What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit
In Assembly Committee · Ways And Means · Sponsor Michael J. Fitzpatrick
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the definition of qualified historic home for the purposes of the historic homeownership rehabilitation credit
Purpose
: The purpose of this bill is to expand the purview of the historic home rehabilitation tax credit to include all homes listed on the national or state historic registers and all homes of a historical significance in historic districts.
Summary of provisions
: The bill amends subparagraph (A) of paragraph 5 of subsection (pp) of Section 606 of the Tax Law to delete language in the definition of a "qualified historic home" that requires such home to be a "targeted area residence within the meaning of Section 143 G) of the Internal Revenue Code." Thus, the bill expands the application of the historic home rehabilitation tax credit to all homes listed as historic under the national and state registers and any home deemed to be of historical significance located in a registered historic district.
Justification
: Chapter 547 of the laws of 2006 enacted a 20% tax credit for the rehabilitation of historic homes or homes located in a historic district provided such homes are located in "distressed areas" pursuant to the Internal Revenue Code. While Chapter 547 represents a significant first step in implementing a historic home rehabilitation tax credit, it unfortunately would only apply to approximately 4,100 homes statewide.
Eliminating the "distressed area" or "targeted area" requirement as provided for in the bill would expand the tax credit program to include over 50,000 qualified homes, a goal that was envisioned by original legislation first introduced in 1995.
Extending the incentives contained in Chapter 547 to historic homes located anywhere in the state will enhance the revitalization of our neighborhoods by providing an incentive for investment in New York's rich legacy of historic housing stock.
Primarily, the bill would create a vastly expanded economic development program targeted at aging residential properties that would provide increased housing opportunities; however, it would also have an economic impact on local economies resulting from spending by homeowners for labor and materials. Rehabilitation of these properties would also result in tax base growth and will also help foster further business growth.
Legislative history
: S.4575 (2007-08) Passed Senate
Fiscal implications
: Undetermined; however, any fiscal impact on the state would be partially offset by increased local property tax revenues through increased assessments on rehabilitated properties and the return to the tax rolls of previously abandoned or delinquent properties.
Effective date
: This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.