Bill > A10192

This bill establishes two new tax credits to incentivize the conversion of commercial office spaces into residential units. The first credit, administered by the Empire State Development Corporation, offers a 10% tax credit on qualified rehabilitation expenditures for converting office buildings into residential properties, provided the building is at least 25,000 square feet, at least 50% of the building becomes residential after rehabilitation, and at least 50% of the building was vacant as of January 1, 2026; this credit has a maximum of $5 million per project and an aggregate cap of $25 million. The second credit, administered by the State Historic Preservation Office, provides an additional 10% tax credit for the rehabilitation of certified historic structures that are converted to residential use, with similar eligibility requirements regarding building size, vacancy, and minimum expenditure, but specifically for buildings listed on historic registers or within historic districts; this credit also has a $5 million per project cap and a $25 million aggregate cap. Both credits are refundable, meaning taxpayers can receive them even if they owe no tax, and they will expire ten years after they become law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A10192