BILL NUMBER: S3582
SPONSOR: HINCHEY
 
TITLE OF BILL:
An act to amend the tax law, in relation to the treatment of excess tax
credits for the rehabilitation of historic barns
 
PURPOSE:
To provide New Yorkers with an income below $60,000 a refund for excess
tax credits from the rehabilitation of historic barns.
 
SUMMARY OF PROVISIONS:
Section one amends the tax law to provide New Yorkers with an income
below $60,000 with a refund for excess tax credits from the rehabili-
tation of historic barns.
Section two states the effective date.
 
JUSTIFICATION:
The Historic Barn Rehabilitation Credit is a successful program that
helps rural and agrarian areas of New York maintain the historic nature
and character of historic barns. The changes in this legislation would
help deliver the benefits of this program more effectively to New York-
ers by providing a refund if the tax credit exceeds the taxpayer's tax
owed.
 
LEGISLATIVE HISTORY:
New Bill.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S3582: 606 tax law, 606(a) tax law