Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to investigations and government operations |
Jan 27, 2009 |
referred to investigations and government operations |
Senate Bill S1214
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- 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
Actions
co-Sponsors
(D) Senate District
(D) Senate District
2009-S1214 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A5892
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง606, Tax L
- Versions Introduced in 2011-2012 Legislative Session:
-
S2878
2009-S1214 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1214 TITLE OF BILL : An act to amend the tax law, in relation to enacting the "city of Buffalo historic preservation tax credit act" PURPOSE : To create the "City of Buffalo historic preservation tax credit" in order to ensure funding for potential historic rehabilitation projects found within Buffalo and Western New York. SUMMARY OF PROVISIONS : Section one of this bill is the title, known as the "City of Buffalo historic preservation tax credit act". Section two amends section 606 of the Tax Law by adding a new subsection. This subsection allows for the historic structure rehabilitation credit to be granted to taxpayers for rehabilitation of historic buildings within the City of Buffalo. section three creates an effective date. JUSTIFICATION : Due to a funding shortage, many potential historic rehabilitation projects never get off the ground. Lack of funding is not uncommon for historic developments but is particularly common in western New York. with a high volume of historic properties located in and around Buffalo, the rehabilitation costs tend to be higher, mainly because
2009-S1214 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1214 2009-2010 Regular Sessions I N S E N A T E January 27, 2009 ___________ Introduced by Sens. THOMPSON, AUBERTINE, ONORATO, STACHOWSKI -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to enacting the "city of Buffalo historic preservation tax credit act" THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "city of Buffalo historic preservation tax credit act". S 2. Section 606 of the tax law is amended by adding a new subsection (qq) to read as follows: (QQ) CITY OF BUFFALO HISTORIC STRUCTURE REHABILITATION CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THIRTY PERCENT OF THE QUALIFIED REHABILITATION EXPENDITURES MADE BY THE TAXPAYER WITH RESPECT TO A QUALIFIED HISTORIC STRUCTURE AND MAY ONLY BE TAKEN BY THE TAXPAYER UPON COMPLETION OF THE REHABILITATION WORK AND APPROVAL OF SUCH WORK BY THE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION OR BY A LOCAL GOVERNMENT CERTIFIED PURSUANT TO SECTION 101 (C)(1) OF THE NATIONAL HISTORIC PRESERVATION ACT. APPROVAL IS NECESSARY OF EXTERIOR WORK AND INTERIOR WORK AFFECTING PRIMARY SIGNIFICANT HISTORIC SPACES. INTERIOR WORK MAY ALSO QUALIFY FOR THE CREDIT SO LONG AS NO MORE THAN NINETY-FIVE PERCENT OF THE TOTAL EXPENDITURES MADE IN THE REHABILITATION PROCESS ARE ALLOWABLE TO THE REHABILITATION OF THE INTERIOR. WORK WILL BE REVIEWED PURSUANT TO THE STANDARDS ESTABLISHED BY THE COMMISSIONER OF PARKS, RECREATION AND HISTORIC PRESERVATION. (2) TAX CREDITS ALLOWED PURSUANT TO THIS ARTICLE SHALL BE ALLOWED FOR THE TAXABLE YEAR IN WHICH SUCH QUALIFIED HISTORIC STRUCTURE OR AN IDEN- TIFIABLE PORTION OF THE STRUCTURE IS PLACED IN SERVICE PROVIDED THAT THE SUBSTANTIAL REHABILITATION TEST IS MET FOR SUCH YEAR. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04767-01-9
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