Two important improvements to the State Historic Tax Credit have made it into the final state budget. All historic buildings within two distinct groups can take advantage of the State Historic Tax Credit, regardless of prior qualification:
1. Historic buildings within New York State Parks and State Historic Sites
2. Historic homes in cities with a population under one million with at least 15% poverty threshold
This win for historic preservation would not be possible without the leadership of Governor Andrew M. Cuomo, the Assembly and Senate, especially Assembly Speaker Carl E. Heastie and Senate Majority Leader Andrea Stewart-Cousins, Assembly Ways and Means Chair Helene E. Weinstein and Senate Finance Chair Liz Krueger.
Recognition also belongs to Assemblymembers Carrie Woerner, Donna Lupardo, Patricia A. Fahy, Steve Otis, Steven Englebright, Robin Schimminger, Anthony D'Urso, and Carmen Arroyo and NYS Senators Timothy Kennedy and Jose M. Serrano who sponsored the initial bill that included the poverty rate qualification for cities.
Thank you, NYS Assembly! The State Senate and Assembly Released Their Proposed Budgets – Including Improvements to the State Historic Tax Credit in the Assembly’s Version!
We hoped both houses would include these improvements, but we are grateful to see them represented, nonetheless. Our team has been advocating for these changes along with our colleagues and partners in preservation since the fall. Many thanks to everyone who contacted their representatives, the legislature, and especially Assembly members Carrie Woerner, Donna Lupardo, Patricia Fahy, Steve Otis, Steven Englebright, Robin Schimminger, Anthony D’Urso, and Carmen Arroyo and NYS Senators Timothy Kennedy and Jose Serrano who sponsored these amendments.
And if you want to see these improvements included in the Governor’s final budget, keep calling your state senators and your assemblymembers!
State Tax Credit Enhancements make it into the Assembly budget bill: Part U of A2009B
View the entire Assembly Budget Bill
In 2019, the League is advocating for the following enhancements to the State Historic Tax Credit:
1) Ability to directly transfer NYS Historic Tax Credits, mirroring the allowed transferability in the NYS Low-Income Housing Tax Credit.
Transferring NYS Historic Tax Credits provides a greater return on New York State’s tax credit dollar, driving more investment into economic development rehabilitation projects.
2) Increasing the NYS Historic Tax Credit from 20% to 30% for small projects under $5 million.
Owners of smaller historic buildings, the type typically found in a Main Street neighborhood commercial corridor, are challenged to make a historic rehabilitation project feasible in projects under $5 million. This increase will encourage these projects to move forward.
3) Qualifying every city under one million with a 15% poverty threshold for the NYS Historic Tax Credit.
Allowing entire cities in upstate New York to qualify for this economic development incentive will benefit cities and the state overall, removing qualification ambiguity.