Bill Text: NY S02221 | 2013-2014 | General Assembly | Amended

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Bill Title: Relates to tax credits for certain rehabilitation projects.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-29 - PRINT NUMBER 2221A [S02221 Detail]

Download: New_York-2013-S02221-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        2221--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                   January 14, 2013
                                      ___________
       Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations -- recommitted to the Committee on Investigations  and
         Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
         committee discharged, bill amended, ordered reprinted as  amended  and
         recommitted to said committee
       AN ACT to amend the tax law, in relation to credits for certain rehabil-
         itation projects; and providing for the repeal of such provisions upon
         expiration thereof
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (oo) of section 606 of the tax law is amended by
    2  adding a new paragraph 6 to read as follows:
    3    (6) TAX CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL  BE  ALLOWED
    4  TO  A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S" CORPORATION
    5  OR OTHER BUSINESS ENTITY AND SHALL BE PASSED THROUGH  TO  THE  PARTNERS,
    6  MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
    7  SHALL  BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS RESPEC-
    8  TIVELY, EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE  ENTITY,
    9  OR  AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS PROVIDED
   10  IN AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX  OR
   11  ECONOMIC ATTRIBUTES OF THE ENTITY.
   12    S 2. Subdivision 40 of section 210 of the tax law is amended by adding
   13  a new paragraph 6 to read as follows:
   14    (6)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
   15  TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
   16  OR  OTHER  BUSINESS  ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS,
   17  MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
   18  SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
   19  TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
   20  OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05761-02-4
       S. 2221--A                          2
    1  IN  AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR
    2  ECONOMIC ATTRIBUTES OF THE ENTITY.
    3    S  3. Subsection (u) of section 1456 of the tax law, as added by chap-
    4  ter 472 of the laws of 2010, is amended by adding a new paragraph  6  to
    5  read as follows:
    6    (6)  TAX  CREDITS ALLOWED PURSUANT TO THIS SUBSECTION SHALL BE ALLOWED
    7  TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
    8  OR  OTHER  BUSINESS  ENTITY  SHALL  BE  PASSED  THROUGH TO THE PARTNERS,
    9  MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
   10  SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
   11  TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
   12  OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED
   13  IN  AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR
   14  ECONOMIC ATTRIBUTES OF THE ENTITY.
   15    S 4. Subdivision (y) of section 1511 of the tax law, as added by chap-
   16  ter 472 of the laws of 2010, is amended by adding a new paragraph  6  to
   17  read as follows:
   18    (6)  TAX CREDITS ALLOWED PURSUANT TO THIS SUBDIVISION SHALL BE ALLOWED
   19  TO A PARTNERSHIP, LIMITED LIABILITY COMPANY, "SUBCHAPTER S"  CORPORATION
   20  OR  OTHER  BUSINESS  ENTITY AND SHALL BE PASSED THROUGH TO THE PARTNERS,
   21  MEMBERS, OR SHAREHOLDERS RESPECTIVELY. CREDITS ALLOWED TO THESE ENTITIES
   22  SHALL BE ALLOCATED AMONG ALL PARTNERS, MEMBERS, OR SHAREHOLDERS  RESPEC-
   23  TIVELY,  EITHER IN PROPORTION TO THEIR OWNERSHIP INTEREST IN THE ENTITY,
   24  OR AS THE PARTNERS, MEMBERS, OR SHAREHOLDERS MUTUALLY AGREE AS  PROVIDED
   25  IN  AN EXECUTED DOCUMENT WITHOUT REGARD TO THEIR SHARING OF OTHER TAX OR
   26  ECONOMIC ATTRIBUTES OF THE ENTITY.
   27    S 5. This act shall take effect immediately and shall apply to taxable
   28  years beginning on and after January 1, 2015;  provided,  however,  this
   29  act shall expire and be deemed repealed December 31, 2019; and provided,
   30  further  however, that the credit shall be applied to any rehabilitation
   31  project commenced on or before December 31, 2019.