What's happening
This bill creates a new tax credit equal to 110% of the federal credit for restoring historic structures in New York, for projects costing $5 million or less.
Why it matters
Increases the incentive for small-scale historic restoration. by offering a state tax credit that's 10% higher than the federal credit, encouraging more investment in preserving New York’s historic buildings, especially for projects with tighter budgets.
Targets support toward smaller projects. (those costing $5 million or less), which can help revitalize main streets, small towns, and underutilized neighborhoods that might otherwise struggle to attract restoration funding.
Could stimulate local economies. by making historic rehabilitation more financially feasible for property owners, potentially leading to more construction jobs, increased tourism, and growth in related local businesses.
Prioritizes preservation of community landmarks. by making it more attractive for individuals and small developers—not just large corporations—to restore and maintain culturally significant structures, helping to maintain New York's unique architectural heritage.
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Who cares
Headline styles
Credit for Restoring Historic Buildings
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to budget and revenue
- Referred to budget and revenue
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2702
2019-2020 Regular Sessions
IN SENATE
January 29, 2019
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue
AN ACT to amend the tax law, in relation to establishing a credit for the restoration of certain historic properties
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) (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 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 million dollars. 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.
(ii) For taxable years beginning on or after January first, two thousand twenty, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08727-01-9
S. 2702 2
one hundred ten 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), with respect to a certified historic structure located within the state. Provided, however, the credit established pursuant to this clause shall be limited to projects with a cost of five million dollars or less.
§ 2. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2020.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to establishing a credit for the restoration of certain historic properties
Purpose
To increase the amount the the New York State Historic Tax Credit for projects costing under five million dollars
Summary of specific provisions
Section one adds a new section to the tax law that would increase the allowable tax credit from 20% to 30% specifically for projects that cost under $5 million.
Section two sets an January 1, 2020 effective date.
Justification
One of the most crucial investments in economic development in Upstate New York has been the New York State Historic Tax Credit. This success- ful economic development tool has lead to continued investment in vacant and underutilized historic building throughout New York State, bringing new life to neighborhoods from Buffalo to the tip of Long Island.
This legislation will enhance a critical economic development tool for owners of smaller historic buildings. Smaller redevelopment projects often have a more difficult time attracting investors due to their cost prohibitive nature. This legislation allows for projects under $5 million to utilize a 30% tax credit, as opposed to the 20% credit for larger projects.
This boost will close the funding gap for small projects, and allow small businesses and main street building owners to continue to stimu- late the economies of Upstate Urban Centers.
Legislative history
New bill
Fiscal implications
To be determined.
Effective date
January 1, 2020.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.