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

                                  9110

                          I N  A S S E M B L Y

                            January 25, 2012
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to increasing the maximum award
  available under the historic preservation tax 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  1 of subsection (oo) of
section 606 of the tax law, as amended by chapter 472  of  the  laws  of
2010, is amended to read as follows:
  (A)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first,  two  thousand  fifteen,  a  taxpayer
shall  be  allowed  a  credit  as  hereinafter provided, against the tax
imposed by this article, in an amount equal to one  hundred  percent  of
the  amount  of  credit allowed the taxpayer with respect to a certified
historic structure under subsection (a) (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
[five]  TWELVE  million dollars. For taxable years beginning on or after
January first, two thousand fifteen, a taxpayer shall be allowed a cred-
it as hereinafter provided, against the tax imposed by this article,  in
an  amount  equal  to thirty percent of the amount of credit allowed the
taxpayer with respect to a certified historic structure under subsection
(a)(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 dollars.
  S 2. Subparagraph (A) of paragraph 1 of subdivision 40 of section  210
of  the  tax  law,  as  amended  by  chapter 472 of the laws of 2010, is
amended to read as follows:
  (A) For taxable years beginning on or after January first,  two  thou-
sand  ten  and  before  January  first, two thousand fifteen, a taxpayer
shall be allowed a credit  as  hereinafter  provided,  against  the  tax
imposed  by  this  article, in an amount equal to one hundred percent of
the amount of credit allowed the taxpayer with respect  to  a  certified
historic structure under subsection (a) (2) of section 47 of the federal

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

                                                           LBD13898-01-2

A. 9110                             2

internal  revenue  code  with  respect to a certified historic structure
located within the state. Provided, however, the credit shall not exceed
[five] TWELVE million dollars. For taxable years beginning on  or  after
January first, two thousand fifteen, a taxpayer shall be allowed a cred-
it  as hereinafter provided, against the tax imposed by this article, in
an amount equal to thirty percent of the amount of  credit  allowed  the
taxpayer with respect to a certified historic structure under subsection
(a)(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 dollars.
  S 3. Subparagraph (A) of paragraph 1 of subsection (u) of section 1456
of  the tax law, as added by chapter 472 of the laws of 2010, is amended
to read as follows:
  (A) For taxable years beginning on or after January first,  two  thou-
sand  ten  and  before  January  first, two thousand fifteen, a taxpayer
shall be allowed a credit  as  hereinafter  provided,  against  the  tax
imposed  by  this  article, in an amount equal to one hundred percent of
the amount of credit allowed the taxpayer with respect  to  a  certified
historic  structure under subsection (a)(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
[five]  TWELVE  million dollars. For taxable years beginning on or after
January first, two thousand fifteen, a taxpayer shall be allowed a cred-
it as hereinafter provided, against the tax imposed by this article,  in
an  amount  equal  to thirty percent of the amount of credit allowed the
taxpayer with respect to a certified historic structure under subsection
(a)(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 dollars.
  S 4. Subparagraph (A) of paragraph (1) of subdivision (y)  of  section
1511  of  the  tax  law, as added by chapter 472 of the laws of 2010, is
amended to read as follows:
  (A) For taxable years beginning on or after January first,  two  thou-
sand  ten  and  before  January  first, two thousand fifteen, a taxpayer
shall be allowed a credit  as  hereinafter  provided,  against  the  tax
imposed  by  this  article, in an amount equal to one hundred percent of
the amount of credit allowed the taxpayer with respect  to  a  certified
historic  structure under subsection (a)(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
[five]  TWELVE  million dollars. For taxable years beginning on or after
January first, two thousand fifteen, a taxpayer shall be allowed a cred-
it as hereinafter provided, against the tax imposed by this article,  in
an  amount  equal  to thirty percent of the amount of credit allowed the
taxpayer with respect to a certified historic structure under subsection
(a)(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 dollars.
  S 5. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2012.