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A03908 Summary:

BILL NOA03908
 
SAME ASSAME AS S00540
 
SPONSORFitzpatrick
 
COSPNSRKolb
 
MLTSPNSRBarclay, Finch, Giglio, McDonough, Raia, Thiele
 
Amd 606, Tax L
 
Alters the definition of a qualified historic home for the purposes of the historic homeownership rehabilitation credit.
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A03908 Actions:

BILL NOA03908
 
01/30/2017referred to ways and means
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A03908 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A3908
 
SPONSOR: Fitzpatrick (MS)
  TITLE OF BILL: An act to amend the tax law, in relation to the defi- nition of qualified historic home for the purposes of the historic homeownership rehabilitation credit   PURPOSE: To expand the purview of the historic home rehabilitation tax credit to include all homes listed on the national or state historic registers and all homes of a historical significance in historic districts.   SUMMARY OF PROVISIONS: The bill amends subparagraph (A) of paragraph 5 of subsection (pp) of Section 606 of the Tax Law to delete language in the definition of a "qualified historic home" that requires such home to be a "targeted area residence within the meaning of Section 143 (j) of the Internal Revenue Code or within a census tract which is at or below 100% of the state medium family income." Thus, the bill expands the application of the historic home rehabilitation tax credit to all homes listed as historic under the national and state registers and any home deemed to be of historical significance located in a registered historic district.   JUSTIFICATION: Chapter 547 of the laws of 2006 enacted a 20% tax credit for the reha- bilitation of historic homes or homes located in a historic district provided such homes are located in "distressed areas" pursuant to the Internal Revenue Code. While Chapter 547 represents a significant first step in implementing a historic home rehabilitation tax credit. Elimi- nating the "targeted area" and census tract requirements as provided for in the bill would expand the tax credit program to include over 50,000 qualified homes, a goal that was envisioned by the original legislation which was first introduced in 1995. Extending the incentives contained in Chapter 547 to historic homes located anywhere in the state will enhance the revitalization of our neighborhoods by providing an incentive for investment in New York's rich legacy of historic housing stock. Its benefits would be plentiful. Primarily, it would create a vastly expanded economic development program targeted at aging residential properties that would provide increased housing opportunities; however, it would also have an economic impact on local economies resulting from spending by homeowners for labor and materials. Rehabilitation of these properties will also resulting tax base growth and will also help foster further business growth.   EFFECTS OF PRESENT LAW: Amends subparagraph (A) of paragraph 5 of subsection (pp) of Section 606 of the Tax Law.   PRIOR LEGISLATIVE HISTORY: 2016- A. 3194 - Held in Housing Committee 2014 - A.3993 - Held in Housing Committee 2012 - A.2678a - Held in Housing Committee 2010 - A.4364 - Held in Housing Committee 2008 - A.4117 - Held in Housing Committee   FISCAL IMPLICATIONS: Undetermined; however, any fiscal impact on the state would be partially offset by increased local property tax revenues through increased assessments on rehabilitated properties and the return to the tax rolls of previously abandoned or delinquent properties.   EFFECTIVE DATE: This act shall take effect immediately.
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A03908 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3908
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 30, 2017
                                       ___________
 
        Introduced  by M. of A. FITZPATRICK, KOLB -- Multi-Sponsored by -- M. of
          A. BARCLAY, FINCH, GIGLIO, McDONOUGH, RAIA, SALADINO, THIELE  --  read
          once and referred to the Committee on Ways and Means
 
        AN  ACT to amend the tax law, in relation to the definition of qualified
          historic home for the purposes of the historic homeownership rehabili-
          tation 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  5 of subsection (pp) of
     2  section 606 of the tax law, as added by chapter 547 of the laws of 2006,
     3  clause (iv) as amended by chapter 239 of the laws of 2009, is amended to
     4  read as follows:
     5    (A) The term "qualified historic home" means,  for  purposes  of  this
     6  subsection,  a  certified  historic  structure  located  within New York
     7  state:
     8    (i) which has been substantially rehabilitated,
     9    (ii) which, or any portion of which, is owned, in whole  or  part,  by
    10  the taxpayer, and
    11    (iii)  in  which the taxpayer resides during the taxable year in which
    12  the taxpayer is allowed a credit under this subsection[, and
    13    (iv) which is in whole or in part a targeted area residence within the
    14  meaning of section 143(j) of the internal revenue  code  or  is  located
    15  within  a  census  tract  which  is  identified as being at or below one
    16  hundred percent of the state median family income  in  the  most  recent
    17  federal census].
    18    § 2. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05777-01-7
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