Bill > S09259

This bill establishes two new tax credits to encourage the conversion of office buildings into residential spaces. The first credit, administered by the Empire State Development Corporation, offers a 10% tax credit on qualified rehabilitation expenditures for projects that substantially convert office buildings into residential units, provided the building is at least 25,000 square feet, at least 50% residential after conversion, at least 50% vacant as of January 1, 2026, and not historically designated. The second credit, administered by the State Historic Preservation Office, offers an additional 10% tax credit for similar conversions of certified historic structures, with specific requirements for retaining historic elements. Both credits have a maximum of $5 million per project and an aggregate cap of $25 million, and they will expire ten years after becoming law.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S9259