New York S 2124: Authorizes the pass-through or transfer of the credits for rehabilitation of historic properties

Bill Text

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S02124 Summary:

BILL NOS02124 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSRMAY, SERRANO

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MLTSPNSR

&nbsp

Amd §§210-B, 606 & 1511, Tax L; add Art 14-A §§14.15 - 14.18, Pks & Rec L

&nbsp

Authorizes the pass-through or transfer of the credits for rehabilitation of historic properties; authorizes the allocation of the credit in a separate manner from any federal certified historic tax credit.

Go to top S02124 Actions:

BILL NOS02124 

&nbsp

01/15/2025REFERRED TO BUDGET AND REVENUE

01/27/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

01/27/2025ORDERED TO THIRD READING CAL.149

02/04/2025PASSED SENATE

02/04/2025DELIVERED TO ASSEMBLY

02/04/2025referred to ways and means

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO BUDGET AND REVENUE

04/27/2026RECOMMIT, ENACTING CLAUSE STRICKEN

Go to topS02124 Committee&nbspVotes:

Go to topS02124 Floor&nbspVotes:

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

Go to topS02124 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2124

 2025-2026 Regular Sessions

 IN SENATE

 January 15, 2025
 ___________

 Introduced by Sens. KAVANAGH, MAY, SERRANO -- 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 parks, recreation and historic pres-
 ervation law, in relation to authorizing the pass-through or transfer
 of the credits for rehabilitation of historic properties

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

 1 Section 1. Subdivision 26 of section 210-B of the tax law is amended
 2 by adding two new paragraphs (g) and (h) to read as follows:
 3 (g) (i) The allocation of the credit established by this subdivision
 4 may be made without regard to and in a separate manner from any federal
 5 rehabilitation credit that may be allocated with respect to a certified
 6 historic structure under section forty-seven of the internal revenue
 7 code by written agreement of the taxpayer otherwise entitled to claim
 8 such credit or by written agreement of a pass-through entity that may
 9 report such credit or otherwise elect to pass the federal rehabilitation
 10 tax credit through to a tenant taxpayer in accordance with applicable
 11 federal law.
 12 (ii) With respect to certified historic structures that are subject to
 13 a lease arrangement whereby the landlord elects to pass the federal
 14 rehabilitation credit through to the tenant taxpayer, not only may the
 15 New York state rehabilitation credit be passed down to the tenant
 16 taxpayer and then allocated without regard to and in a separate manner
 17 from any federal rehabilitation credit that may be allocated, but the
 18 landlord may also opt to retain the New York state rehabilitation cred-
 19 it. For purposes of this section, a "landlord" means the owner of the
 20 certified historic structure for federal tax purposes.
 21 (iii) The New York state rehabilitation credit may be transferred as
 22 provided for in article fourteen-A of the parks, recreation and historic
 23 preservation law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05760-01-5

 S. 2124 2

 1 (h) The commissioner shall report annually, on or before the first day
 2 of November, on the aggregate amount of credits claimed pursuant to this
 3 subdivision on returns filed during the preceding calendar year. Such
 4 report shall be provided to the governor, temporary president of the
 5 senate, speaker of the assembly, chairs of the senate committees on
 6 finance and on housing, construction and community development, and
 7 chairs of the assembly committees on ways and means and on housing and
 8 shall be made publicly available on the department's website.
 9 § 2. Subsection (oo) of section 606 of the tax law is amended by
 10 adding two new paragraphs 7 and 8 to read as follows:
 11 (7) (A) The allocation of the credit established by this subsection
 12 may be made without regard to and in a separate manner from any federal
 13 rehabilitation credit that may be allocated with respect to a certified
 14 historic structure under section forty-seven o