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History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 58–0
- Ordered to third reading cal.1262
- Committee discharged and committed to rules
- 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.
Qualifies a certain parcel of land commonly known as the Huntley Apartments for a tax credit for rehabilitation of historic property
In Assembly Committee · Ways And Means · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7557
Title of bill
An act in relation to qualifying a certain parcel of land located in the city of Syracuse, county of Onondaga for a tax credit for rehabilitation of historic property
Purpose or general idea of bill
Provides an exception to the census-tract requirement for the Huntley Apartment building at 407 Stolp Avenue in Syracuse to qualify for New York State historic property rehabilitation tax credits.
Summary of specific provisions
Section 1. provides as exception to the requirement in subsection (oo) of section 606 of the tax law that for a property to qualify for historic rehabilitation tax credits it must be located in a qualifying census-tract. This section also provides the legal description of the property.
Section 2. establishes the effective date.
Justification
The purpose of the Hew York State tax credit for the rehabilitation of historic properties was to provide aid and incentive to restore historic buildings in distressed areas. The Huntley Apartment building in the Strathmore neighborhood of Syracuse, NY is one of those properties. The Huntley was once a vibrant apartment building that has become vacant and a center for crime in recent years. A local group of neighborhood based developers known as the "Strathmore-Huntley Group" is seeking to rehabilitate the property. They are currently seeking funding for the project. Historic preservation tax credits are an important funding aspect for the rehabilitation.
The Huntley Building currently qualifies for Federal Historic Preservation tax credits, but does not qualify for New York historic tax credits because the property is not located in a qualifying census-tract, despite being only a few blocks from a qualifying tract. The Huntley is the type of property the historic preservation Lax credits were meant to help. If the property is made eligible for State tax credits, it would be an important step in solidifying the needed funding to make this building a viable taxpaying property again. A technicality in the law should not prevent this important project from going forward. This bill would provide a one-time exception to the census-tract requirement for the Huntley building.
Prior legislative history
New Bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.