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

                                  9915

                          I N  A S S E M B L Y

                             April 20, 2012
                               ___________

Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to extending provisions of  law
  relating  to  the credit for the rehabilitation of historic properties
  and historic homes

  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 follow:
  (A)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first,  two  thousand  [fifteen]  TWENTY,  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 million dollars. For taxable years beginning on  or  after  January
first,  two  thousand  [fifteen]  TWENTY,  a taxpayer shall be allowed a
credit 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. Paragraph 2 of subsection (pp) of section 606 of the tax law,  as
added  by  chapter 547 of the laws of 2006, subparagraphs (A) and (B) as
amended by chapter 472 of the laws  of  2010,  is  amended  to  read  as
follow:
  (2)  (A)  With  respect to any particular residence of a taxpayer, the
credit allowed under paragraph one of this subsection shall  not  exceed
fifty  thousand  dollars for taxable years beginning on or after January
first, two thousand ten and before January first, two thousand [fifteen]

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

                                                           LBD15246-01-2

A. 9915                             2

TWENTY and twenty-five thousand dollars for taxable years  beginning  on
or  after January first, two thousand [fifteen] TWENTY. In the case of a
husband and wife, the amount of the credit shall be divided between them
equally  or  in  such other manner as they may both elect. If a taxpayer
incurs qualified rehabilitation expenditures in relation  to  more  than
one residence in the same year, the total amount of credit allowed under
paragraph  one  of  this  subsection for all such expenditures shall not
exceed fifty thousand dollars for taxable years beginning  on  or  after
January  first,  two thousand ten and before January first, two thousand
[fifteen] TWENTY and twenty-five  thousand  dollars  for  taxable  years
beginning on or after January first, two thousand [fifteen] TWENTY.
  (B)  For  taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand [fifteen] TWENTY, if the
amount of credit  allowable  under  this  subsection  shall  exceed  the
taxpayer's tax for such year, and the taxpayer's New York adjusted gross
income  for such year does not exceed sixty thousand dollars, the excess
shall be treated as an overpayment of tax to be credited or refunded  in
accordance with the provisions of section six hundred eighty-six of this
article,  provided,  however, that no interest shall be paid thereon. If
the taxpayer's New York adjusted gross  income  for  such  year  exceeds
sixty  thousand  dollars,  the excess credit that may be carried over to
the following year or years and may be deducted from the taxpayer's  tax
for  such year or years. For taxable years beginning on or after January
first, two thousand [fifteen] TWENTY, if the amount of credit  allowable
under this subsection shall exceed the taxpayer's tax for such year, the
excess  may  be  carried  over to the following year or years and may be
deducted from the taxpayer's tax for such year or years.
  S 3. 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 follow:
  (A) For taxable years beginning on or after January first,  two  thou-
sand  ten  and  before  January  first, two thousand [fifteen] TWENTY, 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  million  dollars.  For taxable years beginning on or after January
first, two thousand [fifteen] TWENTY, a  taxpayer  shall  be  allowed  a
credit 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 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] TWENTY, 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

A. 9915                             3

located within the state. Provided, however, the credit shall not exceed
five million dollars. For taxable years beginning on  or  after  January
first,  two  thousand  [fifteen]  TWENTY,  a taxpayer shall be allowed a
credit 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.  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]  TWENTY,  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  million  dollars.  For taxable years beginning on or after January
first, two thousand [fifteen] TWENTY, a  taxpayer  shall  be  allowed  a
credit 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.
  6. This act shall take effect immediately.