New York’s state historic rehabilitation tax credit would be expanded by newly introduced bills (AB 6471, SB 2960). Last year, Gov. David Patterson vetoed legislation approved by the legislation that would have enhanced the historic credit. The new legislation would expand the program to provide:
- A 20% credit rate for qualified rehabilitation expenses
- A $5 million cap per project for qualified rehabilitation expenses
- That properties must be listed on the National Register, utilize the federal rehabilitation tax credit, and be located in a distressed area (i.e. targeted area residence or located in census tract with a median family income (MFI) at or below 100% of the statewide MFI).
- For an implementation date of 1/1/2010
- A 5-year program, with a sunset date of 1/1/2014. Projects that qualify for the tax credit before then would receive credit.
- For extension to census tracts at or below 100% SMFI.
A wide range of advocates have formed the Reinvest NY Partnership to seek inclusion of this program in the enacted 2009-2010 state budget, which is expected to be finalized by April 14. Persons wishing to participate in the advocacy effort should contact Daniel Mackay, Preservation League of New York State, dmackay@preservenys.org.
