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Sponsors
1 Co-sponsor
History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 57–1
- Ordered to third reading cal.1209
- Committee discharged and committed to rules
- Reported and committed to finance
- Print number 4642a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Returned to senate
- Died in assembly
- Referred to ways and means
Show 6 earlier actions
- Delivered to assembly
- Passed senateVote 58–1
- Ordered to third reading cal.1348
- Committee discharged and committed to rules
- Reported and committed to finance
- 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
In Assembly Committee · Ways And Means · Sponsor Steven Englebright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4642A
Title of bill
An act to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit; and providing for the repeal of such provisions upon expiration thereof
Purpose
To increase the maximum award under the historic Preservation tax cap to $7 million in SFY 2015-16, $9 million in SFY 16-17, and $12 million for SFY 17-18.
Summary of specific provisions
Section 1 amends the tax law to increase the maximum award under the historic preservation tax cap to $7 million in SFY 2016-17, $9 million in SFY 17-18, and $12 million for SFY 18-19.
Section 2 amends the tax law to increase the maximum award under the historic preservation tax cap to $7 million in SFY 2016-17, $9 million in SFY 17-18, and $12 million for SFY 18-19.
Section 3 amends the tax law to increase the maximum award under the historic preservation tax cap to $7 million in SFY 2016-17, $9 million in SFY 17-18, and $12 million for SFY 18-19
Section 4 amends the tax law to increase the maximum award under the historic preservation tax cap to $7 million in SFY 2016-17, $9 Million in SFY 17-18, and $12 million for SFY 18-19
Section 5 is the effective date and repealer, for December 31, 2020.
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 over a period of years from $5 million, $7 million, %9 million, $12 million therefore increasing the number of properties that developers will likely rehabilitate under this program.
Prior legislative history
New Bill.
Fiscal implications
Minimal
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2014 provided that his act shall expire on December 31, 2020.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.