Bill Text: NY S06042 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to a tax credit and tax exemption for the rehabilitation of historic barns; defines historic barns; requires the establishment of eligibility guidelines.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2021-12-10 - SIGNED CHAP.672 [S06042 Detail]

Download: New_York-2021-S06042-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6042

                               2021-2022 Regular Sessions

                    IN SENATE

                                     March 31, 2021
                                       ___________

        Introduced  by  Sen. HINCHEY -- 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 and the real property tax law,  in  relation
          to  a  tax credit and tax exemption for the rehabilitation of historic
          barns

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Paragraph  12 of subsection (a) of section 606 of the tax
     2  law, as added by chapter 309 of the laws of 1996, is amended to read  as
     3  follows:
     4    (12)  Rehabilitation  credit  for  historic barns. A taxpayer shall be
     5  allowed a credit, to be computed as hereinafter  provided,  against  the
     6  tax  imposed  by this article. The amount of the credit shall be twenty-
     7  five percent of the taxpayer's qualified  rehabilitation  expenditures[,
     8  as  defined in paragraph two of subsection (c) of section forty-seven of
     9  the internal revenue code, which qualify as the  basis  for  the  credit
    10  provided  for  under  paragraph one of subsection (b) of section thirty-
    11  eight of such code by reason of subsection one of section  forty-six  of
    12  such code,] paid or incurred within the five years immediately preceding
    13  the  year  in which such tax credit shall be applied with respect to any
    14  barn located in this state which [is a qualified rehabilitated building,
    15  as such term is defined in paragraph  one  of  subsection  (c)  of  such
    16  section  forty-seven] qualifies as an historic barn pursuant to subdivi-
    17  sion five of section four hundred eighty-three-b of  the  real  property
    18  tax  law. For purposes of this paragraph, the term "barn" means a build-
    19  ing [originally designed and used for storing farm equipment or agricul-
    20  tural products, or for housing livestock] that is  or  was  used  as  an
    21  agricultural  facility or for purposes related to agriculture. Provided,
    22  however, such qualified rehabilitation expenditures  shall  not  include
    23  any such expenditures which are included, directly or indirectly, in the
    24  computation  of  a  credit claimed by the taxpayer pursuant to paragraph

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10595-02-1
        S. 6042                             2

     1  one of this subsection. Provided further that no  rehabilitation  credit
     2  shall  be  allowed  for  any rehabilitation of a barn which, immediately
     3  prior to the commencement of such rehabilitation, was used for  residen-
     4  tial  purposes,  or  which  converts a barn not suitable for residential
     5  purposes into one which is so suitable, nor shall a rehabilitation cred-
     6  it be allowed for any rehabilitation that materially alters the historic
     7  appearance of the barn.
     8    § 2.  Subdivision 5 of section 483-b of the real property tax law,  as
     9  added by chapter 309 of the laws of 1996, is amended to read as follows:
    10    5.  For  the  purposes  of this section, an historic barn shall mean a
    11  certified agricultural structure that was at least partially constructed
    12  before nineteen hundred [thirty-six] forty-five and that [was originally
    13  designed and used for storing farm equipment or  agricultural  products,
    14  or  for housing livestock] is or was used as an agricultural facility or
    15  for purposes related to agriculture; provided, however, that a certified
    16  agricultural structure  that  was  constructed  after  nineteen  hundred
    17  forty-five  may  qualify as an historic barn if such structure is deter-
    18  mined eligible for listing on the state or national register of historic
    19  places or is determined to be a contributing  structure  of  a  district
    20  listed on the state or national register of historic places.  The office
    21  of parks, recreation and historic preservation shall establish eligibil-
    22  ity  guidelines  for  the  certification  of  agricultural structures as
    23  historic barns which shall be eligible for the tax exemption established
    24  pursuant to this section.
    25    § 3.  This act shall take effect on  the  one  hundred  twentieth  day
    26  after it shall have become a law and shall apply to taxable years begin-
    27  ning on and after January 1, 2022.  Effective immediately, the addition,
    28  amendment  and/or  repeal  of  any  rule or regulation necessary for the
    29  implementation of this act on its effective date are  authorized  to  be
    30  made and completed on or before such effective date.