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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
Title of bill
An act to amend the tax law, in relation to providing a tax credit for rehabilitation of historic properties; and to repeal section 5 of chapter 547 of the laws of 2006, amending the tax law and the parks, recreation and historic preservation law, relating to establishing a credit against income tax for the rehabilitation of historic properties relating to repealing certain administrative requirements relating thereto
Purpose
The purpose of this legislation is to improve the NYS Rehabilitation Tax Credit programs to better serve municipal redevelopment and economic development goals in New York state.
Summary of specific provisions
Section 1. Subsection (oo) of section 606 of the tax law, as added by chapter 547 of the laws of 2006, is amended.
Section 2. subparagraphs (A) and (B) of paragraph 2, the clause (iv) of subparagraph 5 of subsection 606 of the tax law, as added by chapter 547 of the laws of 2006, are amended.
Section 3. Subdivision 40 of section 210 of the tax law, as added by chapter 547 of the laws of 2006, is amended.
Section 4. Section 5 of chapter 547 of the laws of 2006, amending the tax law and the parks, recreation and historic preservation law, relating to establishing a credit against income tax for the rehabilitation of historic properties, is REPEALED.
Section 5. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2010.
Justification
In 2006, New York State became the 28th state in the nation to enact a tax incentive (Chapter 547 of the laws of 2006) to encourage the rehabilitation of historic commercial and residential properties. While the Legislature's, establishment of this program was welcomed, enhancements are required to assure that this program will match the notable economic impacts and community redevelopment successes stimulate by such programs in other states.
These changes provide the New York state program with a level of incentive and flexibility to rehabilitate a significant number of properties above and beyond those that will be funded by sue of the current state program.
Prior legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.