New York S 6872: Relates to the treatment of excess credits for the rehabilitation of historic barns

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S06872 Summary:

BILL NOS06872 

&nbsp

SAME ASSAME AS A00364

&nbsp

SPONSORHINCHEY

&nbsp

COSPNSRCOMRIE

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Relates to the treatment of excess credits for the rehabilitation of historic barns.

Go to top S06872 Actions:

BILL NOS06872 

&nbsp

03/25/2025REFERRED TO BUDGET AND REVENUE

05/28/2025REPORTED AND COMMITTED TO FINANCE

06/09/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

06/09/2025ORDERED TO THIRD READING CAL.1638

06/10/2025PASSED SENATE

06/10/2025DELIVERED TO ASSEMBLY

06/10/2025referred to ways and means

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS06872 Committee&nbspVotes:

Go to topS06872 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06872 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6872

 2025-2026 Regular Sessions

 IN SENATE

 March 25, 2025
 ___________

 Introduced by Sens. HINCHEY, COMRIE -- read twice and ordered printed,
 and when printed to be committed to the Committee on Budget and Reven-
 ue

 AN ACT to amend the tax law, in relation to the treatment of excess tax
 credits 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 amended by chapter 672 of the laws of 2021, is amended to read
 3 as 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 paid or incurred within the five years immediately preceding the year in
 9 which such tax credit shall be applied with respect to any barn located
 10 in this state which qualifies as an historic barn pursuant to subdivi-
 11 sion five of section four hundred eighty-three-b of the real property
 12 tax law. For purposes of this paragraph, the term "barn" means a build-
 13 ing that is or was used as an agricultural facility or for purposes
 14 related to agriculture. Provided, however, such qualified rehabilitation
 15 expenditures shall not include any such expenditures which are included,
 16 directly or indirectly, in the computation of a credit claimed by the
 17 taxpayer pursuant to paragraph one of this subsection. Provided further
 18 that no rehabilitation credit shall be allowed for any rehabilitation of
 19 a barn which, immediately prior to the commencement of such rehabili-
 20 tation, was used for residential purposes, or which converts a barn not
 21 suitable for residential purposes into one which is so suitable, nor
 22 shall a rehabilitation credit be allowed for any rehabilitation that
 23 materially alters the historic appearance of the barn. If the amount of
 24 credit allowable under this subsection shall exceed the taxpayer's tax

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00256-01-5

 S. 6872 2

 1 for such year and the taxpayer's New York adjusted gross income for such
 2 year does not exceed sixty thousand dollars, the excess shall be treated
 3 as an overpayment of tax to be credited or refunded in accordance with
 4 the provisions of section six hundred eighty-six of this article,
 5 provided, however, that no interest shall be paid thereon. If the
 6 taxpayer's New York adjusted gross income for such year exceeds sixty
 7 thousand dollars, the excess credit may be carried over to the following
 8 year or years and may be deducted from the taxpayer's tax for such year
 9 or years.
 10 § 2. This act shall take effect immediately.

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