsection (u) of section 1456 of the tax law, as added by chap-
4 ter 472 of the laws of 2010, is amended by adding a new paragraph 6 to
5 read as follows:
6 (6) Tax credits allowed pursuant to this subsection shall be allowed
7 to a partnership, limited liability company, "subchapter S" corporation
8 or other business entity shall be passed through to the partners,
9 members, or shareholders respectively. Credits allowed to these entities
10 shall be allocated among all partners, members, or shareholders respec-
11 tively, either in proportion to their ownership interest in the entity,
12 or as the partners, members, or shareholders mutually agree as provided
13 in an executed document without regard to their sharing of other tax or
14 economic attributes of the entity.
15 § 4. Subdivision (y) of section 1511 of the tax law, as added by chap-
16 ter 472 of the laws of 2010, is amended by adding a new paragraph 6 to
17 read as follows:
18 (6) Tax credits allowed pursuant to this subdivision shall be allowed
19 to a partnership, limited liability company, "subchapter S" corporation
20 or other business entity and shall be passed through to the partners,
21 members, or shareholders respectively. Credits allowed to these entities
22 shall be allocated among all partners, members, or shareholders respec-
23 tively, either in proportion to their ownership interest in the entity,
24 or as the partners, members, or shareholders mutually agree as provided
25 in an executed document without regard to their sharing of other tax or
26 economic attributes of the entity.
27 § 5. This act shall take effect immediately and shall apply to taxable
28 years beginning on and after January 1, 2015; provided, however, this
29 act shall expire and be deemed repealed December 31, 2019; and provided,
30 further however, that the credit shall be applied to any rehabilitation
31 project commenced on or before December 31, 2019.
