Bill > S06021

This bill establishes two new tax credit programs for historic rehabilitation projects, focusing on large-scale and long-vacant properties, known as "white elephant" projects. The bill extends existing historic property rehabilitation tax credits through 2037 and introduces significant enhancements, particularly for large projects involving buildings that have been vacant for at least ten of fifteen consecutive years. The credits can be up to 100% of federal rehabilitation credits, with caps ranging from $100,000 to $15 million depending on the project type. A key innovation is the ability to transfer these credits to other entities, which can help finance complex rehabilitation projects. The bill also creates a new mechanism for "phase II" housing projects, allowing related projects to be submitted within five years of a previous project. Additionally, the legislation mandates annual reporting by the commissioner of parks, recreation and historic preservation, providing transparency about the number, value, and impact of these tax credit projects, including details about housing units and geographic distribution. The tax credits apply to various types of taxpayers, including corporations and pass-through entities, and are designed to incentivize the rehabilitation of significant but neglected historic properties, particularly in areas with lower median family incomes.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S6021