NY A10192

Creates a 10% refundable tax credit for converting office buildings to residential use in municipalities under one million residents, with a maximum credit of $5 million per project and $25 million aggregate cap, administered by Empire State Development Corporation

Establishes a separate 10% tax credit for historic office-to-residential conversions on buildings listed on the National Register of Historic Places, administered by the State Historic Preservation Office with its own $25 million aggregate cap

Requires qualifying buildings to be at least 25,000 gross square feet, at least 50% vacant as of January 1, 2026, and have minimum rehabilitation expenditures of $2.5 million

Mandates structural retention requirements including keeping at least 50% of external walls as external walls and 75% of internal structural framework in place

Takes effect January 1 following enactment and expires after 10 years; taxpayers cannot claim both the general conversion credit and the historic preservation credit for the same property