NY State Senate Bill 2021-S8238

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 07, 2022	referred to budget and revenue

co-Sponsors

2021-S8238 (ACTIVE) - Details

See Assembly Version of this Bill:: A9043
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§210-B, 606 & 1511, Tax L; amd §14.05, Pks & Rec L

2021-S8238 (ACTIVE) - Summary

Extends the credit for rehabilitation of historic properties until 2032; adds an annual reporting requirement.

2021-S8238 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8238

SPONSOR: KENNEDY
 
TITLE OF BILL:

An act to amend the tax law and the parks, recreation and historic pres-
ervation law, in relation to extending the credit for rehabilitation of
historic properties

 
PURPOSE:

This bill extends the tax credit for historic homeownership rehabili-
tation and the rehabilitation of "certified historic structures."

 
SUMMARY OF PROVISIONS:

Section 1. Amends paragraph a of subdivision 26 of section 210-B of the
tax law to extend the credit for rehabilitation of historic properties
from taxable years before two thousand twenty-five to two thousand thir-
ty-two; and adds new paragraph g to direct the commissioner of taxation
to report annually on the amount of credits claimed and awarded.

§ 2. Amends section 14.05 of the parks, recreation and historic preser-
vation law by adding a new subdivision (5) to require the commissioner
to report annually on the historic rehabilitation tax credit projects
applied for under sections 210-B, 606, and 1511 of the tax law and to
detail the information to be reported.

§ 3. Amends subsection (oo) of section 606 of the tax law to extend the
credit for rehabilitation of historic properties from taxable years
before two thousand twenty-five to two thousand thirty-two; and to add
new paragraph 7 to direct the commissioner of taxation to report annual-
ly on the amount of credits claimed and awarded.

§ 4. Amends paragraph 2 of subsection (pp) of section 606 of the tax law
to extend the credit for rehabilitation of historic homeownership from
two thousand twenty-five to two thousand thirty-two; and to add new
paragraph 13 to direct the commissioner of taxation to report annually
on the amount of credits claimed and awarded.

§ 5. Amends subdivision (y) of section 1511 of the tax law to extend the
credit for rehabilitation of of historic properties from two thousand
twenty-five to two thousand thirty-two; and to add new paragraph 7 to
direct the commissioner of taxation to report annually on the amount of
credits claimed and awarded.

§ 6. Provides for an immediate effective date.

 
JUSTIFICATION:

New York communities commonly deal with the reality of crumbling histor-
ic buildings and the devastating choice of whether to spend millions of
dollars to restore them or simply to raze them. This extension of the
tax credit to rehabilitate historic homes and "certified historic struc-
tures" offers taxpayers ongoing incentives to revitalize their historic
properties. The credit helps revitalize communities, because it
increases the flow of funds that facilitate rehabilitation of historic
buildings. When taxpayers have access to the credit, communities are
better able to maintain their unique local history and character -
created over hundreds of years - and to keep valuable building materials
in use rather than in landfills. The bill also adds a reporting require-
ment so that the rehabilitation credit program becomes more transparent
and accountable in its use of tax incentives to stimulate private
investment in communities.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S8238 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8238
 
                             I N  S E N A T E
 
                             February 7, 2022
                                ___________
 
 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 and the parks, recreation and historic pres-
   ervation law, in relation to extending the credit  for  rehabilitation
   of historic properties
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. 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, subparagraph (i) as amended by section 2 of part CCC of chapter 59
 of  the  laws  of  2021, and clause (B) of subparagraph (ii) as added by
 section 17 of part A of chapter 59 of the laws of 2014, is amended and a
 new paragraph (g) is added to read as follows:
   (a) Application of credit.   (i) For taxable  years  beginning  on  or
 after  January  first,  two  thousand ten, and before January first, two
 thousand [twenty-five] THIRTY-TWO, 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 within the state. Provided,  howev-
 er, the credit shall not exceed five million dollars.
   (ii)  (A)  For  taxable years beginning on or after January first, two
 thousand [twenty-five] THIRTY-TWO, 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  for the same taxable year determined without regard to ratably
 allocating the credit over a five year period as required by  subsection
 (a) of section 47 of the internal revenue code, with respect to a certi-
 fied  historic  structure  under  subsection (c)(3) of section 47 of the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD14125-04-2
 S. 8238                             2
 
 internal revenue code with respect to  a  certified  historic  structure
 located within the state. Provided, however, the credit shall not exceed
 one hundred thousand dollars.
   (B)  If the taxpayer is a partner in a partnership or a shareholder in
 a New York S corporation, then the credit caps imposed in [subparagraph]
 CLAUSE (A) of this [paragraph] SUBPARAGRAPH  shall  be  applied  at  the
 entity  level,  so that the aggregate credit allowed to all the partners
 or shareholders of each such entity in the taxable year does not  exceed
 the credit cap that is applicable in that taxable year.
   (G) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
 OF  NOVEMBER,  ON  THE  AGGREGATE  AMOUNT OF CREDITS CLAIMED AND AWARDED
 PURSUANT TO THIS SUBDIVISION  ON  RETURNS  FILED  DURING  THE  PRECEDING
 CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR,  TEMPORARY
 PRESIDENT  OF  THE SENATE,  SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
 FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
   §  2. Section 14.05 of the parks, recreation and historic preservation
 law is amended by adding a new subdivision 5 to read as follows:
   5. (A) THE COMMISSIONER SHALL REPORT  ANNUALLY,  ON   OR BEFORE    THE
 FIRST    DAY    OF   NOVEMBER, ON THE TAX CREDIT PROJECTS APPLIED FOR IN
 ACCORDANCE WITH SUBDIVISION TWENTY-SIX OF  SECTION  TWO  HUNDRED  TEN-B,
 SUBSECTION  (OO)  OF  SECTION  SIX  HUNDRED  SIX, AND SUBDIVISION (Y) OF
 SECTION ONE THOUSAND FIVE HUNDRED ELEVEN OF THE  TAX  LAW  ON    RETURNS
 FILED    DURING    THE    PRECEDING  CALENDAR YEAR. SUCH REPORT SHALL BE
 PROVIDED TO THE GOVERNOR,  TEMPORARY PRESIDENT  OF  THE SENATE,  SPEAKER
 OF  THE  ASSEMBLY,  CHAIR OF THE SENATE FINANCE  COMMITTEE  AND CHAIR OF
 THE ASSEMBLY WAYS AND MEANS COMMITTEE, SHALL BE MADE PUBLICLY  AVAILABLE
 ON THE OFFICE'S WEBSITE, AND SHALL INCLUDE THE FOLLOWING INFORMATION:
   (I) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
 STATE  FISCAL  YEAR,  ORGANIZED  BY MUNICIPALITY AND COUNTY, AND PROJECT
 SIZE;
   (II) THE NUMBER AND VALUE OF TAX  CREDIT  PROJECTS  CERTIFIED  BY  THE
 NATIONAL PARK SERVICE DURING THE STATE FISCAL YEAR, ORGANIZED BY MUNICI-
 PALITY AND COUNTY, AND PROJECT SIZE;
   (III)  THE  TOTAL  VALUE OF CREDITS CERTIFIED ANNUALLY FOR EACH OF THE
 TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVEN TO
 THE PRESENT, BY MUNICIPALITY AND COUNTY;
   (IV) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION;
   (V) THE NUMBER OF LOW-MODERATE HOUSING UNITS BEFORE AND AFTER REHABIL-
 ITATION; AND
   (VI) THE NUMBER OF PROJECTS CERTIFIED FOR BOTH FEDERAL AND STATE CRED-
 ITS, AND THE NUMBER OF PROJECTS CERTIFIED FOR FEDERAL CREDITS ONLY.
   (B) THE COMMISSIONER SHALL REPORT  ANNUALLY,  ON  OR BEFORE  THE FIRST
 DAY  OF  NOVEMBER, ON THE TAX CREDIT PROJECTS APPLIED  FOR  PURSUANT  TO
 SUBDIVISION  (PP)  OF SECTION SIX HUNDRED SIX OF THE TAX LAW ON  RETURNS
 FILED   DURING   THE   PRECEDING CALENDAR YEAR.  SUCH  REPORT  SHALL  BE
 PROVIDED  TO THE GOVERNOR,  TEMPORARY PRESIDENT  OF  THE SENATE, SPEAKER
 OF THE ASSEMBLY, CHAIR OF THE SENATE FINANCE   COMMITTEE   AND CHAIR  OF
 THE  ASSEMBLY WAYS AND MEANS COMMITTEE, SHALL BE MADE PUBLICLY AVAILABLE
 ON THE OFFICE'S WEBSITE, AND SHALL INCLUDE THE FOLLOWING INFORMATION:
   (I) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
 STATE FISCAL YEAR, ORGANIZED BY MUNICIPALITY  AND  COUNTY,  AND  PROJECT
 SIZE;
   (II)   THE   NUMBER   AND  VALUE  OF  TAX CREDIT PROJECTS CERTIFIED BY
 THE OFFICE DURING THE STATE FISCAL YEAR, ORGANIZED BY  MUNICIPALITY  AND
 COUNTY, AND PROJECT SIZE;
 S. 8238                             3

   (III) THE TOTAL VALUE OF CREDITS CERTIFIED ANNUALLY  FOR  EACH  OF THE
 TAXABLE   YEARS  BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVEN
 TO THE PRESENT, BY MUNICIPALITY AND COUNTY;
   (IV) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION; AND
   (V) THE NUMBER OF PROJECTS CERTIFIED FOR STATE CREDITS BY THE OFFICE.
   § 3. Subparagraph (A) of paragraph 1 of subsection (oo) of section 606
 of the tax law, as amended by section 1 of part CCC of chapter 59 of the
 laws  of  2021,  is  amended  and  a new paragraph 7 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]
 THIRTY-TWO,  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 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. For taxable years beginning on or after January  first,
 two  thousand  [twenty-five]  THIRTY-TWO,  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.
   (7) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
 OF NOVEMBER, ON THE AGGREGATE AMOUNT  OF  CREDITS  CLAIMED  AND  AWARDED
 PURSUANT TO THIS SUBSECTION ON RETURNS FILED DURING THE PRECEDING CALEN-
 DAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY PRES-
 IDENT  OF  THE  SENATE,  SPEAKER  OF  THE  ASSEMBLY, CHAIR OF THE SENATE
 FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
   § 4. Paragraph 2 of subsection (pp) of section 606 of the tax law,  as
 amended  by  section  4 of part RR of chapter 59 of the laws of 2018, is
 amended and a new paragraph 13 is added to read as follows:
   (2) (A) With respect to any particular residence of  a  taxpayer,  the
 credit  allowed  under paragraph one of this subsection shall not exceed
 fifty thousand dollars for taxable years beginning on or  after  January
 first,  two thousand ten and before January first, two thousand [twenty-
 five] THIRTY-TWO and twenty-five  thousand  dollars  for  taxable  years
 beginning  on or after January first, two thousand [twenty-five] THIRTY-
 TWO. In the case of a husband and wife, the amount of the  credit  shall
 be divided between them equally or in such other manner as they may both
 elect.  If  a  taxpayer  incurs qualified rehabilitation expenditures in
 relation to more than one residence in the same year, the  total  amount
 of  credit  allowed  under paragraph one of this subsection for all such
 expenditures shall not exceed fifty thousand dollars for  taxable  years
 beginning on or after January first, two thousand ten and before January
 first,  two  thousand  [twenty-five] THIRTY-TWO and twenty-five thousand
 S. 8238                             4
 
 dollars for taxable years beginning on or after January first, two thou-
 sand [twenty-five] THIRTY-TWO.
   (B)  For  taxable years beginning on or after January first, two thou-
 sand  ten  and  before  January  first,   two   thousand   [twenty-five]
 THIRTY-TWO,  if  the  amount  of  credit allowable under this subsection
 shall exceed the taxpayer's tax for such year, and  the  taxpayer's  New
 York  adjusted gross income for such year does not exceed sixty thousand
 dollars, the excess shall be treated as an  overpayment  of  tax  to  be
 credited  or  refunded  in accordance with the provisions of section six
 hundred eighty-six of this article, provided, however, that no  interest
 shall  be paid thereon. If the taxpayer's New York adjusted gross income
 for such year exceeds sixty thousand dollars, the excess credit that may
 be carried over to the following year or years and may be deducted  from
 the  taxpayer's  tax for such year or years. For taxable years beginning
 on or after January first, two thousand [twenty-five] THIRTY-TWO, if the
 amount of credit  allowable  under  this  subsection  shall  exceed  the
 taxpayer's  tax  for  such  year,  the excess may be carried over to the
 following year or years and may be deducted from the taxpayer's tax  for
 such year or years.
   (13)  THE  COMMISSIONER  SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST
 DAY OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS CLAIMED AND  AWARDED
 PURSUANT TO THIS SUBSECTION ON RETURNS FILED DURING THE PRECEDING CALEN-
 DAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY PRES-
 IDENT  OF  THE  SENATE,  SPEAKER  OF  THE  ASSEMBLY, CHAIR OF THE SENATE
 FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
   § 5. 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 and a new paragraph 7 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]
 THIRTY-TWO,  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 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. For taxable years beginning on or after January first,
 two thousand [twenty-five] THIRTY-TWO, 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.
   (7) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
 OF NOVEMBER, ON THE AGGREGATE AMOUNT  OF  CREDITS  CLAIMED  AND  AWARDED
 PURSUANT  TO  THIS  SUBDIVISION  ON  RETURNS  FILED DURING THE PRECEDING
 CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR,  TEMPORARY
 S. 8238                             5
 
 PRESIDENT  OF  THE SENATE,  SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
 FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
   § 6. This act shall take effect immediately.

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Senate Bill S8238

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

co-Sponsors

2021-S8238 (ACTIVE) - Details

2021-S8238 (ACTIVE) - Summary

2021-S8238 (ACTIVE) - Sponsor Memo

2021-S8238 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S8238

Share this bill

Sponsored By

Timothy M. Kennedy

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

co-Sponsors

Pamela Helming

John W. Mannion

Jose M. Serrano

2021-S8238 (ACTIVE) - Details

2021-S8238 (ACTIVE) - Summary

2021-S8238 (ACTIVE) - Sponsor Memo

2021-S8238 (ACTIVE) - Bill Text download pdf

Comments