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 Assem- bly, do enact as follows: 1 Section 1. Subparagraph (A) of paragraph 1 of subsection (oo) of 2 section 606 of the tax law, as amended by section 1 of part F of chapter 3 59 of the laws of 2013, is amended to read as follows: 4 (A) For taxable years beginning on or after January first, two thou- 5 sand ten and before January first, two thousand [twenty] twenty-two, a 6 taxpayer shall be allowed a credit as hereinafter provided, against the 7 tax imposed by this article, in an amount equal to one hundred percent 8 of the amount of credit allowed the taxpayer with respect to a certified 9 historic structure under subsection (a) (2) of section 47 of the federal 10 internal revenue code with respect to a certified historic structure 11 located within the state. Provided, however, the credit shall not exceed 12 [five] seven million dollars in state fiscal year two thousand nine- 13 teen--two thousand twenty and nine million dollars in state fiscal year 14 two thousand twenty--two thousand twenty-one. For taxable years begin- 15 ning on or after January first, two thousand [twenty] twenty-two, a 16 taxpayer shall be allowed a credit as hereinafter provided, against the 17 tax imposed by this article, in an amount equal to thirty percent of the 18 amount of credit allowed the taxpayer with respect to a certified 19 historic structure under subsection (a)(2) of section 47 of the federal 20 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 1 located within the state; provided, however, the credit shall not exceed 2 one hundred thousand dollars. 3 § 2. Subparagraph (i) of paragraph a of subdivision 26 of section 4 210-B of the tax law, as added by section 17 of part A of chapter 59 of 5 the laws of 2014, is amended to read as follows: 6 (i) For taxable years beginning on or after January first, two thou- 7 sand ten and before January first, two thousand [twenty] twenty-two, a 8 taxpayer shall be allowed a credit as hereinafter provided, against the 9 tax imposed by this article, in an amount equal to one hundred percent 10 of the amount of credit allowed the taxpayer with respect to a certified 11 historic structure under subsection (c) (2) of section 47 of the federal 12 internal revenue code with respect to a certified historic structure 13 located within the state. Provided, however, the credit shall not exceed 14 [five] seven million dollars in state fiscal year two thousand nine- 15 teen--two thousand twenty and nine million dollars in state fiscal year 16 two thousand twenty--two thousand twenty-one. 17 § 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 18 1511 of the tax law, as amended by section 4 of part F of chapter 59 of 19 the laws of 2013, is amended to read as follows: 20 (A) For taxable years beginning on or after January first, two thou- 21 sand ten and before January first, two thousand [twenty] twenty-two, a 22 taxpayer shall be allowed a credit as hereinafter provided, against the 23 tax imposed by this article, in an amount equal to one hundred percent 24 of the amount of credit allowed the taxpayer with respect to a certified 25 historic structure under subsection (a)(2) of section 47 of the federal 26 internal revenue code with respect to a certified historic structure 27 located within the state. Provided, however, the credit shall not exceed 28 [five] seven million dollars in state fiscal year two thousand nine- 29 teen--two thousand twenty and nine million dollars in state fiscal year 30 two thousand twenty--two thousand twenty-one. For taxable years begin- 31 ning on or after January first, two thousand [twenty] twenty-two, a 32 taxpayer shall be allowed a credit as hereinafter provided, against the 33 tax imposed by this article, in an amount equal to thirty percent of the 34 amount of credit allowed the taxpayer with respect to a certified 35 historic structure under subsection (a)(2) of section 47 of the federal 36 internal revenue code with respect to a certified historic structure 37 located within the state. Provided, however, the credit shall not exceed 38 one hundred thousand dollars. 39 § 4. This act shall take effect immediately and shall apply to taxable 40 years beginning on and after January 1, 2018.