Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 06, 2010 |
referred to investigations and government operations |
Feb 03, 2009 |
referred to investigations and government operations |
Senate Bill S1627
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
2009-S1627 (ACTIVE) - Details
- Current Committee:
- Senate Investigations And Government Operations
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§606 & 210, Tax L; amd §5, Chap 547 of 2006
2009-S1627 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1627 TITLE OF BILL : An act to amend the tax law, in relation to providing a tax credit for rehabilitation of historic properties; and to repeal section 5 of chapter 547 of the laws of 2006, amending the tax law and the parks, recreation and historic preservation law, relating to establishing a credit against income tax for the rehabilitation of historic properties relating to repealing certain administrative requirements relating thereto PURPOSE : The purpose of this legislation is to improve the NYS Rehabilitation Tax Credit programs to better serve municipal redevelopment and economic development goals in New York state. SUMMARY OF SPECIFIC PROVISIONS : Section 1. Subsection (oo) of section 606 of the tax law, as added by chapter 547 of the laws of 2006, is amended. Section 2. subparagraphs (A) and (B) of paragraph 2, the clause (iv) of subparagraph 5 of subsection 606 of the tax law, as added by chapter 547 of the laws of 2006, are amended. Section 3. Subdivision 40 of section 210 of the tax law, as added by
2009-S1627 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1627 2009-2010 Regular Sessions I N S E N A T E February 3, 2009 ___________ Introduced by Sen. C. JOHNSON -- 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 providing a tax credit for rehabilitation of historic properties; and to repeal section 5 of chapter 547 of the laws of 2006, amending the tax law and the parks, recreation and historic preservation law, relating to establishing a credit against income tax for the rehabilitation of historic proper- ties relating to repealing certain administrative requirements relat- ing thereto 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 added by chapter 547 of the laws of 2006, is amended to read as follows: (oo) Credit for rehabilitation of historic properties. (1) For taxable years beginning on or after January first, two thousand [seven] TEN, [a taxpayer] ANY PERSON, FIRM, PARTNERSHIP, LIMITED LIABILITY COMPANY, CORPORATION OR OTHER BUSINESS ENTITY shall be allowed a credit as here- inafter provided, against the tax imposed by this article, in an amount equal to [thirty] FIFTY percent of the amount of credit allowed the taxpayer for the same taxable year with respect to a certified historic structure under subsection (c)[(3)] (2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed [one hundred thousand] FIVE MILLION dollars. (2) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED IN THE TAXABLE YEAR THAT THE QUALIFIED REHABILITATION IS PLACED IN SERVICE UNDER SECTION 167 OF THE FEDERAL INTERNAL REVENUE CODE. (3) CREDITS ALLOWED TO A PARTNERSHIP, A LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP OR MULTIPLE OWNERS OF PROPERTY SHALL BE PASSED THROUGH TO THE PERSONS DESIGNATED, MEMBERS OR OWNERS, RESPECTIVELY PRO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07243-01-9
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