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NY S09259
Bill
Status
2/19/2026
Primary Sponsor
Patricia Fahy
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AI Summary
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Creates a 10% refundable tax credit for converting non-historic office buildings to residential use in municipalities under one million residents, administered by the Empire State Development Corporation
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Establishes a separate 10% additional tax credit for converting historic office buildings to residential use, administered by the State Historic Preservation Office, which can be combined with existing historic rehabilitation credits
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Requires qualifying buildings to be at least 25,000 gross square feet, at least 50% vacant as of January 1, 2026, with minimum rehabilitation expenditures of $2.5 million
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Caps individual project credits at $5 million each, with an aggregate program cap of $25 million for each credit type ($50 million total)
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The credits expire ten years after the law takes effect
Legislative Description
Creates an office to residential conversion tax credit which shall be administered by the empire state development corporation; creates a historic preservation rehabilitation office to residential conversion tax credit which shall be administered by the state historic preservation office.
Last Action
REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
2/19/2026