NY State Senate Bill 2009-S4682

Senate Bill S4682

2009-2010 Legislative Session

Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit

download bill text pdf

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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to investigations and government operations
Apr 27, 2009	referred to investigations and government operations

2009-S4682 (ACTIVE) - Details

See Assembly Version of this Bill:: A4364
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S758, A2678
2013-2014: S2206, A3993
2015-2016: S2317, A3194
2017-2018: S540, A3908
2019-2020: S902, A6097
2021-2022: A5600
2023-2024: A4396

2009-S4682 (ACTIVE) - Summary

Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.

2009-S4682 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4682

 TITLE OF BILL :  An act to amend the tax law, in relation to the
definition of qualified historic home for the purposes of the historic
homeownership rehabilitation credit

 PURPOSE: :  The purpose of this bill is to expand the purview of the
historic home rehabilitation tax credit to include all homes listed on
the national or state historic registers and all homes of a historical
significance in historic districts.

 SUMMARY OF PROVISIONS: :  The bill amends subparagraph (A) of
paragraph 5 of subsection (pp) of Section 606 of the Tax Law to delete
language in the definition of a "qualified historic home" that
requires such home to be a "targeted area residence within the meaning
of Section 143 G) of the Internal Revenue Code." Thus, the bill
expands the application of the historic home rehabilitation tax credit
to all homes listed as historic under the national and state registers
and any home deemed to be of historical significance located in a
registered historic district.

 JUSTIFICATION: :  Chapter 547 of the laws of 2006 enacted a 20% tax
credit for the rehabilitation of historic homes or homes located in a
historic district provided such homes are located in "distressed
areas" pursuant to the Internal Revenue Code. While Chapter 547
represents a significant first step in implementing a historic home

rehabilitation tax credit, it unfortunately would only apply to
approximately 4,100 homes statewide.

Eliminating the "distressed area" or "targeted area" requirement as
provided for in the bill would expand the tax credit program to
include over 50,000 qualified homes, a goal that was envisioned by
original legislation first introduced in 1995.

Extending the incentives contained in Chapter 547 to historic homes
located anywhere in the state will enhance the revitalization of our
neighborhoods by providing an incentive for investment in New York's
rich legacy of historic housing stock.

Primarily, the bill would create a vastly expanded economic
development program targeted at aging residential properties that
would provide increased housing opportunities; however, it would also
have an economic impact on local economies resulting from spending by
homeowners for labor and materials. Rehabilitation of these properties
would also result in tax base growth and will also help foster further
business growth.

 LEGISLATIVE HISTORY: : S.4575 (2007-08) Passed Senate

 FISCAL IMPLICATIONS: :  Undetermined; however, any fiscal impact on
the state would be partially offset by increased local property tax
revenues through increased assessments on rehabilitated properties and
the return to the tax rolls of previously abandoned or delinquent
properties.

 EFFECTIVE DATE: :  This act shall take effect immediately.

2009-S4682 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4682

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to the definition of  qualified
  historic home for the purposes of the historic homeownership rehabili-
  tation credit

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph (A) of  paragraph  5  of  subsection  (pp)  of
section 606 of the tax law, as added by chapter 547 of the laws of 2006,
is amended to read as follows:
  (A)  The  term  "qualified  historic home" means, for purposes of this
subsection, a certified  historic  structure  located  within  New  York
state:
  (i) which has been substantially rehabilitated,
  (ii)  which,  or  any portion of which, is owned, in whole or part, by
the taxpayer,
  (iii) in which the taxpayer resides during the taxable year  in  which
the taxpayer is allowed a credit under this subsection, and
  (iv)  which  is  [in whole or in part a targeted area residence within
the meaning of section 143(j) of the internal revenue code and]  located
within an area of a city, town or village whose governing body has iden-
tified  by  resolution  that  such  area is in need of community renewal
because of deteriorated and/or vacant buildings and, by local  law,  has
adopted  a  historic  preservation  and  community  renewal  program  to
preserve and/or revitalize such area. A historic preservation and commu-
nity renewal program  is  a  program  that  coordinates  all  applicable
governmental  benefits  and  programs with the aims of preserving and/or
revitalizing neighborhoods,  encouraging  property  owners  to  complete
substantial  rehabilitation projects and promoting smart growth economic
development. Such local laws shall be filed with the  office  of  parks,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02959-01-9

S. 4682                             2

recreation  and  historic  preservation. The office of parks, recreation
and historic preservation shall assist local governments  in  developing
historic preservation and community renewal programs.
  S 2. This act shall take effect immediately.

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