Assembly member Sam Hoyt (D-Buffalo) and Senator David Valesky (D-Syracuse) have introduced A.6471-A/S.2960-A which provides a 20% NYS rehabilitation credit, with a cap of $5 million per project, for users of the federal rehabilitation credit on qualified commercial structures in New York State. The bill also allows the NYS credit to be freely allocated within business partnerships, flexibility that is not part of the current program. These changes represent a significant step forward for the NYS commercial rehabilitation tax credit program. Additional changes are proposed for the residential (owner-occupied) rehabilitation tax credit. The measure has passed out of the Senate Investigation and Government Operations Committee and awaits consideration in the Senate Finance Committee. read more…
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