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NY S02762
Bill
Status
6/18/2014
Primary Sponsor
Michael Ranzenhofer
Click for details
AI Summary
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Creates a 30% income tax credit for rehabilitation of qualified distressed commercial properties, capped at $100,000 per property, effective for taxable years beginning January 1, 2014 through December 31, 2019.
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Requires properties to be located in locally-designated distressed commercial areas in need of community renewal due to dilapidation and vacancies, and must be substantially rehabilitated with qualified expenditures of at least $10,000.
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For rental properties, requires more than 30% vacancy for twelve months while actively marketed for lease to qualify for the credit.
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Allows excess credits exceeding annual tax liability to be carried forward to future years, with annual carryover limited to $25,000.
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Imposes recapture of the credit if the taxpayer disposes of the property or ceases commercial use within five years, with recapture amount calculated on a pro-rata basis by months owned.
Legislative Description
Establishes a credit against income tax for the rehabilitation of distressed commercial properties; allows for 30% of the qualified rehabilitation expenditures up to $100,000; requires that to be eligible, the commercial property is located within a distressed commercial area, as identified by each locality through local law, that is deemed an area in need of community renewal due to dilapidated vacancies; provides that the property shall be substantially rehabilitated which is where the qualified rehabilitation expenditures in relation to such building total ten thousand dollars.
Last Action
referred to ways and means
6/18/2014