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- Recommit, enacting clause stricken
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S2165
Title of bill
An act to amend the tax law, in relation to extending provisions of law relating to the credit for the rehabilitation of historic properties and historic homes
Purpose
This bill extends the availability of the New York State Reha- bilitation Tax Credit programs for commercial and owner-occupied proper- ties for five years. The availability of the current programs availabil- ity through the taxable year ending before January first, two thousand fifteen is chanced to the taxable year ending before January first, two thousand twenty.
Summary of provisions
Section 1 amends section 606 of the tax law, as amended by Chapter 472 of the laws of 2010, to extend program availability through the taxable year ending before January first, two thousand twenty.
Effect of present law which this bill would alter
This bill would extend the availability of New York state tax credit programs for historic commercial properties and historic homes through the taxable year ending before January first, two thousand twenty.
Justification
The expanded New York State rehabilitation tax credit programs were implemented in two thousand and ten and data shows these programs have catalyzed a number of building rehabilitation and communi- ty revitalization projects throughout the state. Stronger program imple- mentation and success was hurt by the imposition of New York State's tax credit deferral program in two thousand and ten, limiting the ability of property owners and developers to attract investments to rehabilitation projects.
Extending program availability five years through two thousand and nine- teen will provide this program with a chance to be made whole and work as intended. Program extension will assure property owners, developers and investors alike of program availability, thus allowing plans for continued reinvestment in the urban cores, downtowns, and main streets of communities across New York State.
As of December two thousand eleven, this program has spurred projects in at least 48 municipalities across thirty two counties. Extending program availability will assure that this state tax credit program continues to attract significant new Private investment to historic properties, return federal dollars to New York State, and incentivize reinvestment in existing municipal infrastructure.
Legislative history
S.6945 of 2011-12
Fiscal implications
There are no fiscal implications for fiscal years two thousand twelve through two thousand fourteen.
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.