Posts in Tax Credits
Assemblywoman Woerner introduces bills to improve NYS Historic Tax Credit

Thank you to Assemblywoman Carrie Woerner for amending and introducing the following bills, which improve our NYS Historic Tax Credit:

A5760B- NYS Historic Tax Credit increase from 20% to 30% for projects under $5 million.

A8491- Ability to complete a single transfer of the NYS Historic Tax Credit.

These bills will provide further opportunities for economic development, particularly for main street communities and smaller projects which often have a hard time filling the funding gaps for small projects.

Tax CreditsKaty Peace
Historic Tax Credit Growth and Opportunity Act (HTC-GO)

On June 19, supporters of improvements to the Federal Historic Tax Credit took part in Lobby Day on Capitol Hill hosted by the Historic Tax Credit Coalition, to encourage support for the HTC-GO legislation. Preservation League staff met with several New York representatives to express the importance of H.R. 2825, and how it would bring more value to historic tax credits and improve access to the credit and investment for smaller rehabilitation projects across New York State.

Don't for forget to contact your New York Congressional Representative and encourage them to co-sponsor the Historic Tax Credit Growth and Opportunity Act in the House, and ask Senators to support the introduction of similar legislation. Please join us in thanking representative Brian Higgins (D-NY) for being an early co-sponsors of this legislation!

Update: Many thanks to local representatives Anthony Brindisi (D-NY), Antonio Delgado (D-NY), Paul Tonko (D-NY), Chris Collins (R-NY), Joseph Morelle (D-NY), and John Katko (R-NY) for joining Brian Higgins in co-sponsoring this legislation!

S3645A HTC enhancements (Kennedy), passed Senate

An important bill passed in the Senate this session: S3645A. We appreciate the Senate's support and recognition of the importance of the NYS Historic Tax Credit and how these improvements will make the credit more functional and valuable for smaller, Main Street, and nonprofit projects. We would like to thank Senator Kennedy (D- 63rd District) for introducing this bill and to the following Senate co-sponsors: Metzger (D- 42nd District), Serrano (D- 29th District), and Kaplan (D- 7th District).

Thank you again to Governor Andrew M. Cuomo, the Assembly and Senate, especially Assembly Speaker Carl E. Heastie and Senate Majority Leader Andrea Stewart-Cousins, Assembly Ways and Means Chair Helene E. Weinstein and Senate Finance Chair Liz Krueger for including improvements to the Historic Tax Credit in the budget bill earlier this session, so that both State Historic Sites and cities with a poverty rate over 15% can take advantage of the Historic Tax Credit.

NYS, Tax CreditsPLNYS Staff
​Historic Tax Credit Growth and Opportunity Act (HTC-GO) Introduced in House

On May 17, legislation was introduced in the U.S. House of Representatives that would bring more value to historic tax credits and improve access to the credit and investment for smaller rehabilitation projectsH.R. 2825 introduced by Congressman Earl Blumenauer (D-OR) and co-sponsored by Darin LaHood (R-PA), Terri Sewell (D-AL), Mike Kelly (R-PA), Michael Turner (R-OH), and Brian Higgins (D-NY). Senate introduction of similar legislation is expected within the next few weeks. 

Read the NTCIC Action Alert to learn how this legislation would increase the value of HTC transactions and encourage redevelopment of smaller, income-producing properties. Please contact your New York Congressional Representative and encourage them to co-sponsor the Historic Tax Credit Growth and Opportunity Act, sponsored by Blumenauer/ LaHood in the House.

A special thank you to representative Brian Higgins (D-NY) for being an early co-sponsor of this legislation!

Improvements to the State Historic Tax Credit in the 2020 Budget

Two important improvements to the State Historic Tax Credit have made it into the final state budget. All historic buildings within two distinct groups can take advantage of the State Historic Tax Credit, regardless of prior qualification:

1. Historic buildings within New York State Parks and State Historic Sites
2. Historic homes in cities with a population under one million with at least 15% poverty threshold 

This win for historic preservation would not be possible without the leadership of Governor Andrew M. Cuomo, the Assembly and Senate, especially Assembly Speaker Carl E. Heastie and Senate Majority Leader Andrea Stewart-Cousins, Assembly Ways and Means Chair Helene E. Weinstein and Senate Finance Chair Liz Krueger. 

Recognition also belongs to Assemblymembers Carrie Woerner, Donna Lupardo, Patricia A. Fahy, Steve Otis, Steven Englebright, Robin Schimminger, Anthony D'Urso, and Carmen Arroyo and NYS Senators Timothy Kennedy and Jose M. Serrano who sponsored the initial bill that included the poverty rate qualification for cities. 

Click here to learn more.

NYS, Tax CreditsPLNYS Staff
Historic Tax Credit Improvements Proposed by NYS Assembly

Thank you, NYS Assembly! The State Senate and Assembly Released Their Proposed Budgets – Including Improvements to the State Historic Tax Credit in the Assembly’s Version!
We hoped both houses would include these improvements, but we are grateful to see them represented, nonetheless. Our team has been advocating for these changes along with our colleagues and partners in preservation since the fall. Many thanks to everyone who contacted their representatives, the legislature, and especially Assembly members Carrie WoernerDonna LupardoPatricia FahySteve OtisSteven EnglebrightRobin SchimmingerAnthony D’Urso, and Carmen Arroyo and NYS Senators Timothy Kennedy and Jose Serrano who sponsored these amendments.

And if you want to see these improvements included in the Governor’s final budget, keep calling your state senators and your assemblymembers!

State Tax Credit Enhancements make it into the Assembly budget bill: Part U of A2009B
 View the entire Assembly Budget Bill

NYS, Tax CreditsPLNYS Staff
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.

NYS, Tax CreditsPLNYS Staff