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Sponsors
3 Co-sponsors
History
- 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.
Relates to carryovers of the tax credit for the rehabilitation of historic properties and historic homes
In Assembly Committee · Ways And Means · Sponsor Donna Lupardo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6946
Title of bill
An act to amend the tax law, in relation to carryovers of the tax credit for the rehabilitation of historic properties and historic homes
Purpose
This bill makes the New York State rehabilitation tax credit for historic commercial properties also available as a refund to qualified taxpayers.
Summary of provisions
Section 1 amends Section 210 of the tax code, as amended by chapter 472 of the laws of 2010 to make the New York State rehabilitation tax credit for historic properties also available as a refund to qualified taxpayers.
Effect of present law which this bill would alter
By making the New York State rehabilitation tax credit historic properties available as a refund as well as a credit, rehabilitation projects that utilize this program will attract and as a result secure higher value equity investment for these for commercial New York State more investors projects.
Justification
To increase the number of redevelopment projects for historic properties and increase the value of investments into such projects, the New York State rehabilitation tax credit program needs to attract a larger and more diverse pool of investors.
The current state credit program fails to attract a full range of national investors to New York redevelopment projects because the state rehabilitation tax credit value is not an asset to investors with no or limited New York State tax liability. As a result, there is less investment in New York State rehabilitation projects and fewer project starts.
Numerous New York State tax credit programs are fully refundable, and it is appropriate to establish this mechanism for the rehabilitation tax credit program as well. New York State could get more value from this program if it incentivized a more diverse investor pool by establishing refundability.
Legislative history
This is a new bill.
Fiscal implications
This bill will incentivize investments in a larger number of rehabilitation projects, resulting in more projects utilizing the New York State rehabilitation tax credit program for commercial properties, and thus an increased fiscal cost for this program.
The state's fiscal cost, however, will be offset by the economic stimulus gains generated by increased redevelopment activity,
including enhanced local and state tax revenues, part and full-time job creation, and other economic benefits, as documented in numerous national studies regarding the positive impacts of historic rehabilitation tax credit programs.
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.