Assembly Bill A9722

2023-2024 Legislative Session

Authorizes the pass-through or transfer of the credits for rehabilitation of historic properties

download bill text pdf

Sponsored By

Current 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

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2023-A9722 (ACTIVE) - Details

See Senate Version of this Bill:
S9071
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210-B, 606 & 1511, Tax L; add Art 14-A §§14.15 - 14.18, Pks & Rec L

2023-A9722 (ACTIVE) - Summary

Authorizes the pass-through or transfer of the credits for rehabilitation of historic properties; authorizes the allocation of the credit in a separate manner from any federal certified historic tax credit.

2023-A9722 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9722
 
                           I N  A S S E M B L Y
 
                               April 3, 2024
                                ___________
 
 Introduced  by M. of A. WOERNER -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law and the parks, recreation and historic pres-
   ervation law, in relation to authorizing the pass-through or  transfer
   of the credits 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. Subdivision 26 of section 210-B of the tax law  is  amended
 by adding two new paragraphs (g) and (h) to read as follows:
   (G)  (I)  THE ALLOCATION OF THE CREDIT ESTABLISHED BY THIS SUBDIVISION
 MAY BE MADE WITHOUT REGARD TO AND IN A SEPARATE MANNER FROM ANY  FEDERAL
 REHABILITATION  CREDIT THAT MAY BE ALLOCATED WITH RESPECT TO A CERTIFIED
 HISTORIC STRUCTURE UNDER SECTION FORTY-SEVEN  OF  THE  INTERNAL  REVENUE
 CODE  BY  WRITTEN  AGREEMENT OF THE TAXPAYER OTHERWISE ENTITLED TO CLAIM
 SUCH CREDIT OR BY WRITTEN AGREEMENT OF A PASS-THROUGH  ENTITY  THAT  MAY
 REPORT SUCH CREDIT OR OTHERWISE ELECT TO PASS THE FEDERAL REHABILITATION
 TAX  CREDIT  THROUGH  TO A TENANT TAXPAYER IN ACCORDANCE WITH APPLICABLE
 FEDERAL LAW.
   (II) WITH RESPECT TO CERTIFIED HISTORIC STRUCTURES THAT ARE SUBJECT TO
 A LEASE ARRANGEMENT WHEREBY THE LANDLORD  ELECTS  TO  PASS  THE  FEDERAL
 REHABILITATION  CREDIT  THROUGH TO THE TENANT TAXPAYER, NOT ONLY MAY THE
 NEW YORK STATE REHABILITATION  CREDIT  BE  PASSED  DOWN  TO  THE  TENANT
 TAXPAYER  AND  THEN ALLOCATED WITHOUT REGARD TO AND IN A SEPARATE MANNER
 FROM ANY FEDERAL REHABILITATION CREDIT THAT MAY BE  ALLOCATED,  BUT  THE
 LANDLORD  MAY ALSO OPT TO RETAIN THE NEW YORK STATE REHABILITATION CRED-
 IT. FOR PURPOSES OF THIS SECTION, A "LANDLORD" MEANS THE  OWNER  OF  THE
 CERTIFIED HISTORIC STRUCTURE FOR FEDERAL TAX PURPOSES.
   (III)  THE  NEW YORK STATE REHABILITATION CREDIT MAY BE TRANSFERRED AS
 PROVIDED FOR IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION LAW.
   (H) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
 OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS CLAIMED PURSUANT TO THIS
 SUBDIVISION ON RETURNS FILED DURING THE PRECEDING  CALENDAR  YEAR.  SUCH
 REPORT  SHALL  BE  PROVIDED  TO THE GOVERNOR, TEMPORARY PRESIDENT OF THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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