Bill > S04267

This bill establishes a historic preservation tax credit transfer program designed to provide flexibility and incentives for businesses rehabilitating historic properties to promote affordable housing development. The bill creates a comprehensive framework that allows taxpayers to transfer historic preservation tax credits to other eligible entities, with detailed provisions governing the transfer process. Key elements include defining eligibility criteria for transferors and transferees, establishing procedures for credit transfer, and requiring the commissioner of parks, recreation and historic preservation to maintain records and issue transfer certificates. The program applies to various types of taxpayers, including partnerships, limited liability companies, and S corporations, and allows for partial or full credit transfers. The bill also mandates annual reporting on the program's impact, including details about the number and value of tax credit projects, housing units rehabilitated, and geographical distribution of credits. Importantly, the tax credits can be transferred separately from federal rehabilitation credits, providing additional financial flexibility for historic property rehabilitation projects. The program will take effect for taxable years beginning on or after January 1, 2026, and aims to incentivize historic property restoration while supporting affordable housing development across New York State.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S4267