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S06134 Summary:

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S06134 Floor Votes:

S06134 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6134
 
                    IN SENATE
 
                                       (Prefiled)
 
                                     January 4, 2012
                                       ___________
 
        Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
 
        AN ACT to amend the tax law, in relation to increasing the maximum award
          available under the historic preservation 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 chapter 472  of  the  laws  of
     3  2010, 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  fifteen,  a  taxpayer
     6  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
     7  imposed by this article, in an amount equal to one  hundred  percent  of
     8  the  amount  of  credit allowed the taxpayer with respect to a certified
     9  historic structure under subsection (a) (2) of section 47 of the federal
    10  internal revenue code with respect to  a  certified  historic  structure
    11  located within the state. Provided, however, the credit shall not exceed

    12  [five]  twelve  million dollars. For taxable years beginning on or after
    13  January first, two thousand fifteen, a taxpayer shall be allowed a cred-
    14  it as hereinafter provided, against the tax imposed by this article,  in
    15  an  amount  equal  to thirty percent of the amount of credit allowed the
    16  taxpayer with respect to a certified historic structure under subsection
    17  (a)(2) of section 47 of the federal internal revenue code  with  respect
    18  to  a  certified  historic structure located within the state; provided,
    19  however, the credit shall not exceed one hundred thousand dollars.
    20    § 2. Subparagraph (A) of paragraph 1 of subdivision 40 of section  210
    21  of  the  tax  law,  as  amended  by  chapter 472 of the laws of 2010, is
    22  amended to read as follows:
    23    (A) For taxable years beginning on or after January first,  two  thou-

    24  sand  ten  and  before  January  first, two thousand fifteen, a taxpayer
    25  shall be allowed a credit  as  hereinafter  provided,  against  the  tax
    26  imposed  by  this  article, in an amount equal to one hundred percent of
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13898-01-2
        S. 6134                             2
 
     1  the amount of credit allowed the taxpayer with respect  to  a  certified
     2  historic structure under subsection (a) (2) of section 47 of the federal
     3  internal  revenue  code  with  respect to a certified historic structure
     4  located within the state. Provided, however, the credit shall not exceed

     5  [five]  twelve  million dollars. For taxable years beginning on or after
     6  January first, two thousand fifteen, a taxpayer shall be allowed a cred-
     7  it as hereinafter provided, against the tax imposed by this article,  in
     8  an  amount  equal  to thirty percent of the amount of credit allowed the
     9  taxpayer with respect to a certified historic structure under subsection
    10  (a)(2) of section 47 of the federal internal revenue code  with  respect
    11  to  a  certified  historic structure located within the state. Provided,
    12  however, the credit shall not exceed one hundred thousand dollars.
    13    § 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
    14  of the tax law, as added by chapter 472 of the laws of 2010, is  amended
    15  to read as follows:
    16    (A)  For  taxable years beginning on or after January first, two thou-

    17  sand ten and before January first,  two  thousand  fifteen,  a  taxpayer
    18  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
    19  imposed by this article, in an amount equal to one  hundred  percent  of
    20  the  amount  of  credit allowed the taxpayer with respect to a certified
    21  historic structure under subsection (a)(2) of section 47 of the  federal
    22  internal  revenue  code  with  respect to a certified historic structure
    23  located within the state. Provided, however, the credit shall not exceed
    24  [five] twelve million dollars. For taxable years beginning on  or  after
    25  January first, two thousand fifteen, a taxpayer shall be allowed a cred-
    26  it  as hereinafter provided, against the tax imposed by this article, in
    27  an amount equal to thirty percent of the amount of  credit  allowed  the
    28  taxpayer with respect to a certified historic structure under subsection

    29  (a)(2)  of  section 47 of the federal internal revenue code with respect
    30  to a certified historic structure located within  the  state.  Provided,
    31  however, the credit shall not exceed one hundred thousand dollars.
    32    §  4.  Subparagraph (A) of paragraph (1) of subdivision (y) of section
    33  1511 of the tax law, as added by chapter 472 of the  laws  of  2010,  is
    34  amended to read as follows:
    35    (A)  For  taxable years beginning on or after January first, two thou-
    36  sand ten and before January first,  two  thousand  fifteen,  a  taxpayer
    37  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
    38  imposed by this article, in an amount equal to one  hundred  percent  of
    39  the  amount  of  credit allowed the taxpayer with respect to a certified
    40  historic structure under subsection (a)(2) of section 47 of the  federal

    41  internal  revenue  code  with  respect to a certified historic structure
    42  located within the state. Provided, however, the credit shall not exceed
    43  [five] twelve million dollars. For taxable years beginning on  or  after
    44  January first, two thousand fifteen, a taxpayer shall be allowed a cred-
    45  it  as hereinafter provided, against the tax imposed by this article, in
    46  an amount equal to thirty percent of the amount of  credit  allowed  the
    47  taxpayer with respect to a certified historic structure under subsection
    48  (a)(2)  of  section 47 of the federal internal revenue code with respect
    49  to a certified historic structure located within  the  state.  Provided,
    50  however, the credit shall not exceed one hundred thousand dollars.
    51    § 5. This act shall take effect immediately and shall apply to taxable
    52  years beginning on and after January 1, 2012.