Bill > A02711

This bill establishes the Historic Preservation Tax Credit Transfer Program, which allows businesses to transfer historic property rehabilitation tax credits to other taxpayers. Specifically, the bill creates a new framework that enables businesses that rehabilitate historic properties to sell their tax credits to other entities, even if those entities do not own the rehabilitated property. The program aims to provide greater flexibility for developers and incentivize historic property rehabilitation, particularly for affordable housing projects. Key provisions include allowing tax credits to be transferred separately from federal rehabilitation credits, setting eligibility criteria for both transferors and transferees, and establishing a process for credit transfer approval through the Department of Parks, Recreation and Historic Preservation. The bill requires the transfer to be at least 25% of the total credit and mandates that transferred credits can only be used in the taxable year for which they are issued. The program applies to various tax articles and includes provisions for credit recapture if project requirements are not met. Additionally, the bill requires annual reporting on the number, value, and impact of rehabilitated historic properties, including details on housing units and affordability. The tax credit transfer program will take effect for taxable years beginning on or after January 1, 2026.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A2711