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A05760 Summary:

BILL NOA05760A
 
SAME ASNo Same As
 
SPONSORWoerner
 
COSPNSRLupardo, Fahy, Otis, Englebright, D'Urso, Arroyo, Smullen, Brabenec, McDonald
 
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 150% of the amount of credit allowed the taxpayer under the internal revenue code; and provides that a taxpayer is permitted to transfer such credit one time.
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A05760 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5760--A
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 15, 2019
                                       ___________
 
        Introduced  by  M.  of  A.  WOERNER,  LUPARDO,  FAHY, OTIS, ENGLEBRIGHT,
          D'URSO, ARROYO, SMULLEN, BRABENEC, McDONALD -- Multi-Sponsored  by  --
          M.  of A.  SCHIMMINGER, WALSH -- read once and referred to the Commit-
          tee 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 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 fifty percent of the amount of cred-
    11  it  allowed  the taxpayer with respect to a certified historic structure
    12  that is a small project, under internal revenue code  section  47(c)(3),
    13  determined  without  regard to ratably allocating the credit over a five
    14  year period as required by subsection  (a)  of  such  section  47,  with
    15  respect  to  a  certified  historic  structure located within the state.
    16  Provided, however, the credit shall not exceed five million dollars. For
    17  taxable years beginning on or after January first, two thousand  twenty-
    18  five,  a  taxpayer  shall  be  allowed a credit as hereinafter provided,
    19  against the tax imposed by this article, in an amount  equal  to  thirty
    20  percent  of  the amount of credit allowed the taxpayer with respect to a
    21  certified  historic  structure  under  internal  revenue  code   section
    22  47(c)(3),  determined  without  regard  to ratably allocating the credit
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09259-07-9

        A. 5760--A                          2
 
     1  over a five year period as required by subsection (a)  of  such  section
     2  47,  with  respect  to a certified historic structure located within the
     3  state; provided, however, the credit shall not exceed one hundred  thou-
     4  sand dollars.
     5    (6) A taxpayer is permitted to transfer such credit allowed under this
     6  subsection,  in  whole  or in part, to any individual or entity, without
     7  the requirement of transferring any ownership interest in the  certified
     8  historic  structure  or any interest in the entity which owns the certi-
     9  fied historic structure; provided, however, that  a  taxpayer  may  only
    10  transfer  such  credit once. Any individual or entity to whom the credit
    11  was transferred may not transfer the credit, in whole or in part, to any
    12  other party but may claim it against the tax imposed  by  this  article.
    13  Such transfer shall not affect the time schedule for claiming the credit
    14  transferred. Any credit recaptured shall be the liability of the taxpay-
    15  er  who  actually claimed the credit. The claim of a transferee shall be
    16  permitted in the same manner and subject to the same provisions of  this
    17  subsection  as applied to the taxpayer to whom the credit was originally
    18  allowed.
    19    (7) For purposes of this subsection the  term  "small  project"  means
    20  qualified  rehabilitation  expenditures totaling five million dollars or
    21  less.
    22    § 2. Subparagraph (i) of paragraph (a) of subdivision  26  of  section
    23  210-B  of  the tax law, as amended by section 2 of part RR of chapter 59
    24  of the laws of 2018, is amended and a new paragraph (f) is added to read
    25  as follows:
    26    (i) For taxable years beginning on or after January first,  two  thou-
    27  sand ten, and before January first, two thousand twenty-five, a taxpayer
    28  shall  be  allowed  a  credit  as  hereinafter provided, against the tax
    29  imposed by this article, in an amount equal to one  hundred  percent  of
    30  the amount of credit allowed the taxpayer for the same taxable year with
    31  respect to a certified historic structure, and one hundred fifty percent
    32  of the amount of credit allowed the taxpayer with respect to a certified
    33  historic  structure that is a small project, under internal revenue code
    34  section 47(c)(3), determined without regard to  ratably  allocating  the
    35  credit  over  a  five  year period as required by subsection (a) of such
    36  section 47, with respect to a certified historic structure located with-
    37  in the state. Provided,  however,  the  credit  shall  not  exceed  five
    38  million dollars.
    39    (f)  For  purposes of this subdivision "small project" means qualified
    40  rehabilitation expenditures totaling five million dollars or less.
    41    § 3. Subparagraph (A) of paragraph 1 of  subdivision  (y)  of  section
    42  1511 of the tax law, as amended by section 3 of part RR of chapter 59 of
    43  the  laws  of 2018, is amended and a new paragraph 6 is added to read as
    44  follows:
    45    (A) For taxable years beginning on or after January first,  two  thou-
    46  sand  ten and before January first, two thousand twenty-five, a taxpayer
    47  shall be allowed a credit  as  hereinafter  provided,  against  the  tax
    48  imposed  by  this  article, in an amount equal to one hundred percent of
    49  the amount of credit allowed the taxpayer with respect  to  a  certified
    50  historic structure, and one hundred fifty percent of the amount of cred-
    51  it  allowed  the taxpayer with respect to a certified historic structure
    52  that is a small project, under internal revenue code  section  47(c)(3),
    53  determined  without  regard to ratably allocating the credit over a five
    54  year period as required by subsection  (a)  of  such  section  47,  with
    55  respect  to  a  certified  historic  structure located within the state.
    56  Provided, however, the credit shall not exceed five million dollars. For

        A. 5760--A                          3
 
     1  taxable years beginning on or after January first, two thousand  twenty-
     2  five,  a  taxpayer  shall  be  allowed a credit as hereinafter provided,
     3  against the tax imposed by this article, in an amount  equal  to  thirty
     4  percent  of  the amount of credit allowed the taxpayer with respect to a
     5  certified  historic  structure  under  internal  revenue  code   section
     6  47(c)(3),  determined  without  regard  to ratably allocating the credit
     7  over a five year period as required by subsection (a) of such section 47
     8  with respect to a certified historic structure located within the state.
     9  Provided, however, the credit shall  not  exceed  one  hundred  thousand
    10  dollars.
    11    (6)  For  purposes of this subdivision "small project" means qualified
    12  rehabilitation expenditures totaling five million dollars or less.
    13    § 4. This act shall take effect immediately and shall apply to taxable
    14  years beginning on and after January 1, 2020.
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