What's happening
This bill increases the maximum award available under New York's historic preservation tax credit for certain fiscal years.
Why it matters
Increases the financial incentive for historic preservation. by raising the maximum state tax credit a taxpayer can claim for rehabilitating historic structures—potentially making more ambitious or costly preservation projects financially viable.
Targets specific fiscal years (2019-2021) for higher award caps. (raising the max from $5 million to $7 million, then up to $9 million), which could accelerate investment in historic properties during these years and stimulate related economic development, local construction jobs, and tourism.
May result in a larger fiscal impact on the state budget. during the years with increased caps, as more projects may qualify for the higher credit, reducing state tax revenues in the short term but potentially generating longer-term economic benefits.
Signals ongoing state commitment to preservation efforts. and could encourage property owners, developers, and investors to pursue projects that might have previously been financially out of reach, thereby supporting community revitalization and cultural heritage.
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Who cares
Headline styles
Increase Historic Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
7 Co-sponsors
2 Multi-sponsors
History
- Print number 8416a
- Amend and recommit to ways and means
- Referred to ways and means
- Referred to ways and means
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.
Increase Historic Tax Credit
In Senate Committee · Investigations And Government Operations · Sponsor Michael H. Ranzenhofer
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8416--A
2017-2018 Regular Sessions
IN ASSEMBLY
June 14, 2017
Introduced by M. of A. ENGLEBRIGHT, LUPARDO, FAHY, McDONALD, PEOPLES-STOKES, GALEF, OTIS -- Multi-Sponsored by -- M. of A. MAYER, WALTER -- read once and referred to the Committee on Ways and Means -recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (A) of paragraph 1 of subsection (oo) of section 606 of the tax law, as amended by section 1 of part F of chapter 59 of the laws of 2013, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thousand ten and before January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (a) (2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed [five] seven million dollars in state fiscal year two thousand nineteen--two thousand twenty and nine million dollars in state fiscal year two thousand twenty--two thousand twenty-one. For taxable years beginning on or after January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to thirty percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (a)(2) of section 47 of the federal internal revenue code with respect to a certified historic structure
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03899-06-8
A. 8416--A 2
located within the state; provided, however, the credit shall not exceed one hundred thousand dollars.
§ 2. Subparagraph (i) of paragraph a of subdivision 26 of section 210-B of the tax law, as added by section 17 of part A of chapter 59 of the laws of 2014, is amended to read as follows:
(i) For taxable years beginning on or after January first, two thousand ten and before January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (c) (2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed [five] seven million dollars in state fiscal year two thousand nineteen--two thousand twenty and nine million dollars in state fiscal year two thousand twenty--two thousand twenty-one.
§ 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 1511 of the tax law, as amended by section 4 of part F of chapter 59 of the laws of 2013, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thousand ten and before January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (a)(2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed [five] seven million dollars in state fiscal year two thousand nineteen--two thousand twenty and nine million dollars in state fiscal year two thousand twenty--two thousand twenty-one. For taxable years beginning on or after January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to thirty percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (a)(2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed one hundred thousand dollars.
§ 4. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2018.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.