NY A09532

Qualifies the Huntley Apartments located at 409 and 419-421 Stolp Avenue in Syracuse, Onondaga County (Section 87, Block 12, Lots 113, 114, and 115) for a tax credit for historic property rehabilitation.

Allows owners a credit equal to 100% of the federal historic structure rehabilitation tax credit allowed under Internal Revenue Code Section 47, with a maximum credit of $5 million for taxable years before January 1, 2015.

Reduces the credit to 30% of the federal credit with a maximum of $100,000 for taxable years beginning January 1, 2015 and thereafter.

Credit caps apply at the entity level for partnerships and New York S corporations, limiting aggregate credits to all partners or shareholders accordingly.

Requires recapture of a proportional portion of the state credit if the federal credit is recaptured, and allows unused credits to carry over to subsequent years.