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NY A10366
Bill
Status
3/2/2026
Primary Sponsor
Pamela Hunter
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AI Summary
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Creates a "white elephant project" tax credit for rehabilitating certified historic structures that have been vacant for at least 10 of 15 consecutive years and require $50 million or more in qualified rehabilitation expenditures
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Increases the maximum historic rehabilitation tax credit from $5 million to $15 million for white elephant projects, and from $100,000 to $300,000 for post-2037 projects
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Establishes a "Phase II housing project" provision allowing related subsequent projects by the same applicant to qualify if the prior project had $75 million or less in rehabilitation expenditures and the new application is submitted within five years
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Extends the enhanced historic rehabilitation tax credit program expiration date from 2030 to 2037
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Requires annual reporting by November 1st on aggregate credits claimed and awarded, to be submitted to the governor, legislative leaders, and finance committee chairs and published on the department's website
Legislative Description
Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant, as determined by local code enforcement or other reasonable means, for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit.
Last Action
referred to tourism, parks, arts and sports development
3/2/2026