NY State Senate Bill 2023-S8205

Current 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
Jan 12, 2024	referred to budget and revenue

2023-S8205 (ACTIVE) - Details

See Assembly Version of this Bill:: A8613
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L

2023-S8205 (ACTIVE) - Summary

Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.

2023-S8205 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S8205

SPONSOR: COONEY
 
TITLE OF BILL:

An act to amend the tax law, in relation to establishing a historic wood
window rehabilitation and energy retrofit tax credit

 
PURPOSE OR GENERAL IDEA OF BILL:

To establish a Historic Wood Window Rehabilitation and Energy Retrofit
Tax Credit

 
SUMMARY OF PROVISIONS:

Section 1: Amends the Tax Law by adding a new subsection (ppp) to
section 606 establishing a Historic Wood Window Rehabilitation and Ener-
gy Retrofit Tax Credit. The amount of the credit shall be 25% of the
taxpayer's qualified rehabilitation and energy retrofit expenditures
paid or incurred within the 5 years immediately preceding the year in
which the tax shall be applied.

The total amount of tax credits allocated each fiscal year shall not
exceed $200,000 and rebates shall be allocated on a first-come, first-
served basis. An owner-occupied residential property or owners of
commercial properties shall not exceed $50,000 in expenditures per
fiscal year.

If the amount of credit allowable exceeds a taxpayer's tax and the
taxpayer's New York adjusted gross income does not exceed $60,000, the
excess shall be treated as an overpayment or tax to be credited or
refunded.

§ 2: Effective Date

 
JUSTIFICATION:

New York State is home to a wealth of historic buildings, some dating
from as early as the 17th century. These buildings represent the growth
of the Empire State, reflecting settlement patterns, industrial inno-
vation and the influence of the land on building styles and materials.

As sustainable building practices and historic preservation gain momen-
tum, the number of older buildings and structures needing rehabilitation
and restoration increases. In particular, there is a need to balance the
rehabilitation of wood windows with energy efficiency while maintaining
the historic integrity of the windows.

This legislation will establish a Historic Wood Window Rehabilitation
and Energy Retrofit Tax Credit intended to spur the restoration of these
historic wood windows while increasing energy efficiency. The tax credit
shall be 25% of the taxpayer's qualified rehabilitation and energy
retrofit expenditures paid or incurred within the 5 years immediately
preceding the year in which the tax shall be applied. The total amount
of tax credits allocated each fiscal year shall not exceed $200,000 and
rebates shall be allocated on a first-come, first-served basis. An
owner-occupied residential property or owners of commercial properties
shall not exceed $50,000 in expenditures per fiscal year.  Additionally,
this legislation would deliver benefits of this program more effectively
to New Yorkers by providing a refund if the tax credit exceeds the
taxpayer's tax owed.

 
PRIOR LEGISLATIVE HISTORY:

New Bill

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
commencing on and after such date.

2023-S8205 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8205
 
                             I N  S E N A T E
 
                             January 12, 2024
                                ___________
 
 Introduced  by  Sen.  COONEY -- 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 establishing a historic wood
   window rehabilitation and energy retrofit tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section  606  of  the  tax law is amended by adding a new
 subsection (ppp) to read as follows:
   (PPP) HISTORIC WOOD WINDOW  REHABILITATION  AND  ENERGY  RETROFIT  TAX
 CREDIT.  (1)  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  AND  ENERGY  RETROFIT  EXPENDITURES  PAID  OR
 INCURRED  WITHIN  THE FIVE YEARS IMMEDIATELY PRECEDING THE YEAR IN WHICH
 SUCH TAX CREDIT SHALL BE APPLIED  WITH  RESPECT  TO  ANY  HISTORIC  WOOD
 WINDOWS LOCATED IN THIS STATE. ALL SUCH REHABILITATION AND ENERGY RETRO-
 FIT  SHALL  INCLUDE  ENERGY  EFFICIENCY  UPGRADES  WHILE MAINTAINING THE
 HISTORIC INTEGRITY OF ALL SUCH WINDOWS. FOR PURPOSES OF THIS SUBSECTION,
 THE TERM "ENERGY EFFICIENCY UPGRADES" SHALL  MEAN  REPAIRS  IN  KIND  TO
 DETERIORATED  HISTORIC WOOD WINDOWS, WINDOW SASH SYSTEMS AND OPERATIONAL
 COMPONENTS, INCLUDING BUT NOT LIMITED TO,  REGLAZING,  WEATHERSTRIPPING,
 AND  THE  APPROPRIATE INSTALLATION OF INTERIOR OR EXTERIOR STORM WINDOWS
 TO PROTECT HISTORIC SASH. FOR THE PURPOSES OF THIS SUBSECTION, THE  TERM
 "HISTORIC  WOOD  WINDOWS"  MEANS  A  WOOD  WINDOW THAT IS FIFTY YEARS OR
 OLDER, AS EVALUATED AND APPROVED  BY  THE  STATE  HISTORIC  PRESERVATION
 OFFICE.
   (2)  THE  TOTAL  AMOUNT  OF TAX CREDITS ALLOCATED TO THE HISTORIC WOOD
 WINDOW REHABILITATION AND ENERGY RETROFIT TAX CREDIT  EACH  FISCAL  YEAR
 SHALL NOT EXCEED TWO HUNDRED THOUSAND DOLLARS OF QUALIFIED EXPENDITURES.
 REBATES  SHALL  BE ALLOCATED TO APPLICANTS ON A FIRST-COME, FIRST-SERVED
 BASIS, DETERMINED BY THE DATE THE APPLICATION  IS  RECEIVED,  UNTIL  ALL
 APPROPRIATED  FUNDS  FOR THE FISCAL YEAR ARE EXPENDED. AN OWNER-OCCUPIED
 RESIDENTIAL PROPERTY OR OWNERS OF COMMERCIAL PROPERTIES SHALL NOT EXCEED
 FIFTY THOUSAND DOLLARS IN EXPENDITURES PER FISCAL YEAR.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11804-03-3
 S. 8205                             2
 
   (3) 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  MAY  BE
 CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE
 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on and after such date.

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Senate Bill S8205

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee

2023-S8205 (ACTIVE) - Details

2023-S8205 (ACTIVE) - Summary

2023-S8205 (ACTIVE) - Sponsor Memo

2023-S8205 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S8205

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Sponsored By

Jeremy A. Cooney

Current Bill Status - In Senate Committee Budget And Revenue Committee

2023-S8205 (ACTIVE) - Details

2023-S8205 (ACTIVE) - Summary

2023-S8205 (ACTIVE) - Sponsor Memo

2023-S8205 (ACTIVE) - Bill Text download pdf

Comments