S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4439
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2021
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax  law,  in  relation  to  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. Subparagraph (A) of  paragraph  1  of  subsection  (oo)  of
 section  606 of the tax law, as amended by section 1 of part RR of chap-
 ter 59 of the laws of 2018, is amended and a new paragraph 6 is added 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 million dollars. 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  structure  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01183-02-1
              

 S. 4439                             2
 
 state; provided, however, the credit shall not exceed one hundred  thou-
 sand dollars.
   (6)  FOR  PURPOSES  OF  THIS SUBSECTION THE TERM "SMALL PROJECT" MEANS
 QUALIFIED REHABILITATION EXPENDITURES TOTALING TWO MILLION FIVE  HUNDRED
 THOUSAND DOLLARS OR LESS.
   §  2.  Subparagraph  (i) of paragraph (a) of subdivision 26 of section
 210-B of the tax law, as amended by section 2 of part RR of  chapter  59
 of the laws of 2018, is amended and a new paragraph (f) is added 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
 million dollars.
   (F) FOR PURPOSES OF THIS SUBDIVISION "SMALL PROJECT"  MEANS  QUALIFIED
 REHABILITATION  EXPENDITURES  TOTALING TWO MILLION FIVE HUNDRED THOUSAND
 DOLLARS OR LESS.
   § 3. Subparagraph (A) of paragraph 1 of  subdivision  (y)  of  section
 1511 of the tax law, as amended by section 3 of part RR of chapter 59 of
 the  laws  of 2018, is amended and a new paragraph 6 is added 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 million dollars. 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  structure  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  one  hundred  thousand
 dollars.
   (6)  FOR  PURPOSES OF THIS SUBDIVISION "SMALL PROJECT" MEANS QUALIFIED
 REHABILITATION EXPENDITURES TOTALING TWO MILLION FIVE  HUNDRED  THOUSAND
 DOLLARS OR LESS.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2022.