Senate Bill S4174

2023-2024 Legislative Session

Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program

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Sponsored By

Current Bill Status - Stricken


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S4174 (ACTIVE) - Details

See Assembly Version of this Bill:
A2889
Law Section:
Tax Law
Laws Affected:
Amd §§606, 210-B & 1511, Tax L; add Art 14-A §§14.15 - 14.18, amd 14.05, Pks & Rec L

2023-S4174 (ACTIVE) - Summary

Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant, as determined by local code enforcement or other reasonable means, for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit.

2023-S4174 (ACTIVE) - Sponsor Memo

2023-S4174 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4174
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2023
                                ___________
 
 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 and the parks, recreation and historic pres-
   ervation law, in relation to establishing the large projects  historic
   rehabilitation  tax  credit  and the "white elephant" housing historic
   rehabilitation projects tax credit program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subsection (oo) of section 606 of the tax law, as amended
 by chapter 239 of the laws of 2009, paragraph 1 as  amended  by  chapter
 472  of the laws of 2010, subparagraph (A) of paragraph 1 as amended and
 paragraph 6 as added by section 1 of part CCC of chapter 59 of the  laws
 of 2021, paragraph 3 as amended by section 1 of part RR of chapter 59 of
 the laws of 2018, paragraph 4 as amended by section 1 of part F of chap-
 ter  59  of  the laws of 2013 and paragraph 5 as amended by section 2 of
 part U of chapter 59 of the laws of 2019, is amended to read as follows:
   (oo) Credit for rehabilitation of historic  properties.  (1)  (A)  For
 taxable  years beginning on or after January first, two thousand ten and
 before January first, two thousand [twenty-five] THIRTY-FIVE, a taxpayer
 shall be allowed a credit  as  hereinafter  provided,  against  the  tax
 imposed by this article, in an amount equal to:
   (I)  one  hundred percent of the amount of credit allowed the taxpayer
 with respect to a certified historic structure, and  one  hundred  fifty
 percent  of  the amount of credit allowed the taxpayer with respect to a
 certified historic structure that is a  small  project,  under  internal
 revenue  code  section  47(c)(3),  determined  without regard to ratably
 allocating the credit over a five year period as required by  subsection
 (a) of such section 47; AND
   (II)  ONE HUNDRED PERCENT OF THE AMOUNT OF CREDIT ALLOWED THE TAXPAYER
 WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE   THAT   IS    A    WHITE
 ELEPHANT  PROJECT,  UNDER  INTERNAL  REVENUE CODE SECTION 47(C)(3), with
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06512-02-3
              

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