What's happening
This bill increases the maximum award available under New York's historic preservation tax credit for specified fiscal years.
Why it matters
Increases Incentives for Historic Preservation Projects. By raising the maximum tax credit award from $5 million to $7 million (and then $9 million in the following fiscal year), the bill makes larger or more ambitious historic preservation projects financially feasible, which could encourage investment in the rehabilitation of significant historic properties.
Potential for Economic and Community Impact. Enhanced tax credits may stimulate local economies by supporting construction jobs, attracting tourism, and encouraging the reuse of existing buildings, which often offer unique character and community value.
Targets Immediate and Near-Term Fiscal Years. The increased caps are specifically for state fiscal year 2020–2021 ($7 million) and 2021–2022 ($9 million), providing a targeted, time-limited boost that may lead to a surge of preservation activity or project initiations in those periods.
Supports Alignment with Federal Tax Credits. The state credit continues to mirror the federal historic tax credit structure, but by boosting the cap, New York ensures its program remains attractive relative to other states, potentially drawing more preservation projects and associated investment into the state.
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Increase Historic Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
History
- 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 · Budget And Revenue · Sponsor Timothy M. Kennedy
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4800
2019-2020 Regular Sessions
IN ASSEMBLY
February 5, 2019
Introduced by M. of A. ENGLEBRIGHT, LUPARDO, FAHY, PEOPLES-STOKES, GALEF, OTIS, ASHBY -- read once and referred to the Committee on Ways and Means
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 RR of chapter 59 of the laws of 2018, 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-five, 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 internal revenue code section 47(c)(3), determined without regard to ratably allocating the credit over a five year period as required by subsection (a) of such section 47, 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 twenty--two thousand twenty-one and nine million dollars in state fiscal year two thousand twenty-one--two thousand twenty-two. For taxable years beginning on or after January first, two thousand twenty-five, 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 internal revenue code section 47(c)(3), determined without regard to ratably allocating the credit over a five year period as required by subsection (a) of such section 47, with respect to a certified historic structure located with-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08490-01-9
A. 4800 2
in 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 amended by section 2 of part RR of chapter 59 of the laws of 2018, 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-five, 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 for the same taxable year with respect to a certified historic structure under internal revenue code section 47(c)(3), determined without regard to ratably allocating the credit over a five year period as required by subsection (a) of such section 47, 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 twenty--two thousand twenty-one and nine million dollars in state fiscal year two thousand twenty-one--two thousand twenty-two.
§ 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 1511 of the tax law, as amended by section 3 of part RR of chapter 59 of the laws of 2018, 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-five, 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 internal revenue code section 47(c)(3), determined without regard to ratably allocating the credit over a five year period as required by subsection (a) of such section 47, 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 twenty--two thousand twenty-one and nine million dollars in state fiscal year two thousand twenty-one--two thousand twenty-two. For taxable years beginning on or after January first, two thousand twenty-five, 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 internal revenue code section 47(c)(3), determined without regard to ratably allocating the credit over a five year period as required by subsection (a) of such section 47 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, 2019.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
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