Bill Text: NY A04371 | 2015-2016 | General Assembly | Amended
Bill Title: Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidation and vacancies; provides that the property which has been substantially rehabilitated is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars or more.
Spectrum: Slight Partisan Bill (Democrat 7-3)
Status: (Introduced - Dead) 2016-02-01 - print number 4371a [A04371 Detail]
Download: New_York-2015-A04371-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4371--A 2015-2016 Regular Sessions IN ASSEMBLY January 30, 2015 ___________ Introduced by M. of A. SCHIMMINGER, CUSICK, COLTON, TENNEY, McDONALD -- Multi-Sponsored by -- M. of A. CYMBROWITZ, KEARNS, LUPINACCI, WALTER -- read once and referred to the Committee on Ways and Means -- recom- mitted 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 establishing a credit against income tax for the rehabilitation of distressed commercial properties The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (ccc) to read as follows: 3 (ccc) Credit for rehabilitation of distressed commercial properties. 4 (1) For taxable years beginning on or after January first, two thousand 5 sixteen, a taxpayer shall be allowed a credit as hereinafter provided, 6 against the tax imposed by this article, in an amount equal to thirty 7 percent of the qualified rehabilitation expenditures made by the taxpay- 8 er with respect to a qualified distressed commercial property. Provided, 9 however, the credit shall not exceed one hundred thousand dollars. 10 (2) Tax credits allowed pursuant to this subsection shall be allowed 11 in the taxable year in which the property is deemed a certified rehabil- 12 itation. 13 (3) If the amount of the credit allowable under this subsection for 14 any taxable year shall exceed the taxpayer's tax for such year, the 15 excess may be carried over to the following year or years, and may be 16 applied against the taxpayer's tax for such year or years, but shall not 17 exceed twenty-five thousand dollars. 18 (4) (A) The term "qualified rehabilitation expenditure" means, for 19 purposes of this subsection, any amount properly chargeable to a capital 20 account: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02088-03-6
