S T A T E O F N E W Y O R K
________________________________________________________________________
3631--A
2015-2016 Regular Sessions
I N S E N A T E
February 13, 2015
___________
Introduced by Sens. RANZENHOFER, CARLUCCI, FUNKE -- read twice and
ordered printed, and when printed to be committed to the Committee on
Investigations and Government Operations -- reported favorably from
said committee and committed to the Committee on Finance -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
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 section 1 of part F of chapter
59 of the laws of 2013, 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 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 struc-
ture 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 ENDING BEFORE JANUARY FIRST, TWO THOU-
SAND SEVENTEEN, SEVEN MILLION DOLLARS FOR THE TWO THOUSAND SEVENTEEN
TAXABLE YEAR, NINE MILLION DOLLARS FOR THE TWO THOUSAND EIGHTEEN TAXABLE
YEAR, AND TWELVE MILLION DOLLARS FOR THE TWO THOUSAND NINETEEN TAXABLE
YEAR. For taxable years beginning on or after January first, two thou-
sand 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 histor-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02818-03-5
S. 3631--A 2
ic structure located within the state; provided, however, the credit
shall not exceed one hundred thousand dollars.
S 2. Subparagraph (i) of paragraph a of subdivision 26 of section
210-B of the tax law, as added by section 17 of part A of chapter 59 of
the laws of 2014, is amended to read as follows:
(i) For taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand 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 struc-
ture under subsection (c) (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 ENDING BEFORE JANUARY FIRST, TWO THOU-
SAND SEVENTEEN, SEVEN MILLION DOLLARS FOR THE TWO THOUSAND SEVENTEEN
TAXABLE YEAR, NINE MILLION DOLLARS FOR THE TWO THOUSAND EIGHTEEN TAXABLE
YEAR, AND TWELVE MILLION DOLLARS FOR THE TWO THOUSAND NINETEEN TAXABLE
YEAR.
S 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section
1511 of the tax law, as amended by section 4 of part F of chapter 59 of
the laws of 2013, 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 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 struc-
ture 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 ENDING BEFORE JANUARY FIRST, TWO THOU-
SAND SEVENTEEN, SEVEN MILLION DOLLARS FOR THE TWO THOUSAND SEVENTEEN
TAXABLE YEAR, NINE MILLION DOLLARS FOR THE TWO THOUSAND EIGHTEEN TAXABLE
YEAR, AND TWELVE MILLION DOLLARS FOR THE TWO THOUSAND NINETEEN TAXABLE
YEAR. For taxable years beginning on or after January first, two thou-
sand 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 histor-
ic structure located within the state. Provided, however, the credit
shall not exceed one hundred thousand dollars.
S 4. This act shall take effect immediately.
