What's happening
This bill increases the maximum award available under New York's historic preservation tax credit for certain fiscal years.
Why it matters
Expanding the maximum credit makes larger or more ambitious historic preservation projects financially viable. , potentially encouraging developers and nonprofits to take on projects that were previously out of reach due to funding gaps.
The bill specifically targets a limited window (state fiscal years 2019–2021) for enhanced credits,. which could result in a surge of applications and activity during those years, accelerating investment in historic properties and potentially boosting local economies.
By raising the annual cap from $5 million to $7 million and then $9 million, the legislation shifts more state resources toward historic preservation,. which may mean increased competition for public funding but also greater preservation of culturally significant sites.
The temporary nature of the increased cap signals that lawmakers are prioritizing short-term economic stimulus or preservation goals,. while also planning to return to lower limits afterward, reflecting a balance between fiscal caution and targeted investment.
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Who cares
Headline styles
Increase Historic Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 61
2 Co-sponsors
History
- Print number 5161b
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Print number 5161a
- Amend (t) and recommit to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increase Historic Tax Credit
In Assembly Committee · Ways And Means · Sponsor Steven Englebright
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5161--B
2017-2018 Regular Sessions
IN SENATE
March 9, 2017
Introduced by Sens. RANZENHOFER, CARLUCCI, FUNKE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (A) of paragraph 1 of subsection (oo) of section 606 of the tax law, as amended by section 1 of part F of chapter 59 of the laws of 2013, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thousand ten and before January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (a) (2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed [five] seven million dollars in state fiscal year two thousand nineteen--two thousand twenty and nine million dollars in state fiscal year two thousand twenty--two thousand twenty-one. For taxable years beginning on or after January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to thirty percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (a)(2) of section 47 of the federal
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03899-05-8
S. 5161--B 2
internal revenue code with respect to a certified historic structure located within the state; provided, however, the credit shall not exceed one hundred thousand dollars.
§ 2. Subparagraph (i) of paragraph a of subdivision 26 of section 210-B of the tax law, as added by section 17 of part A of chapter 59 of the laws of 2014, is amended to read as follows:
(i) For taxable years beginning on or after January first, two thousand ten and before January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (c) (2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed [five] seven million dollars in state fiscal year two thousand nineteen--two thousand twenty and nine million dollars in state fiscal year two thousand twenty--two thousand twenty-one.
§ 3. Subparagraph (A) of paragraph 1 of subdivision (y) of section 1511 of the tax law, as amended by section 4 of part F of chapter 59 of the laws of 2013, is amended to read as follows:
(A) For taxable years beginning on or after January first, two thousand ten and before January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to one hundred percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (a)(2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed [five] seven million dollars in state fiscal year two thousand nineteen--two thousand twenty and nine million dollars in state fiscal year two thousand twenty--two thousand twenty-one. For taxable years beginning on or after January first, two thousand [twenty] twenty-two, a taxpayer shall be allowed a credit as hereinafter provided, against the tax imposed by this article, in an amount equal to thirty percent of the amount of credit allowed the taxpayer with respect to a certified historic structure under subsection (a)(2) of section 47 of the federal internal revenue code with respect to a certified historic structure located within the state. Provided, however, the credit shall not exceed one hundred thousand dollars.
§ 4. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2018.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to increasing the maximum award available under the historic preservation tax credit
Purpose
To increase the maximum award under the historic preservation tax cap to $7 million in SFY 2019-20, and $9 million in SFY 2020-21.
Summary of specific provisions
Section 1 - amends the Tax Law section 606 (A)1(oo) to increase the maximum award under the Historic Preservation Tax Cap to $7 million in SFY 2019-20, and $9 million in SFY 2020-21.
Section 2 - amends the Tax Law section 210-a 26a(i) to increase the maximum award under the Historic Preservation Tax Cap to $7 million in SFY 2019-20, and $9 million in SFY 2020-21.
Section 3 - amends the Tax Law section 1511 (y)1(A) to increase the maximum award under the Historic Preservation Tax Cap to $7 million in SFY 2019-20, and $9 million in SFY 2020-21.
Section 4 - is the effective date.
Justification
The Historic Preservation Tax Credit is an effective tool to revitalize historic properties throughout New York. This tax credit has been used successfully by developers throughout New York to redo buildings that have long fallen into neglect and in dire need of repair. However, there is a current cap of $5 million per project. This $5 million cap acts as a disincentive for developers to tackle larger, more blighted, and more expensive projects.
Current law allows for a 20% tax credit up to a maximum of $5 million dollars; this legislation continues the 20% credit, but raises the maxi- mum threshold over a period of years from $5 million, to $7 million, $9 million, and therefore increasing the number of properties that develop- ers will likely rehabilitate under this program.
Prior legislative history
2017 - S.5161-A/A.8416 -- INVESTIGATIONS/Ways & Means 2016 - S.3631-B/A.6670 INVESTIGATIONS/Ways & Means 2015 - S .3631-A/A.6670 FINANCE/Ways & Means 2013-14 - S.4642/A.6979 - PASSED SENATE/Ways & Means
Fiscal implications
Minimal
Effective date
This act shall take effect immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.