S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    899
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of A. WOERNER, HUNTER, FAHY, MAGNARELLI -- read once
   and referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to the transferability  of  the
   rehabilitation of historic properties tax credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (oo) of section 606 of the tax law,  is  amended
 by adding a new paragraph 6 to read as follows:
   (6)(A)  A  TAXPAYER  ALLOWED  A CREDIT PURSUANT TO THIS SUBSECTION MAY
 TRANSFER THE CREDIT, IN WHOLE OR IN PART, TO ANOTHER PERSON  OR  ENTITY,
 WHO SHALL BE REFERRED TO AS THE TRANSFEREE, WITH RESPECT TO THE REHABIL-
 ITATED  HISTORIC BUILDING MAY BE ALLOCATED AND NOTWITHSTANDING THAT SUCH
 OTHER PERSON OR ENTITY OWNS NO INTEREST IN  THE  REHABILITATED  HISTORIC
 BUILDING OR IN AN ENTITY WITH AN OWNERSHIP INTEREST IN THE REHABILITATED
 HISTORIC  BUILDING.   TRANSFEREES SHALL BE ENTITLED TO APPLY TRANSFERRED
 CREDIT TO A TAX IMPOSED UNDER ARTICLE NINE-A, TWENTY-TWO OR THIRTY-THREE
 OF THIS CHAPTER, PROVIDED ALL REQUIREMENTS FOR CLAIMING THE  CREDIT  ARE
 MET.  A  TRANSFEREE  MAY  NOT  TRANSFER  ANY CREDIT, OR PORTION THEREOF,
 ACQUIRED BY TRANSFER.
   (B) A TAXPAYER ALLOWED A CREDIT PURSUANT TO THIS  ARTICLE  MUST  ENTER
 INTO A TRANSFER CONTRACT WITH THE TRANSFEREE. THE TRANSFER CONTRACT MUST
 SPECIFY  (I)  THE  BUILDING  IDENTIFICATION  NUMBERS  FOR  REHABILITATED
 HISTORIC BUILDINGS IN THE PROJECT;  (II)  THE  DATE  SUCH  REHABILITATED
 HISTORIC  BUILDING  WAS PLACED INTO SERVICE; (III) THE FIVE YEAR COMPLI-
 ANCE PERIOD FOR THE PROJECT; (IV) THE SCHEDULE OF YEARS  FOR  WHICH  THE
 TRANSFER  CREDIT  MAY  BE  CLAIMED  AND  THE AMOUNT OF CREDIT PREVIOUSLY
 CLAIMED; (V) THE AMOUNT OF CONSIDERATION RECEIVED BY  THE  TAXPAYER  FOR
 THE TRANSFER CREDIT; AND (VI) THE AMOUNT OF CREDIT BEING TRANSFERRED.
   (C) NO TRANSFER SHALL BE EFFECTIVE UNLESS THE TAXPAYER ALLOWED A CRED-
 IT  PURSUANT TO THIS SUBSECTION AND SEEKING TO TRANSFER THE CREDIT FILES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD01203-01-1

 A. 899                              2
 
 A TRANSFER STATEMENT WITH THE  COMMISSIONER  OF  PARKS,  RECREATION  AND
 HISTORIC  PRESERVATION PRIOR TO THE TRANSFER AND HE OR SHE APPROVES SUCH
 TRANSFER. THE TRANSFER STATEMENT SHALL  PROVIDE  THE  NAME  AND  FEDERAL
 IDENTIFICATION NUMBERS OF THE FILING TRANSFEROR AND THE TAXPAYER TO WHOM
 THE  FILING  TRANSFEROR TRANSFERRED THE CREDIT, AND THE AMOUNT OF CREDIT
 TRANSFERRED TO EACH SUCH PERSON  OR  ENTITY.  A  COPY  OF  THE  TRANSFER
 CONTRACT  SHALL  BE  ATTACHED  TO  THE TRANSFER STATEMENT. THE STATEMENT
 SHALL ALSO CONTAIN SUCH OTHER INFORMATION AS THE COMMISSIONER OF  PARKS,
 RECREATION  AND  HISTORIC  PRESERVATION MAY REQUIRE. AFTER REVIEWING THE
 TRANSFER CONTRACT AND THE TRANSFER STATEMENT, THE COMMISSIONER OF PARKS,
 RECREATION AND HISTORIC PRESERVATION SHALL APPROVE OR DENY THE  TRANSFER
 AS PROVIDED IN THIS SUBSECTION. IF THE COMMISSIONER OF PARKS, RECREATION
 AND  HISTORIC  PRESERVATION APPROVES THE TRANSFER, HE OR SHE SHALL ISSUE
 AN APPROVAL STATEMENT THAT PROVIDES  THE  NAME  OF  THE  TRANSFEROR  AND
 TRANSFEREE, THE AMOUNT OF CREDIT BEING TRANSFERRED AND SUCH OTHER INFOR-
 MATION  AS  THE COMMISSIONER OF PARKS, RECREATION AND HISTORIC PRESERVA-
 TION AND THE COMMISSIONER  DEEM  NECESSARY.  A  COPY  OF  THE  STATEMENT
 APPROVED BY THE COMMISSIONER OF PARKS, RECREATION AND HISTORIC PRESERVA-
 TION MUST BE ATTACHED TO THE TRANSFEREE'S TAX RETURN. IF THE COMMISSION-
 ER  OF  PARKS, RECREATION AND HISTORIC PRESERVATION DENIES THE TRANSFER,
 HE OR SHE SHALL PROVIDE THE TAXPAYER A WRITTEN  DETERMINATION  FOR  SUCH
 DENIAL. THE COMMISSIONER OF PARKS, RECREATION AND HISTORIC PRESERVATION,
 IN  CONSULTATION  WITH THE COMMISSIONER, MAY ESTABLISH SUCH OTHER PROCE-
 DURES AND STANDARDS DEEMED NECESSARY  FOR  THE  TRANSFERABILITY  OF  THE
 REHABILITATION TAX CREDIT.
   (D)  THE  COMMISSIONER  OF PARKS, RECREATION AND HISTORIC PRESERVATION
 SHALL FORWARD COPIES OF ALL TRANSFER STATEMENTS AND ATTACHMENTS  THERETO
 AND  APPROVAL  STATEMENTS TO THE DEPARTMENT WITHIN THIRTY DAYS AFTER THE
 TRANSFER IS APPROVED  BY  THE  COMMISSIONER  OF  PARKS,  RECREATION  AND
 HISTORIC PRESERVATION.
   (E)  THE  TAXPAYER  THAT  ORIGINALLY  RECEIVED THE CREDIT SHALL REMAIN
 SOLELY LIABLE FOR ALL OBLIGATIONS AND LIABILITIES IMPOSED ON THE TAXPAY-
 ER WITH RESPECT TO THE CREDIT, NONE OF WHICH SHALL APPLY TO A  PARTY  TO
 WHOM THE CREDIT HAS BEEN SUBSEQUENTLY TRANSFERRED.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2022.