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NY S06021
Bill
Status
3/4/2025
Primary Sponsor
April Baskin
Click for details
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 the preceding 15 years and have qualified rehabilitation expenditures of $50 million or more
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Increases the maximum historic rehabilitation tax credit cap from $5 million to $15 million for white elephant projects, with credits equal to 100% of the federal rehabilitation credit amount
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Extends the existing historic rehabilitation tax credit program from 2030 to 2037, maintaining the $5 million cap for standard projects and establishing a $300,000 cap for white elephant projects after 2037
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Allows "Phase II" projects when an applicant with a prior white elephant project (with $75 million or less in expenditures) submits a related application within 5 years of the original certification
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Exempts white elephant housing projects that also qualify as low-income housing projects from the census tract income eligibility requirements that apply to other rehabilitation projects
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Requires annual reporting by November 1st on credits claimed and awarded, including project details by municipality, county, size, and housing unit counts before and after rehabilitation
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
PRINT NUMBER 6021A
2/26/2026