Earlier this month, the New York State Legislature passed the final bill needed to authorize the 2010 state budget. Among other things, the final budget defers New York State Rehabilitation Tax Credits earned between 2010 and 2012 exceeding $2 million. The tax credits will be deferred per the following schedule:
- In 2013, 50% of the balance of credit value over $2 million will be available.
- In 2014, 75% of the remaining balance of credit value will be available.
- In 2015, 100% of the remaining balance of credit value will be available.
