Senate Bill S3582

2023-2024 Legislative Session

Relates to the treatment of excess credits for the rehabilitation of historic barns

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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-S3582 (ACTIVE) - Details

See Assembly Version of this Bill:
A4030
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2023-S3582 (ACTIVE) - Summary

Relates to the treatment of excess credits for the rehabilitation of historic barns.

2023-S3582 (ACTIVE) - Sponsor Memo

2023-S3582 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3582
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 1, 2023
                                ___________
 
 Introduced  by  Sen. HINCHEY -- 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 treatment of excess  tax
   credits for the rehabilitation of historic barns
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Paragraph 12 of subsection (a) of section 606 of  the  tax
 law,  as  amended by chapter 672 of the laws of 2021, is amended to read
 as follows:
   (12) Rehabilitation credit for historic barns.  A  taxpayer  shall  be
 allowed  a  credit,  to be computed as hereinafter provided, against the
 tax imposed by this article. The amount of the credit shall  be  twenty-
 five  percent  of  the  taxpayer's qualified rehabilitation expenditures
 paid or incurred within the five years immediately preceding the year in
 which such tax credit shall be applied with respect to any barn  located
 in  this  state which qualifies as an historic barn pursuant to subdivi-
 sion five of section four hundred eighty-three-b of  the  real  property
 tax  law. For purposes of this paragraph, the term "barn" means a build-
 ing that is or was used as an  agricultural  facility  or  for  purposes
 related to agriculture. Provided, however, such qualified rehabilitation
 expenditures shall not include any such expenditures which are included,
 directly  or  indirectly,  in the computation of a credit claimed by the
 taxpayer pursuant to paragraph one of this subsection. Provided  further
 that no rehabilitation credit shall be allowed for any rehabilitation of
 a  barn  which,  immediately prior to the commencement of such rehabili-
 tation, was used for residential purposes, or which converts a barn  not
 suitable  for  residential  purposes  into one which is so suitable, nor
 shall a rehabilitation credit be allowed  for  any  rehabilitation  that
 materially alters the historic appearance of the barn.  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07459-01-3

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