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.

Slides:

Advertisements

Similar presentations

What is a UEZ? An Urban Enterprise Zone (UEZ) is a specially designated area in which businesses and residents alike are afforded certain state tax benefits.

Advertisements

Fort Myers/Lee County Enterprise Zone. Enterprise Zone Areas targeted for economic revitalization Areas targeted for economic revitalization Prior to.

Property Tax Relief and Reform: Plan Overview Joint Select Committee on Property Tax Relief and Reform June 11, 2007.

Forms of Business Organization

Michael J. Goldman Nixon Peabody LLP Financing Wind Power: The Future of Energy Introduction to New Markets Tax Credits May 9, 2008.

1 New Markets Tax Credits Revisited: Origins and Current Developments May 6, 2008 Herbert F. Stevens, Esq. Gregory N. Doran, Esq.

Incentives for Historic Preservation in Detroit Michigan Tax Incentives Part I: Michigan Historic Tax Credits and OPRA Detroit Athletic Club June 5, 2008.

Financing Green Affordable Housing Herbert F. Stevens Nixon Peabody LLP.

Financing Housing with New Markets Tax Credits February 21, 2008.

Michael J. Goldman Nixon Peabody LLP Financing Wind Power: The Future of Energy Introduction to New Markets Tax Credits July 25-27, 2007.

TAX BENEFITS FOR THE GO ZONE Richard S. Goldstein IPED March 29, 2007 St. Petersburg, Florida.

Historic Preservation Tax Credits The Process and Avoiding Common Problems Charles E. Fisher New York City, June 2009 National Park Service, Technical.

Historic Preservation and Affordable Housing National Historic Tax Credit Conference Chicago September 2008 Judith L. Kitchen, Ohio Historic Preservation.

Advocacy Update: Expanding the NYS Rehabilitation Tax Credit programs IPED/Using Tax Credits in New York City New York, New York June 24, 2009 The Preservation.

By: Merrill Hoopengardner, Esq. 10:00 AM – 11:00 AM Friday, March 30, 2007 Rebuilding Communities after Hurricane Katrina Historic Tax Credits.

IPED HOUSING TAX CREDITS “101” COMBINING SOLAR AND HOUSING TAX CREDITS

Insure Montana Small Business Health Insurance Program The Small Business Health Care Affordability Act, was requested by State Auditor John Morrison and.

0 Government of the District of ColumbiaDepartment of Health Care Finance For Official Government Use Only Health Care Expansions in the District of Columbia.

Susan K. Burr, Deputy Executive Director

HOUSING FOR MIDDLE-LOW J.Aldarjavkhlan. CEO of Mongolian Housing Finance Corporation 2011 INCOME FAMILIES.

2008 MTA NYC Travel Survey Summary of Selected Results June 22, 2009.

Fernando Armstrong / Tony Farthing Regional Directors New Jersey State Data Center June 11, Decennial Census Program.

INTENT OF FUNDS. INTENT OF TITLE I A Title I Director salary and benefits Title I Administrative Assistant/Secretary salary and benefits Teachers Educational.

1 Targeted Case Management (TCM) Changes Iowa Medicaid Enterprise October 14, 2008.

Version /13/ Video Lottery Terminal legislation included a 1.5 percent set aside of revenue to benefit small, minority- and women- owned.

SHAREHOLDERS MEETING 2010 WATERFURNACE RENEWABLE ENERGY, INC.

DYNASTY TRUST/INCENTIVE TRUST

Issuance of the Series 2014 Capital Projects Revenue Bonds John W. Lawson Chief Financial Officer April 16, 2014.

Florida Non-Profit Housing Regional Mutual Self-Help Housing Conference June 19, 2013.

Introduction Update Virginias Brain Injury Action Plan Define brain injury service options, terms Solicit feedback on core services Identify local service.

.1 Conditional object incentives: more value for UK housing subsidies? Michael Oxley HSA York April

Delaware State Housing Authority FY 15 Joint Committee On Capital Improvement Public Hearing February 11, 2014 Delaware State Housing Authority 18 The.

Peter Roth of New Atlantic Development Corporation

SB 192 – Oil and Gas Production Tax Rate/Credit Sponsored by Senator Bert Stedman Senate Resources April 9, 2014 SB 192 Senate Resources Presentation by.

InfoLab - Technology Matters Event R&D Tax Relief Seminar 5 September 2007 TAX.

City of North Liberty North Liberty Area Development Corporation University of Iowa Community Credit Union Economic Development Partnership Project October.

Fixing Our Upside-Down Tax System: Why We Need to Extend the Income Tax Surcharge on the Wealthiest New Yorkers to Fund a Circuit Breaker for Struggling.

Highland Park, Illinois Affordable Housing Trust Fund.

Utrecht, 20 februari 2009 Haarlem, 10 maart 2009Statistics Netherlands Households’ risks in the Dutch housing market: Loan-To-Value and Loan-To-Income.

SAVING ENERGY AND IMPROVING COMFORT THROUGH ENERGY EFFICIENCY HOME IMPROVEMENTS JANUARY 28 TH, 2011.

A Long Look at Affordable Rental Housing John C. Weicher Hudson Institute Presentation to NAAHL May 4, 2012.

Solanco School District Preliminary Budget April 28, 2014.

Minnesota Taxes in Comparison. © 2011 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member.

Western ND School District Funding Information Session July 17, 2013 Comfort Inn Bismarck, ND New State School Funding Model ND Department of Public Instruction.

Housing for People with Mental Illness Presentation to NAMI Convention Andrew Sperling Ann O’Hara David Miller June 19, 2005.

Local Housing Assistance Plan Amendment State Fiscal Years Board of County Commissioners August 5, 2014.

Healthy Futures Fund Goals 2  PROVIDE NEW CAPITAL to Federally Qualified Health Centers (FQHCs) at a time of significant patient growth  ENCOURAGE COMMUNITY.

Joint Task Force on Local Effort Assistance Staff Presentation June 13, 2002 Bryon Moore, Senate Ways and Means Committee Staff Denise Graham, House Appropriations.

November 22, 2011 Historical Commission Mission : To promote, preserve and protect Alachua County’s historic resources.

Tools for Redevelopment Courtney Knight Managing Director, Redevelopment Revitalizing Atlanta 1.

1 Area Development The Entergy name and logo are registered service marks of Entergy Corporation and may not be used without the express, written consent.

Historic Homes Tax Credits: Catalyst for Renewal Ken Johnson Executive Director, Northside Institutions Neighborhood Alliance, Inc.

United States EB-5 Immigrant Investor Visa Overview.

Conservation Districts in New York Training Module 1.

Utah Housing Corporation Low-Income Housing Tax Credit Program Presentation By W. Robin Kemker LIHTC Technical Specialist Utah Housing Corporation.

TAX CREDITS FOR REVOLVING LOAN FUNDS Authorized by HF 868 of 2005 General Assembly Now in Iowa Code Section 15E.232 Administrative Rules at IDED [261],

Commercial Property Tax Reform: The Impact on Property Owners and Local Governments Jeff Robinson – Legislative Services Agency, Fiscal Division June 6,

Legislative Update February 26, FY Budget  House Ways and Means Version of Budget K-12 to receive $175 million increase, including $56.4.

E NERGIZE NY F INANCE PACE Benefit Financing for Energy Improvements Mark Thielking – Chairman, Energy Improvement Corporation Joe Del Sindaco – Treasurer,

11 Overview of the CPUC’s CSI-Thermal Low-Income Solar Water Heating (SWH) Program January 2012 California Public Utilities Commission Energy Division.

State Legislative Update

The Rising Cost of Water, March 3, 2010

Economic Revitalization

Monitor, Educate, Advocate – Local, State and Federal Levels

New Market Tax Credits Introduction

Neighborhood Revitalization Plans Neighborhoods and Downtown

Neighborhood Revitalization Plans Neighborhoods and Downtown

Legislative Update March 12, 2013.

Rochelle downtown Historic District

Presentation transcript:

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

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.

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

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

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

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

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

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

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

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