NY S09071

Allows New York State rehabilitation tax credits for certified historic structures to be allocated separately from federal rehabilitation credits under Internal Revenue Code Section 47, with written agreement between taxpayers and pass-through entities.

Permits landlords who pass federal rehabilitation credits to tenants to retain the New York State rehabilitation credit as an alternative option, with "landlord" defined as the owner of the certified historic structure for federal tax purposes.

Establishes a Historic Rehabilitation Tax Credit Transfer Program enabling taxpayers or pass-through entities to transfer rehabilitation credits (in whole or in part, minimum 25% per partial transfer) to other transferees or non-profit entities with the same tax effect as if the transferee incurred the rehabilitation expenditures.

Limits credit transfers to a single transfer per credit; allows non-profit entities to act as intermediaries without triggering the single-transfer limitation.

Requires the Department of Taxation and Finance to file annual reports by November 1 with aggregate credit amounts claimed and provide reports to legislative leadership and housing committees; requires reporting regulations and coordination with federal credit provisions.

Effective immediately for taxable years beginning January 1, 2025.