NY State Senate Bill 2015-S2317

Senate Bill S2317

2015-2016 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, 2016	referred to investigations and government operations
Jan 22, 2015	referred to investigations and government operations

2015-S2317 (ACTIVE) - Details

See Assembly Version of this Bill:: A3194
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S4682, A4364
2011-2012: S758, A2678
2013-2014: S2206, A3993
2017-2018: S540, A3908
2019-2020: S902, A6097
2021-2022: A5600
2023-2024: A4396

2015-S2317 (ACTIVE) - Summary

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

2015-S2317 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S2317

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 (j) 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:

2013-2014: S. 2206/A3993 Referred to Investigations and Government
Operations


2011,2012: S.758A/A.2678 Referred to Investigations and Government
Operations
2009,2010: S.4682/A.4364 Referred to Investigations and Government
Operations
2007,2008: S.4575/A.4117 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.

2015-S2317 (ACTIVE) - Bill Text download pdf

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

                                  2317

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 22, 2015
                               ___________

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,
clause (iv) as amended by chapter 239 of the laws of 2009, 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, AND
  (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 or is located
within a census tract which is identified  as  being  at  or  below  one
hundred  percent  of  the  state median family income in the most recent
federal census].
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05727-01-5

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