Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
referred to ways and means |
Feb 15, 2019 |
referred to ways and means |
Assembly Bill A5761
2019-2020 Legislative Session
Sponsored By
RYAN
Archive: Last Bill Status - In Assembly 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
Actions
2019-A5761 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§210-B, 606 & 1511, Tax L
2019-A5761 (ACTIVE) - Summary
Relates to the credit for rehabilitation of historic properties; authorizes the disproportionate allocation of such credit; authorizes the sale or transfer of such credit, in whole or in part, to one or more persons provided any credit may not be sold or transferred more than three times.
2019-A5761 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5761 2019-2020 Regular Sessions I N A S S E M B L Y February 15, 2019 ___________ Introduced by M. of A. RYAN -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to the credit for rehabili- tation of historic properties THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 26 of section 210-B of the tax law is amended by adding three new paragraphs (f), (g) and (h) to read as follows: (F) IF A CREDIT IS ALLOWED UNDER THIS SUBDIVISION FOR REHABILITATION OF A CERTIFIED HISTORIC STRUCTURE WITH MULTIPLE OWNERS, SUCH CREDIT SHALL BE PASSED THROUGH TO SUCH OWNERS, OR PERSONS DESIGNATED AS PART- NERS OR MEMBERS OF SUCH OWNERS, PRO RATA OR PURSUANT TO AN AGREEMENT AMONG SUCH OWNERS, OR PERSONS DESIGNATED AS PARTNERS OR MEMBERS OF SUCH OWNERS, DOCUMENTING AN ALTERNATIVE DISTRIBUTION METHOD WITHOUT REGARD TO OTHER TAX OR ECONOMIC ATTRIBUTES OF SUCH OWNERS. (G) (I) ANY OWNER ENTITLED TO A CREDIT UNDER THIS SUBDIVISION MAY SELL, ASSIGN, OR OTHERWISE TRANSFER SUCH CREDIT, IN WHOLE OR IN PART, TO ONE OR MORE PERSONS PROVIDED ANY CREDIT, AFTER ISSUANCE, MAY BE SOLD, ASSIGNED OR OTHERWISE TRANSFERRED, IN WHOLE OR IN PART, NOT MORE THAN THREE TIMES. SUCH PERSON SHALL BE ENTITLED TO OFFSET THE TAX IMPOSED UNDER THIS ARTICLE AS IF SUCH TRANSFEREE HAD INCURRED THE QUALIFIED REHABILITATION EXPENDITURE. (II) FOR THE PURPOSES OF THIS SUBDIVISION, (A) "PERSON" MEANS ANY INDIVIDUAL, PARTNERSHIP, COMPANY, LIMITED LIABILITY COMPANY, PUBLIC OR PRIVATE CORPORATION, SOCIETY, ASSOCIATION, TRUSTEE, EXECUTOR, ADMINIS- TRATOR OR OTHER FIDUCIARY OR CUSTODIAN AND (B) "QUALIFIED REHABILITATION EXPENDITURE" MEANS ANY COSTS INCURRED FOR THE PHYSICAL CONSTRUCTION INVOLVED IN THE REHABILITATION OF A CERTIFIED HISTORIC STRUCTURE, EXCLUDING: (1) THE OWNER'S PERSONAL LABOR, (2) THE COST OF A NEW ADDI- TION, EXCEPT AS REQUIRED TO COMPLY WITH ANY PROVISION OF THE STATE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07640-01-9
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