2019 League Advocacy Priorities – State Historic Tax Credits
In 2019, the League is advocating for the following enhancements to the State Historic Tax Credit:
1) Ability to directly transfer NYS Historic Tax Credits, mirroring the allowed transferability in the NYS Low-Income Housing Tax Credit.
Transferring NYS Historic Tax Credits provides a greater return on New York State’s tax credit dollar, driving more investment into economic development rehabilitation projects.
2) Increasing the NYS Historic Tax Credit from 20% to 30% for small projects under $5 million.
Owners of smaller historic buildings, the type typically found in a Main Street neighborhood commercial corridor, are challenged to make a historic rehabilitation project feasible in projects under $5 million. This increase will encourage these projects to move forward.
3) Qualifying every city under one million with a 15% poverty threshold for the NYS Historic Tax Credit.
Allowing entire cities in upstate New York to qualify for this economic development incentive will benefit cities and the state overall, removing qualification ambiguity.