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History
- Vetoed memo.183
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.350
- Substituted for A9110
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 59–0
- Ordered to third reading cal.1170
- Reported and committed to rules
- Reported and committed to finance
Show 1 earlier action
- 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.
Increases the maximum award available under the historic preservation tax credit
Assembly Floor Calendar · Sponsor Steven Englebright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6134
Title of bill
An act to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit
Purpose
To increase to $12 million the maximum award available under the historic preservation tax credit.
Summary of specific provisions
Sections 1-4 amend the tax law to raise the maximum award available under the historic preservation tax credit to $12 million from $5 million.
Section 5 is the effective date.
Justification
The Historic Preservation Tax Credit is a great tool to be used to revitalize historic properties throughout New York. This tax credit has been used successfully by developers throughout New York to redo buildings that have long fallen into neglect and in dire need of repair. However, there is a current cap of $5 million per project. This $5 million cap, acts as a disincentive for developers to tackle larger, more blighted, and more expensive projects.
Current law allows for a 20% tax credit up to a maximum of $5 million dollars, this legislation continues the 20% credit, but raises the maximum threshold to $12 million therefore increasing the number of properties that developers will likely rehabilitate under this program.
Prior legislative history
New Bill.
Fiscal implications
To be determined.
Effective date
This bill shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2012.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.