STATE OF NEW YORK
________________________________________________________________________
2702
2019-2020 Regular Sessions
IN SENATE
January 29, 2019
___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
AN ACT to amend the tax law, in relation to establishing a credit for
the restoration of certain historic properties
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 to read as follows:
4 (A) (i) For taxable years beginning on or after January first, two
5 thousand ten and before January first, two thousand twenty-five, 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 internal revenue code section 47(c)(3), deter-
10 mined without regard to ratably allocating the credit over a five year
11 period as required by subsection (a) of such section 47, with respect to
12 a certified historic structure located within the state. Provided,
13 however, the credit shall not exceed five million dollars. For taxable
14 years beginning on or after January first, two thousand twenty-five, a
15 taxpayer shall be allowed a credit as hereinafter provided, against the
16 tax imposed by this article, in an amount equal to thirty percent of the
17 amount of credit allowed the taxpayer with respect to a certified
18 historic structure under internal revenue code section 47(c)(3), deter-
19 mined without regard to ratably allocating the credit over a five year
20 period as required by subsection (a) of such section 47, with respect to
21 a certified historic structure located within the state; provided,
22 however, the credit shall not exceed one hundred thousand dollars.
23 (ii) For taxable years beginning on or after January first, two thou-
24 sand twenty, a taxpayer shall be allowed a credit as hereinafter
25 provided, against the tax imposed by this article, in an amount equal to
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08727-01-9
S. 2702 2
1 one hundred ten percent of the amount of credit allowed the taxpayer for
2 the same taxable year with respect to a certified historic structure
3 under internal revenue code section 47(c)(3), with respect to a certi-
4 fied historic structure located within the state. Provided, however, the
5 credit established pursuant to this clause shall be limited to projects
6 with a cost of five million dollars or less.
7 § 2. This act shall take effect immediately and shall apply to taxable
8 years beginning on or after January 1, 2020.