Bill > S02124

This bill authorizes the pass-through and transfer of New York State historic property rehabilitation tax credits with several key provisions. The legislation allows taxpayers and pass-through entities (like partnerships or S Corporations) to allocate their state rehabilitation tax credits independently of federal rehabilitation credits, meaning they can be used separately and flexibly. Property owners (referred to as "landlords") can choose to either pass down their state rehabilitation credit to tenant taxpayers or retain it themselves. The bill establishes a formal transfer program that permits taxpayers to transfer at least 25% of their rehabilitation credit to another taxpayer or a non-profit organization, with the transferee required to use the credit in the same tax year it is transferred. Additionally, the bill mandates that the tax commissioner provide an annual public report detailing the total amount of rehabilitation credits claimed, which will be shared with state government leaders and published on the department's website. The new provisions will take effect for taxable years beginning on or after January 1, 2026, and are designed to provide more flexibility and potential financial benefits for historic property rehabilitation projects in New York State.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S2124