BILL NUMBER: S6872
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:
§ 1: Amends paragraph 12 of subsection (a) of Section 606 of the Tax Law
to provide New Yorkers with an income below $60,000 with a refund for
excess tax credits from the rehabilitation of historic barns.
§ 2: 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 to New Yorkers with an income below $60,000 if
the tax credit exceeds the taxpayer's tax owed.
 
LEGISLATIVE HISTORY:
2023-24: S.3582/A.4030 - Passed Senate/referred to Ways and Means
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S6872: 606 tax law, 606(a) tax law