STATE OF NEW YORK ________________________________________________________________________ 8416 2017-2018 Regular Sessions IN ASSEMBLY June 14, 2017 ___________ Introduced by M. of A. ENGLEBRIGHT, LUPARDO, FAHY, McDONALD, PEOPLES-STOKES, GALEF, OTIS, KEARNS -- Multi-Sponsored by -- M. of A. LUPINACCI, MAYER, WALTER -- 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 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, a taxpayer shall 6 be allowed a credit as hereinafter provided, against the tax imposed by 7 this article, in an amount equal to one hundred percent of the amount of 8 credit allowed the taxpayer with respect to a certified historic struc- 9 ture under subsection (a) (2) of section 47 of the federal internal 10 revenue code with respect to a certified historic structure located 11 within the state. Provided, however, the credit shall not exceed [five] 12 seven million dollars in state fiscal year two thousand eighteen--two 13 thousand nineteen and nine million dollars in state fiscal year two 14 thousand nineteen--two thousand twenty. For taxable years beginning on 15 or after January first, two thousand twenty, a taxpayer shall be allowed 16 a credit as hereinafter provided, against the tax imposed by this arti- 17 cle, in an amount equal to thirty percent of the amount of credit 18 allowed the taxpayer with respect to a certified historic structure 19 under subsection (a)(2) of section 47 of the federal internal revenue 20 code with respect to a certified historic structure located within the 21 state; provided, however, the credit shall not exceed one hundred thou- 22 sand dollars. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03899-04-7

A. 8416 2 1 § 2. Subparagraph (i) of paragraph a of subdivision 26 of section 2 210-B of the tax law, as added by section 17 of part A of chapter 59 of 3 the laws of 2014, is amended to read as follows: 4 (i) For taxable years beginning on or after January first, two thou- 5 sand ten and before January first, two thousand twenty, a taxpayer shall 6 be allowed a credit as hereinafter provided, against the tax imposed by 7 this article, in an amount equal to one hundred percent of the amount of 8 credit allowed the taxpayer with respect to a certified historic struc- 9 ture under subsection (c) (2) of section 47 of the federal internal 10 revenue code with respect to a certified historic structure located 11 within the state. Provided, however, the credit shall not exceed [five] 12 seven million dollars in state fiscal year two thousand eighteen--two 13 thousand nineteen and nine million dollars in state fiscal year two 14 thousand nineteen--two thousand twenty. 15 § 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 16 1511 of the tax law, as amended by section 4 of part F of chapter 59 of 17 the laws of 2013, is amended to read as follows: 18 (A) For taxable years beginning on or after January first, two thou- 19 sand ten and before January first, two thousand twenty, a taxpayer shall 20 be allowed a credit as hereinafter provided, against the tax imposed by 21 this article, in an amount equal to one hundred percent of the amount of 22 credit allowed the taxpayer with respect to a certified historic struc- 23 ture under subsection (a)(2) of section 47 of the federal internal 24 revenue code with respect to a certified historic structure located 25 within the state. Provided, however, the credit shall not exceed [five] 26 seven million dollars in state fiscal year two thousand eighteen--two 27 thousand nineteen and nine million dollars in state fiscal year two 28 thousand nineteen--two thousand twenty. For taxable years beginning on 29 or after January first, two thousand twenty, a taxpayer shall be allowed 30 a credit as hereinafter provided, against the tax imposed by this arti- 31 cle, in an amount equal to thirty percent of the amount of credit 32 allowed the taxpayer with respect to a certified historic structure 33 under subsection (a)(2) of section 47 of the federal internal revenue 34 code with respect to a certified historic structure located within the 35 state. Provided, however, the credit shall not exceed one hundred thou- 36 sand dollars. 37 § 4. This act shall take effect immediately and shall apply to taxable 38 years beginning on and after January 1, 2017.