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A05760 Summary:

BILL NOA05760
 
SAME ASSAME AS S03645
 
SPONSORWoerner
 
COSPNSRLupardo, Fahy, Otis, Englebright, D'Urso, Arroyo, Smullen, Brabenec
 
MLTSPNSRSchimminger, Walsh
 
Amd 606, 210-B & 1511, Tax L
 
Relates to the rehabilitation of historic properties tax credit; provides that small projects of five million dollars or less are entitled to 110% of the amount of credit allowed the taxpayer under the internal revenue code; provides that a taxpayer is permitted to transfer such credit one time; and provides that the term qualified historic home includes a certified historic structure located in a city with a population of less than 1,000,000 with a poverty rate greater than 15% in the 2017 American community survey.
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A05760 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5760
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 15, 2019
                                       ___________
 
        Introduced  by M. of A. WOERNER -- read once and referred to the Commit-
          tee on Ways and Means
 
        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 two new paragraphs  6  and  7
     4  are added to 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 ten percent of the amount of  credit
    11  allowed the taxpayer with respect to a certified historic structure that
    12  is a small project, under internal revenue code section 47(c)(3), deter-
    13  mined  without  regard to ratably allocating the credit over a five year
    14  period as required by subsection (a) of such section 47, with respect to
    15  a certified historic  structure  located  within  the  state.  Provided,
    16  however,  the  credit shall not exceed five million dollars. For taxable
    17  years beginning on or after January first, two thousand  twenty-five,  a
    18  taxpayer  shall be allowed a credit as hereinafter provided, against the
    19  tax imposed by this article, in an amount equal to thirty percent of the
    20  amount of credit allowed  the  taxpayer  with  respect  to  a  certified
    21  historic  structure under internal revenue code section 47(c)(3), deter-
    22  mined without regard to ratably allocating the credit over a  five  year
    23  period as required by subsection (a) of such section 47, with respect to
    24  a  certified  historic  structure  located  within  the state; provided,
    25  however, the credit shall not exceed one hundred thousand dollars.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09259-03-9

        A. 5760                             2
 
     1    (6) A taxpayer is permitted to transfer such credit allowed under this
     2  subsection, in whole or in part, to any individual  or  entity,  without
     3  the  requirement of transferring any ownership interest in the certified
     4  historic structure or any interest in the entity which owns  the  certi-
     5  fied  historic  structure;  provided,  however, that a taxpayer may only
     6  transfer such credit once. Such transfer shall not affect the time sche-
     7  dule for claiming the credit transferred. Any credit recaptured shall be
     8  the liability of the taxpayer who actually claimed the credit. The claim
     9  of a transferee shall be permitted in the same manner and subject to the
    10  same provisions of this subsection as applied to the  taxpayer  to  whom
    11  the credit was originally allowed.
    12    (7)  For  purposes  of  this subsection the term "small project" means
    13  qualified rehabilitation expenditures totaling five million  dollars  or
    14  less.
    15    § 2. Subparagraph (A) of paragraph 5 of subsection (pp) of section 606
    16  of the tax law, as added by chapter 547 of the laws of 2006, clause (iv)
    17  as  amended  by  chapter  239 of the laws of 2009, is amended to read as
    18  follows:
    19    (A) The term "qualified historic home" means,  for  purposes  of  this
    20  subsection,  a  certified  historic  structure  located  within New York
    21  state:
    22    (i) which has been substantially rehabilitated,
    23    (ii) which, or any portion of which, is owned, in whole  or  part,  by
    24  the taxpayer,
    25    (iii)  in  which the taxpayer resides during the taxable year in which
    26  the taxpayer is allowed a credit under this subsection, and
    27    (iv) (1) which is in whole or in part a targeted area residence within
    28  the meaning of section 143(j) of the internal revenue code;  or  (2)  is
    29  located  within  a census tract which is identified as being at or below
    30  one hundred percent of the state median family income in the most recent
    31  federal census; or (3) which is located in a city with a  population  of
    32  less  than one million with a poverty rate greater than fifteen percent,
    33  rounded to the nearest whole number, in the two thousand seventeen Amer-
    34  ican community survey.
    35    § 3. Subparagraph (i) of paragraph (a) of subdivision  26  of  section
    36  210-B  of  the tax law, as amended by section 2 of part RR of chapter 59
    37  of the laws of 2018, is amended and a new paragraph (f) is added to read
    38  as follows:
    39    (i) For taxable years beginning on or after January first,  two  thou-
    40  sand ten, and before January first, two thousand twenty-five, a taxpayer
    41  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
    42  imposed by this article, in an amount equal to one  hundred  percent  of
    43  the amount of credit allowed the taxpayer for the same taxable year with
    44  respect  to  a certified historic structure, and one hundred ten percent
    45  of the amount of credit allowed the taxpayer with respect to a certified
    46  historic structure that is a small project, under internal revenue  code
    47  section  47(c)(3),  determined  without regard to ratably allocating the
    48  credit over a five year period as required by  subsection  (a)  of  such
    49  section 47, with respect to a certified historic structure located with-
    50  in  the  state.  Provided,  however,  the  credit  shall not exceed five
    51  million dollars.
    52    (f) For purposes of this subdivision "small project"  means  qualified
    53  rehabilitation expenditures totaling five million dollars or less.
    54    §  4.  Subparagraph  (A)  of paragraph 1 of subdivision (y) of section
    55  1511 of the tax law, as amended by section 3 of part RR of chapter 59 of

        A. 5760                             3

     1  the laws of 2018, is amended and a new paragraph 6 is added to  read  as
     2  follows:
     3    (A)  For  taxable years beginning on or after January first, two thou-
     4  sand ten and before January first, two thousand twenty-five, a  taxpayer
     5  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
     6  imposed by this article, in an amount equal to one  hundred  percent  of
     7  the  amount  of  credit allowed the taxpayer with respect to a certified
     8  historic structure, and one hundred ten percent of the amount of  credit
     9  allowed the taxpayer with respect to a certified historic structure that
    10  is a small project, under internal revenue code section 47(c)(3), deter-
    11  mined  without  regard to ratably allocating the credit over a five year
    12  period as required by subsection (a) of such section 47, with respect to
    13  a certified historic  structure  located  within  the  state.  Provided,
    14  however,  the  credit shall not exceed five million dollars. For taxable
    15  years beginning on or after January first, two thousand  twenty-five,  a
    16  taxpayer  shall be allowed a credit as hereinafter provided, against the
    17  tax imposed by this article, in an amount equal to thirty percent of the
    18  amount of credit allowed  the  taxpayer  with  respect  to  a  certified
    19  historic  structure under internal revenue code section 47(c)(3), deter-
    20  mined without regard to ratably allocating the credit over a  five  year
    21  period  as required by subsection (a) of such section 47 with respect to
    22  a certified historic structure located  within  the  state.    Provided,
    23  however, the credit shall not exceed one hundred thousand dollars.
    24    (6)  For  purposes of this subdivision "small project" means qualified
    25  rehabilitation expenditures totaling five million dollars or less.
    26    § 5. This act shall take effect immediately.
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