Bill > A09722

This bill authorizes the pass-through or transfer of the New York State tax credits for rehabilitation of historic properties. It allows the allocation of the state rehabilitation credit to be made separately from any federal historic tax credit, through written agreements with the taxpayer or pass-through entity entitled to the credit. The bill also permits landlords of certified historic structures to retain the state credit even if they pass the federal credit to the tenant. Additionally, the bill creates a new article in the Parks, Recreation and Historic Preservation Law to establish a historic rehabilitation tax credit transfer program, including provisions for reporting and coordination with federal rehabilitation credit rules.