S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7298
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 4, 2021
                                ___________
 
 Introduced  by  M.  of  A.  ENGLEBRIGHT,  LUPARDO, FAHY, PEOPLES-STOKES,
   GALEF, OTIS, ASHBY -- 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 section 1 of part CCC of chap-
 ter 59 of the laws of 2021, 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-five, 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, and one hundred fifty percent of the amount of cred-
 it allowed the taxpayer with respect to a certified  historic  structure
 that  is  a small project, under internal revenue code section 47(c)(3),
 determined without regard to ratably allocating the credit over  a  five
 year  period  as  required  by  subsection  (a) of such section 47, with
 respect to a certified historic  structure  located  within  the  state.
 Provided,  however,  the  credit  shall  not exceed [five] SEVEN million
 dollars IN STATE   FISCAL YEAR  TWO  THOUSAND  TWENTY-TWO--TWO  THOUSAND
 TWENTY-THREE AND NINE  MILLION DOLLARS IN STATE FISCAL YEAR TWO THOUSAND
 TWENTY-THREE--TWO   THOUSAND TWENTY-FOUR. For taxable years beginning on
 or after January first, two thousand twenty-five, 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 struc-
 ture under internal revenue code section  47(c)(3),  determined  without
 regard  to  ratably  allocating  the  credit  over a five year period as
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD07962-02-1

 A. 7298                             2
 
 required by subsection (a) of such section 47, with respect to a  certi-
 fied historic structure located within the state; provided, however, the
 credit shall not exceed one hundred thousand dollars.
   §  2.  Subparagraph  (i) of paragraph (a) of subdivision 26 of section
 210-B of the tax law, as amended by section 2 of part CCC of chapter  59
 of the laws of 2021, 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-five, 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 for the same taxable year with
 respect to a certified historic structure, and one hundred fifty percent
 of the amount of credit allowed the taxpayer with respect to a certified
 historic structure that is a small project, under internal revenue  code
 section  47(c)(3),  determined  without regard to ratably allocating the
 credit over a five year period as required by  subsection  (a)  of  such
 section 47, with respect to a certified historic structure located with-
 in  the  state.  Provided,  however,  the credit shall not exceed [five]
 SEVEN million dollars IN STATE  FISCAL  YEAR  TWO  THOUSAND  TWENTY-TWO-
 -TWO  THOUSAND TWENTY-THREE   AND   NINE MILLION DOLLARS IN STATE FISCAL
 YEAR TWO THOUSAND TWENTY-THREE--TWO THOUSAND TWENTY-FOUR.
   § 3. Subparagraph (A) of paragraph 1 of  subdivision  (y)  of  section
 1511  of  the tax law, as amended by section 3 of part CCC of chapter 59
 of the laws of 2021, 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-five, 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, and one hundred fifty percent of the amount of cred-
 it  allowed  the taxpayer with respect to a certified historic structure
 that is a small project, under internal revenue code  section  47(c)(3),
 determined  without  regard to ratably allocating the credit over a five
 year period as required by subsection  (a)  of  such  section  47,  with
 respect  to  a  certified  historic  structure located within the state.
 Provided, however, the credit shall  not  exceed  [five]  SEVEN  million
 dollars IN STATE FISCAL YEAR TWO THOUSAND TWENTY-TWO--TWO THOUSAND TWEN-
 TY-THREE  AND   NINE MILLION   DOLLARS IN STATE FISCAL YEAR TWO THOUSAND
 TWENTY-THREE--TWO THOUSAND TWENTY-FOUR. For taxable years  beginning  on
 or  after  January  first, two thousand twenty-five, 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  struc-
 ture  under  internal  revenue code section 47(c)(3), determined without
 regard to ratably allocating the credit  over  a  five  year  period  as
 required  by  subsection (a) of such section 47 with respect to a certi-
 fied historic structure located within the state.    Provided,  however,
 the credit shall not exceed one hundred thousand dollars.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2021.