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S3631Senate2015-2016 SessionSame asA6670

Increases the maximum award available under the historic preservation tax credit

Sponsor Michael H. RanzenhoferSD-61+2 co-sponsorsAffects Legal
Status
In Senate Committee
Investigations And Government Operations
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Investigations And Government Operations

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Sponsors

Primary sponsor
Michael H. Ranzenhofer

Senator · Senate District 61

Chair, Corporations, Authorities And Commissions

History

  1. Print number 3631b
  2. Amend (t) and recommit to investigations and government operations
  3. Referred to investigations and government operations
  4. Print number 3631a
  5. Amend (t) and recommit to finance
  6. Reported and committed to finance
  7. 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.

A6670Assembly

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

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 2018-19, $9 million in SFY 2019-20, and $12 million for SFY 2020-21.

Summary of specific provisions

Section 1 - amends the Tax Law section 606 (A)1(oo) to increase the maximum award under the Historic Preservation Tax Cap to $7 million in SFY 2018-19, $9 million in SFY 2019-20, and $12 million for SFY 2020-21.

Section 2 - amends the Tax Law section 210-a 26a(i) to increase the maximum award under the Historic Preservation Tax Cap to $7 million in SFY 2018-19, $9 million in SFY 2019-20, and $12 million for SFY 2020-21.

Section 3 - amends the Tax Law section 1511 (y)1(A) to increase the maximum award under the Historic Preservation Tax Cap to $7 million in SFY 2018-19, $9 million in SFY 2019-20, and $12 million for SFY 2020-21.

Section 4 - is the effective date.

Justification

The Historic Preservation Tax Credit is an effective tool 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, to $7 million, $9 million, and $12 million, therefore increasing the number of properties that developers will likely rehabilitate under this program.

Prior legislative history

2015 - S.3631-A/A.6670 - FINANCE/Ways & Means 2013-14 - S.4642/A.6979 - PASSED SENATE/Ways & Means S.3631-B/A.6670

Fiscal implications

Minimal

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.