News just in that the New York State Assembly and Senate have introduced new legislation to expand the existing NYS Rehabilitation Tax Credit programs for historic commercial properties.
A partnership of economic development, banking, municipal leaders and other organizations have formed the Reinvest NY Partnership to secure this rehabilitation stimulus program in the 2009-2010 NYS final budget agreement.
Existing Commercial Program
6% credit rate, $100,000 cap, no transferability (credit only allocated to entity claiming federal credit).
Proposed new Commercial Program
20% credit rate, $5 million cap; transferability within business partnerships, available in census tracts at or below 100% State Median Family Income, implementation date of 1/1/2010.
For further details, contact Daniel Mackay, Director of Public Policy, Preservation League of NYS @ dmackay@ preservenys.org
Join New Jersey’s Coalition seeking to enact a state rehabilitation tax credit: info@njheritagedevelopment.org
