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Overview of NYS Incentives: The existing NYS Rehabilitation Tax Credit programs (2006) IPED/Using Tax Credits in New York City New York, New York June.

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Presentation on theme: "Overview of NYS Incentives: The existing NYS Rehabilitation Tax Credit programs (2006) IPED/Using Tax Credits in New York City New York, New York June."— Presentation transcript:

1 Overview of NYS Incentives: The existing NYS Rehabilitation Tax Credit programs (2006) IPED/Using Tax Credits in New York City New York, New York June 24, 2009 The Preservation League of New York State

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3 Federal Rehabilitation Tax Credit Use in NYS: An assessment of federal Rehabilitation Tax Credit use in New York State reveals: Of the nearly $320 million in federal rehabilitation tax credits allocated to New York State projects, approximately $280 million were allocated to projects in New York City and the Boroughs. Of the $40 million in federal rehabilitation credits allocated to projects outside of New York City, only $12 million were allocated to projects north and west of the Capital Region.

4 NYS Rehabilitation Tax Credit Advocacy Legislative History 1997 – 2005 Advocacy for state credit for residential rehabilitation Commercial/residential credit programs established in NYS Advocacy to promote program expansion to address incentives levels and more effective targeting

5 Existing Rehabilitation Tax Credit: Chapter 547 of the Laws of 2006 Commercial ProgramResidential Program AvailabilityStatewideUltra-distressed census tracts (70% of population below 80% State Median Family Income) Qualified BuildingsNational RegisterNational & State Register Credit Rate:30% of federal credit value (6% credit rate) 20% of qualified rehabilitation costs Credit Cap:$100,000$25,000 Transferability:Credit allocation only to entity receiving the federal credit None Effective Date:Current SunsetNone

6 NYS Rehabilitation Tax Credit: Commercial Rehabilitation Tax Credit Program Available statewide – no targeting provisions National Register-listed structure used for commercial (income-producing) purposes Requires use of the federal rehabilitation tax credit (20% of qualified rehabilitation costs) NYS Credit value equal to 30% of federal credit value (net 6.0% new financing) $100,000 cap on qualified rehabilitation costs Credit cannot be assigned, transferred, or sold

7 NYS Rehabilitation Tax Credit: Residential Rehabilitation Tax Credit Program State or National Register-listed, owner-occupied residential structures Structures must be located in ultra-distressed census tracts (70% of the population is at or below 80% SMFI) NYS Credit value equal to 20% of qualified rehabilitation costs $25,000 cap on qualified rehabilitation costs per structure Estimated to serve only 4100 homes statewide 9 applications to date, 8 projects authorized for tax credit use

8 City of New York - North: Eligible Historic Districts and Landmarks, Residential Program, Chapter 547 Bronx: 140 census tracts Brooklyn: 120 census tracts New York: 59 census tracts Queens: 13 census tracts Staten Is.: 3 census tracts

9 NYS Rehabilitation Tax Credit Chapter 547, Laws of 2006 Established a NYS Income Tax Credit for rehabilitation of both commercial and residential historic properties. Administered by the NY State Historic Preservation Office (SHPO): Commercial Rehabilitation Program: NYS SHPO Technical Assistance regional staff at this link: Residential Rehabilitation Program: NYS SHPO Staff: Sloane Bullough x3252

10 Expanded Rehabilitation Tax Credit: Commercial Property Program Chapter 547 (Existing program) Assembly/Senate Bill A.6471-B/S.2960-B Assembly/Senate Bill A.9023/S.6056 AvailabilityStatewideDistressed census tracts at or below 100% State Median Family Income (SMFI) Same Qualified BuildingsNational Register Same Credit Rate:30% of federal credit value (6% credit rate) 100% of federal credit value (20% credit rate) Same Credit Cap:$100,000$5 millionSame Transferability:Credit allocation only to entity receiving the federal credit Specified unrestricted allocation of credit within business partnership (Subsection 3) Allows credit to any person, firm, partnership, limited liability company, corporation or other business entity Effective Date:Current programJanuary 1, 2010Same SunsetNoneDecember 31, 2014Same

11 Daniel Mackay Director of Public Policy Preservation League of New York State x18


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