LBD10242-07-6
A. 10366--A 2
WHITE ELEPHANT PROJECT, IN WHICH CASE, THE CREDIT SHALL NOT EXCEED
FIFTEEN MILLION DOLLARS. PROVIDED, FURTHER, THAT WHENEVER THE COMMIS-
SIONER OF PARKS, RECREATION AND HISTORIC PRESERVATION RECEIVES AN APPLI-
CATION FOR A WHITE ELEPHANT PROJECT FROM AN APPLICANT FOR WHICH SUCH
COMMISSIONER HAS PREVIOUSLY CERTIFIED CREDIT FOR AN ELIGIBLE WHITE
ELEPHANT PROJECT, THE COMMISSIONER OF PARKS, RECREATION AND HISTORIC
PRESERVATION MAY DEEM SUCH SUBSEQUENT APPLICATION TO BE PHASE II OF THE
ORIGINAL ELIGIBLE PROJECT IF SUCH COMMISSIONER DETERMINES THAT THE TWO
PROJECTS ARE REASONABLY RELATED, AS DETERMINED BY SUCH COMMISSIONER; THE
PREVIOUS PROJECT QUALIFIED AS AN ELIGIBLE WHITE ELEPHANT PROJECT WITH
SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABILITATION EXPEND-
ITURES; AND THE PHASE II APPLICATION HAS BEEN SUBMITTED WITHIN FIVE
YEARS OF SUCH COMMISSIONER'S PREVIOUS CERTIFICATION OF CREDIT FOR THE
PREVIOUSLY ELIGIBLE WHITE ELEPHANT PROJECT.
(B) For taxable years beginning on or after January first, two thou-
sand [thirty] THIRTY-SEVEN, a taxpayer, or a transferee of such a
taxpayer as described in paragraph seven of this subsection, 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 struc-
ture under internal revenue code section 47(c)(3), determined without
regard to ratably allocating the credit over a five year period as
required by subsection (a) of such section 47, with respect to a certi-
fied historic structure located within the state; provided, however, the
credit shall not exceed one hundred thousand dollars, UNLESS SUCH CREDIT
IS ALLOWED WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE THAT IS A
WHITE ELEPHANT PROJECT, IN WHICH CASE, THE CREDIT SHALL NOT EXCEED THREE
HUNDRED THOUSAND DOLLARS.
[(B)] (C) If the taxpayer or transferee is a partner in a partnership
or a shareholder of a New York S corporation, then the credit cap
imposed in [subparagraph] SUBPARAGRAPHS (A) AND (B) of this paragraph
shall be applied at the entity level, so that the aggregate credit
allowed to all the partners or shareholders of each such entity in the
taxable year does not exceed the credit cap that is applicable in that
taxable year.
(2) Tax credits allowed pursuant to this subsection shall be allowed
in the taxable year that the qualified rehabilitation is placed in
service under section 167 of the federal internal revenue code.
(3) If the taxpayer is allowed a credit pursuant to section 47 of the
internal revenue code with respect to a qualified rehabilitation that is
also the subject of the credit allowed by this subsection and that cred-
it pursuant to such section 47 is recaptured pursuant to subsection (a)
of section 50 of the internal revenue code, a portion of the credit
allowed under this subsection must be added back by the taxpayer or
transferee in the same taxable year and in the same proportion as the
federal recapture.
(4) If the amount of the credit allowed under this subsection for any
taxable year shall exceed the taxpayer's tax for such year, the excess
shall be treated as an overpayment of tax to be credited or refunded in
accordance with the provisions of section six hundred eighty-six of this
article, provided, however, that no interest shall be paid thereon.
(5) To be eligible for the credit allowable under this subsection the
rehabilitation project shall be in whole or in part located within a
census tract which is identified as being at or below one hundred
percent of the state median family income as calculated as of April
first of each year using the most recent five year estimate from the
A. 10366--A 3
American community survey published by the United States Census bureau.
If there is a change in the most recent five year estimate, a census
tract that qualified for eligibility under this program before informa-
tion about the change was released will remain eligible for a credit
under this subsection for an additional two calendar years. The eligi-
bility restrictions set forth in this paragraph shall not be applicable
if:
(A) a qualified rehabilitation project is undertaken within a state
park, state historic site, or other land owned by the state, that is
under the jurisdiction of the office of parks, recreation and historic
preservation; [or]
(B) a qualified rehabilitation project is undertaken for the provision
of affordable housing and the taxpayer has entered into a regulatory
agreement with any state or federal agency or authority, or any other
government entity that is authorized to engage in the financing,
construction or oversight of affordable housing within such entity's
jurisdiction, and where such regulatory agreement sets forth affordabil-
ity requirements applicable for a period of not less than thirty years
and that is binding on all successors of the taxpayer; OR
(C) A QUALIFIED WHITE ELEPHANT REHABILITATION PROJECT IS UNDERTAKEN
THAT IS ALSO A QUALIFIED LOW-INCOME HOUSING PROJECT UNDER ARTICLE TWO-A
OF THE PUBLIC HOUSING LAW.
(6) [For purposes of this subsection the term "small] AS USED IN THIS
SUBSECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
(A) "SMALL project" means qualified rehabilitation expenditures total-
ing two million five hundred thousand dollars or less[.];
(B) "WHITE ELEPHANT PROJECT" MEANS QUALIFIED REHABILITATION EXPENDI-
TURES TOTALING FIFTY MILLION DOLLARS OR MORE WITH RESPECT TO A CERTIFIED
HISTORIC STRUCTURE THAT HAS BEEN VACANT, AS DETERMINED BY LOCAL CODE
ENFORCEMENT OR OTHER REASONABLE MEANS, FOR AT LEAST TEN OF FIFTEEN
CONSECUTIVE YEARS PRECEDING THE DATE OF THE TAXPAYER'S APPLICATION FOR
THE REHABILITATION CREDIT; AND
(C) "PHASE II HOUSING PROJECT" MEANS A WHITE ELEPHANT HOUSING PROJECT
WHICH THE COMMISSIONER DETERMINES (I) IS REASONABLY RELATED TO A PRIOR
ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE ELEPHANT HOUSING
PROJECT BY THE SAME APPLICANT, (II) SUCH PRIOR PROJECT QUALIFIED AS
ELIGIBLE WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABIL-
ITATION EXPENDITURES, AND (III) THE PHASE II APPLICATION HAS BEEN
SUBMITTED WITHIN FIVE YEARS OF THE COMMISSIONER'S PREVIOUS ALLOWANCE OF
CREDIT FOR THE PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE
ELEPHANT HOUSING PROJECT.
(7)(A) A taxpayer allowed a credit pursuant to this subsection may
transfer the credit, in whole or in part, to another person or entity,
who shall be referred to as the transferee, without regard to how any
tax credit authorized pursuant to section forty-seven of the internal
revenue code with respect to a qualified rehabilitation project may be
allocated and notwithstanding that such other person or entity owns no
interest in the qualified rehabilitation project or in an entity with an
ownership interest in the qualified rehabilitation project. A transferee
may not transfer any credit, or portion thereof, acquired by transfer.
(B) A taxpayer seeking to transfer a credit allowed pursuant to this
subsection must enter into a transfer contract with the transferee. The
transfer contract must specify:
(i) the building identification numbers for all buildings in the
project;
(ii) the date each building was placed into service;
A. 10366--A 4
(iii) the schedule of years for which the transfer credit may be
claimed and the amount of credit previously claimed;
(iv) the amount of consideration received by the taxpayer for the
transfer credit; and
(v) the amount of credit being transferred.
(C) No transfer shall be effective unless the taxpayer allowed a cred-
it pursuant to this subsection and seeking to transfer the credit files
a transfer application with the commissioner of parks, recreation and
historic preservation prior to the transfer and such transfer applica-
tion is approved. The transfer application shall include the name and
federal identification numbers of the taxpayer and each proposed trans-
feree, the amount of credit proposed to be transferred to each proposed
transferee, a copy of the transfer contract, and such other information
as the commissioner or the commissioner of parks, recreation and histor-
ic preservation may require. The commissioner of parks, recreation and
historic preservation shall approve or deny each transfer application
and, if an application is denied, shall issue a written determination to
the taxpayer. If the transfer is approved, the commissioner of parks,
recreation and historic preservation shall issue a transfer approval
certificate that provides the name of the transferor and all transfer-
ees, the amount of credit being transferred and such other information
as the commissioner of parks, recreation and historic preservation and
the commissioner deem necessary. A copy of the transfer approval certif-
icate must be attached to each transferee's tax return. The commission-
er of parks, recreation and historic preservation, in consultation with
the commissioner, may establish such other procedures and standards
deemed necessary for the transferability of credits allowed under this
subsection.
(D) The commissioner of parks, recreation and historic preservation
shall forward copies of all transfer applications and attachments there-
to and approval certificates to the commissioner within thirty days
after the transfer is approved.
(E) A taxpayer allowed a credit pursuant to section forty-seven of the
internal revenue code with respect to a qualified rehabilitation that is
also the subject of the credit allowed by this subsection shall remain
solely liable for all obligations and liabilities imposed on the taxpay-
er with respect to the credit allowed by this subsection, none of which
shall apply to a party to whom the credit has been subsequently trans-
ferred.
(8) THE ALLOCATION OF THE CREDIT ESTABLISHED BY THIS SUBSECTION MAY BE
MADE WITHOUT REGARD TO AND IN A SEPARATE MANNER FROM ANY FEDERAL REHA-
BILITATION CREDIT THAT MAY BE ALLOCATED WITH RESPECT TO A QUALIFIED
WHITE ELEPHANT PROJECT.
(9) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS CLAIMED AND AWARDED
PURSUANT TO THIS SUBSECTION ON RETURNS FILED DURING THE PRECEDING CALEN-
DAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY PRES-
IDENT OF THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
§ 2. Subdivision 26 of section 210-B of the tax law, as amended by
section 1 of part E of chapter 59 of the laws of 2025, is amended to
read as follows:
26. Credit for rehabilitation of historic properties. (a) Application
of credit. (i) For taxable years beginning on or after January first,
two thousand ten, and before January first, two thousand [thirty] THIR-
A. 10366--A 5
TY-SEVEN, a taxpayer, or a transferee of such a taxpayer as described in
paragraph (g) of this subdivision, shall be allowed a credit as herein-
after provided, against the tax imposed by this article, in an amount
equal to:
(A) one hundred percent of the amount of credit allowed the taxpayer
for the same taxable year with respect to a certified historic struc-
ture, and one hundred fifty percent of the amount of credit allowed the
taxpayer with respect to a certified historic structure that is a small
project, under internal revenue code section 47(c)(3), determined with-
out regard to ratably allocating the credit over a five year period as
required by subsection (a) of such section 47; AND
(B) ONE HUNDRED PERCENT OF THE AMOUNT OF CREDIT ALLOWED THE TAXPAYER
WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE THAT IS A WHITE ELEPHANT
PROJECT, UNDER INTERNAL REVENUE CODE SECTION 47(C)(3), with respect to a
certified historic structure located within the state. Provided, howev-
er, the credit shall not exceed five million dollars, UNLESS SUCH CREDIT
IS ALLOWED WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE THAT IS A
WHITE ELEPHANT PROJECT, IN WHICH CASE, THE CREDIT SHALL NOT EXCEED
FIFTEEN MILLION DOLLARS. PROVIDED, FURTHER, THAT WHENEVER THE COMMIS-
SIONER OF PARKS, RECREATION AND HISTORIC PRESERVATION RECEIVES AN APPLI-
CATION FOR A WHITE ELEPHANT PROJECT FROM AN APPLICANT FOR WHICH SUCH
COMMISSIONER HAS PREVIOUSLY CERTIFIED CREDIT FOR AN ELIGIBLE WHITE
ELEPHANT PROJECT, THE COMMISSIONER OF PARKS, RECREATION AND HISTORIC
PRESERVATION MAY DEEM SUCH SUBSEQUENT APPLICATION TO BE PHASE II OF THE
ORIGINAL ELIGIBLE PROJECT IF SUCH COMMISSIONER DETERMINES THAT THE TWO
PROJECTS ARE REASONABLY RELATED, AS DETERMINED BY SUCH COMMISSIONER; THE
PREVIOUS PROJECT QUALIFIED AS AN ELIGIBLE WHITE ELEPHANT PROJECT WITH
SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABILITATION EXPEND-
ITURES; AND THE PHASE II APPLICATION HAS BEEN SUBMITTED WITHIN FIVE
YEARS OF SUCH COMMISSIONER'S PREVIOUS CERTIFICATION OF CREDIT FOR THE
PREVIOUSLY ELIGIBLE WHITE ELEPHANT PROJECT.
(ii) For taxable years beginning on or after January first, two thou-
sand [thirty] THIRTY-SEVEN, a taxpayer, or a transferee of such a
taxpayer as described in paragraph (g) of this subdivision, 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 for the same taxable year determined without
regard to ratably allocating the credit over a five year period as
required by subsection (a) of section 47 of the internal revenue code,
with respect to a certified historic structure under subsection (c)(3)
of section 47 of the 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, UNLESS SUCH CREDIT
IS ALLOWED WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE THAT IS A
WHITE ELEPHANT PROJECT, IN WHICH CASE, THE CREDIT SHALL NOT EXCEED THREE
HUNDRED THOUSAND DOLLARS.
[(a-1)] (III) If the taxpayer or transferee is a partner in a partner-
ship or a shareholder in a New York S corporation, then the credit caps
imposed in [paragraph (a)] SUBPARAGRAPHS (I) AND (II) of this [subdivi-
sion] PARAGRAPH shall be applied at the entity level, so that the aggre-
gate credit allowed to all the partners or shareholders of each such
entity in the taxable year does not exceed the credit cap that is appli-
cable in that taxable year.
(b) Tax credits allowed pursuant to this subdivision shall be allowed
in the taxable year that the qualified rehabilitation is placed in
service under section 167 of the federal internal revenue code.
A. 10366--A 6
(c) If the taxpayer is allowed a credit pursuant to section 47 of the
internal revenue code with respect to a qualified rehabilitation that is
also the subject of the credit allowed by this subdivision and that
credit pursuant to such section 47 is recaptured pursuant to subsection
(a) of section 50 of the internal revenue code, a portion of the credit
allowed under this subdivision must be added back by the taxpayer or
transferee in the same taxable year and in the same proportion as the
federal credit.
(d) The credit allowed under this subdivision for any taxable year
shall not reduce the tax due for such year to less than the amount
prescribed in paragraph (d) of subdivision one of section two hundred
ten of this article. However, if the amount of the credit allowed under
this subdivision for any taxable year reduces the tax to such amount or
if the taxpayer otherwise pays tax based on the fixed dollar minimum
amount, any amount of credit thus not deductible in such taxable year
shall be treated as an overpayment of tax to be recredited or refunded
in accordance with the provisions of section one thousand eighty-six of
this chapter. Provided, however, the provisions of subsection (c) of
section one thousand eighty-eight of this chapter notwithstanding, no
interest shall be paid thereon.
(e) To be eligible for the credit allowable under this subdivision,
the rehabilitation project shall be in whole or in part located within a
census tract which is identified as being at or below one hundred
percent of the state median family income as calculated as of April
first of each year using the most recent five year estimate from the
American community survey published by the United States Census bureau.
If there is a change in the most recent five year estimate, a census
tract that qualified for eligibility under this program before informa-
tion about the change was released will remain eligible for a credit
under this subdivision for an additional two calendar years. The eligi-
bility restrictions set forth in this paragraph shall not be applicable
if:
(i) a qualified rehabilitation project is undertaken within a state
park, state historic site, or other land owned by the state, that is
under the jurisdiction of the office of parks, recreation and historic
preservation; [or]
(ii) a qualified rehabilitation project is undertaken for the
provision of affordable housing and the taxpayer has entered into a
regulatory agreement with any state or federal agency or authority, or
any other government entity that is authorized to engage in the financ-
ing, construction or oversight of affordable housing within such enti-
ty's jurisdiction, and where such regulatory agreement sets forth
affordability requirements applicable for a period of not less than
thirty years and that is binding on all successors of the taxpayer; OR
(III) A QUALIFIED WHITE ELEPHANT REHABILITATION PROJECT IS UNDERTAKEN
THAT IS ALSO A QUALIFIED LOW-INCOME HOUSING PROJECT UNDER ARTICLE TWO-A
OF THE PUBLIC HOUSING LAW.
(f) [For purposes of this subdivision "small] DEFINITIONS. AS USED IN
THIS SUBDIVISION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
(I) "SMALL project" means qualified rehabilitation expenditures total-
ing two million five hundred thousand dollars or less[.];
(II) "WHITE ELEPHANT PROJECT" MEANS QUALIFIED REHABILITATION EXPENDI-
TURES TOTALING FIFTY MILLION DOLLARS OR MORE WITH RESPECT TO A CERTIFIED
HISTORIC STRUCTURE THAT HAS BEEN VACANT, AS DETERMINED BY LOCAL CODE
ENFORCEMENT OR OTHER REASONABLE MEANS, FOR AT LEAST TEN OF FIFTEEN
A. 10366--A 7
CONSECUTIVE YEARS PRECEDING THE DATE OF THE TAXPAYER'S APPLICATION FOR
THE REHABILITATION CREDIT; AND
(III) "PHASE II HOUSING PROJECT" MEANS A WHITE ELEPHANT HOUSING
PROJECT WHICH THE COMMISSIONER DETERMINES (A) IS REASONABLY RELATED TO A
PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE ELEPHANT HOUSING
PROJECT BY THE SAME APPLICANT, (B) SUCH PRIOR PROJECT QUALIFIED AS
ELIGIBLE WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABIL-
ITATION EXPENDITURES, AND (C) THE PHASE II APPLICATION HAS BEEN SUBMIT-
TED WITHIN FIVE YEARS OF THE COMMISSIONER'S PREVIOUS ALLOWANCE OF CREDIT
FOR THE PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE ELEPHANT
HOUSING PROJECT.
(g)(i) A taxpayer allowed a credit pursuant to this subdivision may
transfer the credit, in whole or in part, to another person or entity,
who shall be referred to as the transferee, without regard to how any
tax credit authorized pursuant to section forty-seven of the internal
revenue code with respect to a qualified rehabilitation project may be
allocated and notwithstanding that such other person or entity owns no
interest in the qualified rehabilitation project or in an entity with an
ownership interest in the qualified rehabilitation project. A transferee
may not transfer any credit, or portion thereof, acquired by transfer.
(ii) A taxpayer seeking to transfer a credit allowed pursuant to this
subdivision must enter into a transfer contract with the transferee. The
transfer contract must specify:
(A) the building identification numbers for all buildings in the
project;
(B) the date each building was placed into service;
(C) the schedule of years for which the transfer credit may be claimed
and the amount of credit previously claimed;
(D) the amount of consideration received by the taxpayer for the
transfer credit; and
(E) the amount of credit being transferred.
(iii) No transfer shall be effective unless the taxpayer allowed a
credit pursuant to this subdivision and seeking to transfer the credit
files a transfer application with the commissioner of parks, recreation
and historic preservation prior to the transfer and such transfer appli-
cation is approved. The transfer application shall include the name and
federal identification numbers of the taxpayer and each proposed trans-
feree, the amount of credit proposed to be transferred to each proposed
transferee, a copy of the transfer contract, and such other information
as the commissioner or the commissioner of parks, recreation and histor-
ic preservation may require. The commissioner of parks, recreation and
historic preservation shall approve or deny each transfer application
and, if an application is denied, shall issue a written determination to
the taxpayer. If the transfer is approved, the commissioner of parks,
recreation and historic preservation shall issue a transfer approval
certificate that provides the name of the transferor and all transfer-
ees, the amount of credit being transferred and such other information
as the commissioner of parks, recreation and historic preservation and
the commissioner deem necessary. A copy of the transfer approval certif-
icate must be attached to each transferee's tax return. The commission-
er of parks, recreation and historic preservation, in consultation with
the commissioner, may establish such other procedures and standards
deemed necessary for the transferability of credits allowed under this
subdivision.
(iv) The commissioner of parks, recreation and historic preservation
shall forward copies of all transfer applications and attachments there-
A. 10366--A 8
to and approval certificates to the commissioner within thirty days
after the transfer is approved.
(v) A taxpayer allowed a credit pursuant to section forty-seven of the
internal revenue code with respect to a qualified rehabilitation that is
also the subject of the credit allowed by this subdivision shall remain
solely liable for all obligations and liabilities imposed on the taxpay-
er with respect to the credit allowed by this subdivision, none of which
shall apply to a party to whom the credit has been subsequently trans-
ferred.
(H) THE ALLOCATION OF THE CREDIT ESTABLISHED BY THIS SUBDIVISION MAY
BE MADE WITHOUT REGARD TO AND IN A SEPARATE MANNER FROM ANY FEDERAL
REHABILITATION CREDIT THAT MAY BE ALLOCATED WITH RESPECT TO A QUALIFIED
WHITE ELEPHANT PROJECT.
(I) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS CLAIMED AND AWARDED
PURSUANT TO THIS SUBDIVISION ON RETURNS FILED DURING THE PRECEDING
CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY
PRESIDENT OF THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
§ 3. Subdivision (y) of section 1511 of the tax law, as amended by
section 3 of part E of chapter 59 of the laws of 2025, is amended to
read as follows:
(y) Credit for rehabilitation of historic properties. (1) (A) For
taxable years beginning on or after January first, two thousand ten and
before January first, two thousand [thirty] THIRTY-SEVEN, a taxpayer, or
a transferee of such a taxpayer as described in paragraph seven of this
subdivision, shall be allowed a credit as hereinafter provided, against
the tax imposed by this article, in an amount equal to:
(I) one hundred percent of the amount of credit allowed the taxpayer
with respect to a certified historic structure, and one hundred fifty
percent of the amount of credit allowed the taxpayer with respect to a
certified historic structure that is a small project, under internal
revenue code section 47(c)(3), determined without regard to ratably
allocating the credit over a five year period as required by subsection
(a) of such section 47; AND
(II) ONE HUNDRED PERCENT OF THE AMOUNT OF CREDIT ALLOWED THE TAXPAYER
WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE THAT IS A WHITE ELEPHANT
PROJECT, UNDER INTERNAL REVENUE CODE SECTION 47(C)(3), with respect to a
certified historic structure located within the state. Provided, howev-
er, the credit shall not exceed five million dollars, UNLESS SUCH CREDIT
IS ALLOWED WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE THAT IS A
WHITE ELEPHANT PROJECT, IN WHICH CASE, THE CREDIT SHALL NOT EXCEED
FIFTEEN MILLION DOLLARS. PROVIDED, FURTHER, THAT WHENEVER THE COMMIS-
SIONER OF PARKS, RECREATION AND HISTORIC PRESERVATION RECEIVES AN APPLI-
CATION FOR A WHITE ELEPHANT PROJECT FROM AN APPLICANT FOR WHICH SUCH
COMMISSIONER HAS PREVIOUSLY CERTIFIED CREDIT FOR AN ELIGIBLE WHITE
ELEPHANT PROJECT, THE COMMISSIONER OF PARKS, RECREATION AND HISTORIC
PRESERVATION MAY DEEM SUCH SUBSEQUENT APPLICATION TO BE PHASE II OF THE
ORIGINAL ELIGIBLE PROJECT IF SUCH COMMISSIONER DETERMINES THAT THE TWO
PROJECTS ARE REASONABLY RELATED, AS DETERMINED BY SUCH COMMISSIONER; THE
PREVIOUS PROJECT QUALIFIED AS AN ELIGIBLE WHITE ELEPHANT PROJECT WITH
SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABILITATION EXPEND-
ITURES; AND THE PHASE II APPLICATION HAS BEEN SUBMITTED WITHIN FIVE
YEARS OF SUCH COMMISSIONER'S PREVIOUS CERTIFICATION OF CREDIT FOR THE
PREVIOUSLY ELIGIBLE WHITE ELEPHANT PROJECT.
A. 10366--A 9
(B) For taxable years beginning on or after January first, two thou-
sand [thirty] THIRTY-SEVEN, a taxpayer, or a transferee of such a
taxpayer as described in paragraph seven of this subdivision, 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 struc-
ture under internal revenue code section 47(c)(3), determined without
regard to ratably allocating the credit over a five year period as
required by subsection (a) of such section 47 with respect to a certi-
fied historic structure located within the state. Provided, however, the
credit shall not exceed one hundred thousand dollars, UNLESS SUCH CREDIT
IS ALLOWED WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE THAT IS A
WHITE ELEPHANT PROJECT, IN WHICH CASE, THE CREDIT SHALL NOT EXCEED THREE
HUNDRED THOUSAND DOLLARS.
[(B)] (C) If the taxpayer or transferee is a partner in a partnership,
then the cap imposed in [subparagraph] SUBPARAGRAPHS (A) AND (B) of this
paragraph shall be applied at the entity level, so that the aggregate
credit allowed to all the partners of such partnership in the taxable
year does not exceed the credit cap that is applicable in that taxable
year.
(2) Tax credits allowed pursuant to this subsection shall be allowed
in the taxable year that the qualified rehabilitation is placed in
service under section 167 of the federal internal revenue code.
(3) If the taxpayer is allowed a credit pursuant to section 47 of the
internal revenue code with respect to a qualified rehabilitation that is
also the subject of the credit allowed by this subdivision and that
credit pursuant to such section 47 is recaptured pursuant to subsection
(a) of section 50 of the internal revenue code, a portion of the credit
allowed under this subdivision in the taxable year the credit was
claimed must be added back by the taxpayer or transferee in the same
taxable year and in the same proportion as the federal recapture.
(4) The credit allowed under this subdivision for any taxable year
shall not reduce the tax due for such year to less than the minimum
fixed by paragraph four of subdivision (a) of section fifteen hundred
two or section fifteen hundred two-a of this article, whichever is
applicable. However, if the amount of credits allowed under this subdi-
vision for any taxable year reduces the tax to such amount, any amount
of credit thus not deductible in such taxable year shall be treated as
an overpayment of tax to be credited or refunded in accordance with the
provisions of section one thousand eighty-six of this chapter. Provided,
however, the provisions of subsection (c) of section one thousand eight-
y-eight of this chapter notwithstanding, no interest shall be paid ther-
eon.
(5) To be eligible for the credit allowable under this subdivision,
the rehabilitation project shall be in whole or in part located within a
census tract which is identified as being at or below one hundred
percent of the state median family income as calculated as of April
first of each year using the most recent five year estimate from the
American community survey published by the United States Census bureau.
If there is a change in the most recent five year estimate, a census
tract that qualified for eligibility under this program before informa-
tion about the change was released will remain eligible for a credit
under this subdivision for an additional two calendar years. The eligi-
bility restrictions set forth in this paragraph shall not be applicable
if:
A. 10366--A 10
(A) a qualified rehabilitation project is undertaken within a state
park, state historic site, or other land owned by the state, that is
under the jurisdiction of the office of parks, recreation and historic
preservation; [or]
(B) a qualified rehabilitation project is undertaken for the provision
of affordable housing and the taxpayer has entered into a regulatory
agreement with any state or federal agency or authority, or any other
government entity that is authorized to engage in the financing,
construction or oversight of affordable housing within such entity's
jurisdiction, and where such regulatory agreement sets forth affordabil-
ity requirements applicable for a period of not less than thirty years
and that is binding on all successors of the taxpayer; OR
(C) A QUALIFIED WHITE ELEPHANT REHABILITATION PROJECT IS UNDERTAKEN
THAT IS ALSO A QUALIFIED LOW-INCOME HOUSING PROJECT UNDER ARTICLE TWO-A
OF THE PUBLIC HOUSING LAW.
(6) [For purposes of this subdivision "small] AS USED IN THIS
SUBDIVISION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
(A) "SMALL project" means qualified rehabilitation expenditures total-
ing two million five hundred thousand dollars or less[.];
(B) "WHITE ELEPHANT PROJECT" MEANS QUALIFIED REHABILITATION EXPENDI-
TURES TOTALING FIFTY MILLION DOLLARS OR MORE WITH RESPECT TO A CERTIFIED
HISTORIC STRUCTURE THAT HAS BEEN VACANT, AS DETERMINED BY LOCAL CODE
ENFORCEMENT OR OTHER REASONABLE MEANS, FOR AT LEAST TEN OF FIFTEEN
CONSECUTIVE YEARS PRECEDING THE DATE OF THE TAXPAYER'S APPLICATION FOR
THE REHABILITATION CREDIT; AND
(C) "PHASE II HOUSING PROJECT" MEANS A WHITE ELEPHANT HOUSING PROJECT
WHICH THE COMMISSIONER DETERMINES (I) IS REASONABLY RELATED TO A PRIOR
ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE ELEPHANT HOUSING
PROJECT BY THE SAME APPLICANT, (II) SUCH PRIOR PROJECT QUALIFIED AS
ELIGIBLE WITH SEVENTY-FIVE MILLION DOLLARS OR LESS OF QUALIFIED REHABIL-
ITATION EXPENDITURES, AND (III) THE PHASE II APPLICATION HAS BEEN
SUBMITTED WITHIN FIVE YEARS OF THE COMMISSIONER'S PREVIOUS ALLOWANCE OF
CREDIT FOR THE PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE
ELEPHANT HOUSING PROJECT.
(7)(A) A taxpayer allowed a credit pursuant to this subdivision may
transfer the credit, in whole or in part, to another person or entity,
who shall be referred to as the transferee, without regard to how any
tax credit authorized pursuant to section forty-seven of the internal
revenue code with respect to a qualified rehabilitation project may be
allocated and notwithstanding that such other person or entity owns no
interest in the qualified rehabilitation project or in an entity with an
ownership interest in the qualified rehabilitation project. A transferee
may not transfer any credit, or portion thereof, acquired by transfer.
(B) A taxpayer seeking to transfer a credit allowed pursuant to this
subdivision must enter into a transfer contract with the transferee. The
transfer contract must specify:
(i) the building identification numbers for all buildings in the
project;
(ii) the date each building was placed into service;
(iii) the schedule of years for which the transfer credit may be
claimed and the amount of credit previously claimed;
(iv) the amount of consideration received by the taxpayer for the
transfer credit; and
(v) the amount of credit being transferred.
(C) No transfer shall be effective unless the taxpayer allowed a cred-
it pursuant to this subdivision and seeking to transfer the credit files
A. 10366--A 11
a transfer application with the commissioner of parks, recreation and
historic preservation prior to the transfer and such transfer applica-
tion is approved. The transfer application shall include the name and
federal identification numbers of the taxpayer and each proposed trans-
feree, the amount of credit proposed to be transferred to each proposed
transferee, a copy of the transfer contract, and such other information
as the commissioner or the commissioner of parks, recreation and histor-
ic preservation may require. The commissioner of parks, recreation and
historic preservation shall approve or deny each transfer application
and, if an application is denied, shall issue a written determination to
the taxpayer. If the transfer is approved, the commissioner of parks,
recreation and historic preservation shall issue a transfer approval
certificate that provides the name of the transferor and all transfer-
ees, the amount of credit being transferred and such other information
as the commissioner of parks, recreation and historic preservation and
the commissioner deem necessary. A copy of the transfer approval certif-
icate must be attached to each transferee's tax return. The commission-
er of parks, recreation and historic preservation, in consultation with
the commissioner, may establish such other procedures and standards
deemed necessary for the transferability of credits allowed under this
subdivision.
(D) The commissioner of parks, recreation and historic preservation
shall forward copies of all transfer applications and attachments there-
to and approval certificates to the commissioner within thirty days
after the transfer is approved.
(E) A taxpayer allowed a credit pursuant to section forty-seven of the
internal revenue code with respect to a qualified rehabilitation that is
also the subject of the credit allowed by this subdivision shall remain
solely liable for all obligations and liabilities imposed on the taxpay-
er with respect to the credit allowed by this subdivision, none of which
shall apply to a party to whom the credit has been subsequently trans-
ferred.
(8) THE ALLOCATION OF THE CREDIT ESTABLISHED BY THIS SUBDIVISION
MAY BE MADE WITHOUT REGARD TO AND IN A SEPARATE MANNER FROM ANY
FEDERAL REHABILITATION CREDIT THAT MAY BE ALLOCATED WITH RESPECT TO
A QUALIFIED WHITE ELEPHANT PROJECT.
(9) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS CLAIMED AND AWARDED
PURSUANT TO THIS SUBDIVISION ON RETURNS FILED DURING THE PRECEDING
CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY
PRESIDENT OF THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE AND
SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
§ 4. The parks, recreation and historic preservation law is amended by
adding a new article 14-A to read as follows:
ARTICLE 14-A
WHITE ELEPHANT HOUSING HISTORIC REHABILITATION PROJECTS TAX
CREDIT PROGRAM
SECTION 14.15 DEFINITIONS.
14.16 ALLOWANCE OF CREDIT, AMOUNT AND LIMITATIONS.
14.17 PROJECT MONITORING.
14.18 REGULATIONS, COORDINATION WITH FEDERAL REHABILITATION
CREDIT PROVISIONS.
14.19 CONSTRUCTION WAGE STANDARDS.
§ 14.15 DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
A. 10366--A 12
1. "ELIGIBILITY STATEMENT" MEANS A STATEMENT ISSUED BY THE COMMISSION-
ER, IN CONSULTATION WITH THE COMMISSIONER OF THE DIVISION OF COMMUNITY
HOUSING AND RENEWAL, CERTIFYING THAT A WHITE ELEPHANT HOUSING PROJECT IS
ELIGIBLE FOR WHITE ELEPHANT HOUSING PROJECT HISTORIC REHABILITATION
CREDITS UNDER THIS ARTICLE AND LOW-INCOME HOUSING TAX CREDITS UNDER
ARTICLE TWO-A OF THE PUBLIC HOUSING LAW. SUCH STATEMENT SHALL SET FORTH
THE TAXABLE YEAR IN WHICH THE BUILDING IS PLACED IN SERVICE, THE DOLLAR
AMOUNT OF REHABILITATION CREDIT CERTIFIED BY THE COMMISSIONER TO SUCH
BUILDING AS PROVIDED IN SECTION 14.16 OF THIS ARTICLE, THE DOLLAR AMOUNT
OF LOW-INCOME HOUSING TAX CREDIT ALLOCATED BY THE COMMISSIONER OF COMMU-
NITY HOUSING AND RENEWAL TO SUCH BUILDING AS PROVIDED IN SECTION TWEN-
TY-TWO OF THE PUBLIC HOUSING LAW, SUFFICIENT INFORMATION TO IDENTIFY
EACH SUCH BUILDING AND THE TAXPAYER OR TAXPAYERS WITH RESPECT TO EACH
SUCH BUILDING, WHETHER THE PROJECT IS A PHASE II HOUSING PROJECT, AND
SUCH OTHER INFORMATION AS THE COMMISSIONER, IN CONSULTATION WITH THE
COMMISSIONER OF TAXATION AND FINANCE AND COMMISSIONER OF COMMUNITY HOUS-
ING AND RENEWAL, SHALL PRESCRIBE. SUCH ELIGIBILITY STATEMENT SHALL BE
FIRST ISSUED FOLLOWING THE CLOSE OF THE FIRST TAXABLE YEAR, AND THERE-
AFTER, TO THE EXTENT REQUIRED BY THE COMMISSIONER OF TAXATION AND
FINANCE, FOLLOWING THE CLOSE OF EACH OF THE FOLLOWING FOUR TAXABLE
YEARS.
2. "ELIGIBLE WHITE ELEPHANT PROJECT" MEANS A WHITE ELEPHANT PROJECT AS
DEFINED IN SECTION TWO HUNDRED TEN-B, SIX HUNDRED SIX OR ONE THOUSAND
FIVE HUNDRED ELEVEN OF THE TAX LAW THAT QUALIFIES FOR HISTORIC REHABILI-
TATION TAX CREDIT.
3. "ELIGIBLE WHITE ELEPHANT HOUSING PROJECT" MEANS AN ELIGIBLE WHITE
ELEPHANT PROJECT AS DEFINED IN THIS SECTION THAT ALSO QUALIFIES FOR
LOW-INCOME HOUSING TAX CREDIT UNDER ARTICLE TWO-A OF THE PUBLIC HOUSING
LAW.
4. "PHASE II HOUSING PROJECT" MEANS A WHITE ELEPHANT HOUSING PROJECT
WHICH THE COMMISSIONER DETERMINES (A) IS REASONABLY RELATED TO A PRIOR
ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE ELEPHANT HOUSING
PROJECT BY THE SAME APPLICANT, (B) SUCH PRIOR PROJECT QUALIFIED AS
ELIGIBLE WITH LESS THAN SEVENTY-FIVE MILLION DOLLARS OF QUALIFIED REHA-
BILITATION EXPENDITURES, AND (C) THE PHASE II APPLICATION HAS BEEN
SUBMITTED WITHIN FIVE YEARS OF THE COMMISSIONER'S PREVIOUS ALLOWANCE OF
CREDIT FOR THE PRIOR ELIGIBLE WHITE ELEPHANT PROJECT OR ELIGIBLE WHITE
ELEPHANT HOUSING PROJECT.
5. "QUALIFIED REHABILITATION EXPENDITURES" SHALL HAVE THE SAME MEANING
AS IN SECTION 47 OF THE INTERNAL REVENUE CODE.
6. "WHITE ELEPHANT PROJECT" MEANS A PROJECT AS DEFINED IN SECTION TWO
HUNDRED TEN-B, SIX HUNDRED SIX OR ONE THOUSAND FIVE HUNDRED ELEVEN OF
THE TAX LAW.
7. "WHITE ELEPHANT HOUSING PROJECT" MEANS A WHITE ELEPHANT PROJECT AS
DEFINED IN SECTION TWO HUNDRED TEN-B, SIX HUNDRED SIX OR ONE THOUSAND
FIVE HUNDRED ELEVEN OF THE TAX LAW THAT IS ALSO A HOUSING PROJECT.
8. REFERENCES IN THIS ARTICLE TO SECTION 47 OF THE INTERNAL REVENUE
CODE SHALL MEAN SUCH SECTION AS AMENDED FROM TIME TO TIME.
§ 14.16 ALLOWANCE OF CREDIT, AMOUNT AND LIMITATIONS. 1. A TAXPAYER
SUBJECT TO TAX UNDER ARTICLE NINE-A, TWENTY-TWO, OR THIRTY-THREE OF THE
TAX LAW WHICH OWNS AN INTEREST IN ONE OR MORE ELIGIBLE WHITE ELEPHANT
HOUSING PROJECTS, OR A TRANSFEREE OF SUCH A TAXPAYER AS DESCRIBED IN
SUBDIVISION TWO OF THIS SECTION, SHALL BE ALLOWED A CREDIT AGAINST SUCH
TAX FOR THE AMOUNT OF WHITE ELEPHANT HOUSING PROJECT HISTORIC REHABILI-
TATION CREDIT CERTIFIED BY THE COMMISSIONER TO EACH SUCH STRUCTURE.
A. 10366--A 13
2. (A) A TAXPAYER ALLOWED A CREDIT PURSUANT TO THIS ARTICLE MAY TRANS-
FER THE CREDIT, IN WHOLE OR IN PART, TO ANOTHER PERSON OR ENTITY, WHO
SHALL BE REFERRED TO AS THE TRANSFEREE, NOTWITHSTANDING THAT SUCH OTHER
PERSON OR ENTITY OWNS NO INTEREST IN THE ELIGIBLE WHITE ELEPHANT HOUSING
PROJECT OR IN AN ENTITY WITH AN OWNERSHIP INTEREST IN THE ELIGIBLE WHITE
ELEPHANT HOUSING PROJECT. TRANSFEREES SHALL BE ENTITLED TO APPLY TRANS-
FERRED CREDIT TO A TAX IMPOSED UNDER ARTICLE NINE-A, TWENTY-TWO OR THIR-
TY-THREE OF THE TAX LAW, PROVIDED ALL REQUIREMENTS FOR CLAIMING THE
CREDIT ARE MET. A TRANSFEREE MAY NOT TRANSFER ANY CREDIT, OR PORTION
THEREOF, ACQUIRED BY TRANSFER.
(B) A TAXPAYER ALLOWED A CREDIT PURSUANT TO THIS ARTICLE MUST ENTER
INTO A TRANSFER CONTRACT WITH THE TRANSFEREE. THE TRANSFER CONTRACT MUST
SPECIFY:
(I) THE BUILDING IDENTIFICATION NUMBERS FOR ALL BUILDINGS IN THE WHITE
ELEPHANT HOUSING PROJECT;
(II) THE DATE EACH BUILDING WAS PLACED INTO SERVICE;
(III) THE FIVE YEAR OWNERSHIP PERIOD FOR THE PROJECT;
(IV) THE SCHEDULE OF YEARS FOR WHICH THE TRANSFER CREDIT MAY BE
CLAIMED AND THE AMOUNT OF CREDIT PREVIOUSLY CLAIMED;
(V) THE AMOUNT OF CONSIDERATION RECEIVED BY THE TAXPAYER FOR THE
TRANSFER CREDIT; AND
(VI) THE AMOUNT OF CREDIT BEING TRANSFERRED.
(C) NO TRANSFER SHALL BE EFFECTIVE UNLESS THE TAXPAYER ALLOWED A CRED-
IT PURSUANT TO THIS ARTICLE AND SEEKING TO TRANSFER THE CREDIT FILES A
TRANSFER STATEMENT WITH THE COMMISSIONER PRIOR TO THE TRANSFER AND THE
COMMISSIONER APPROVES SUCH TRANSFER. THE TRANSFER STATEMENT SHALL
PROVIDE THE NAME AND FEDERAL IDENTIFICATION NUMBERS OF THE FILING
TRANSFEROR AND THE TAXPAYER TO WHOM THE FILING TRANSFEROR TRANSFERRED
THE CREDIT, AND THE AMOUNT OF CREDIT TRANSFERRED TO EACH SUCH PERSON OR
ENTITY. A COPY OF THE TRANSFER CONTRACT SHALL BE ATTACHED TO THE TRANS-
FER STATEMENT. THE STATEMENT SHALL ALSO CONTAIN SUCH OTHER INFORMATION
AS THE COMMISSIONER MAY REQUIRE. AFTER REVIEWING THE TRANSFER CONTRACT
AND THE TRANSFER STATEMENT, THE COMMISSIONER SHALL APPROVE OR DENY THE
TRANSFER AS PROVIDED IN THIS SUBDIVISION. IF THE COMMISSIONER APPROVES
THE TRANSFER, THE COMMISSIONER SHALL ISSUE AN APPROVAL STATEMENT THAT
PROVIDES THE NAME OF THE TRANSFEROR AND TRANSFEREE, THE AMOUNT OF CREDIT
BEING TRANSFERRED AND SUCH OTHER INFORMATION AS THE COMMISSIONER AND THE
COMMISSIONER OF TAXATION AND FINANCE DEEM NECESSARY. A COPY OF THE
COMMISSIONER'S APPROVAL STATEMENT MUST BE ATTACHED TO THE TRANSFEREE'S
TAX RETURN. IF THE COMMISSIONER DENIES THE TRANSFER, THE COMMISSIONER
SHALL PROVIDE THE TAXPAYER A WRITTEN DETERMINATION FOR SUCH DENIAL. THE
COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF TAXATION AND
FINANCE, MAY ESTABLISH SUCH OTHER PROCEDURES AND STANDARDS DEEMED NECES-
SARY FOR THE TRANSFERABILITY OF THE WHITE ELEPHANT HOUSING PROJECT
HISTORIC REHABILITATION CREDIT.
(D) THE COMMISSIONER SHALL FORWARD COPIES OF ALL TRANSFER STATEMENTS
AND ATTACHMENTS THERETO AND APPROVAL STATEMENTS TO THE DEPARTMENT OF
TAXATION AND FINANCE WITHIN THIRTY DAYS AFTER THE TRANSFER IS APPROVED
BY THE COMMISSIONER.
§ 14.17 PROJECT MONITORING. THE COMMISSIONER SHALL ESTABLISH SUCH
PROCEDURES DEEMED NECESSARY FOR MONITORING COMPLIANCE OF AN ELIGIBLE
WHITE ELEPHANT HOUSING PROJECT WITH THE PROVISIONS OF THIS ARTICLE, AND
FOR NOTIFYING THE COMMISSIONER OF TAXATION AND FINANCE OF ANY SUCH
NONCOMPLIANCE.
A. 10366--A 14
§ 14.18 REGULATIONS, COORDINATION WITH FEDERAL REHABILITATION CREDIT
PROVISIONS. 1. THE COMMISSIONER SHALL PROMULGATE RULES AND REGULATIONS
NECESSARY TO ADMINISTER THE PROVISIONS OF THIS ARTICLE.
2. THE PROVISIONS OF SECTION 47 OF THE INTERNAL REVENUE CODE SHALL
APPLY TO THE CREDIT UNDER THIS ARTICLE, PROVIDED HOWEVER, TO THE EXTENT
SUCH PROVISIONS ARE INCONSISTENT WITH THIS ARTICLE, THE PROVISIONS OF
THIS ARTICLE SHALL CONTROL.
3. THE ALLOCATION OF THE CREDIT ESTABLISHED BY THIS ARTICLE MAY BE
MADE WITHOUT REGARD TO AND IN A SEPARATE MANNER FROM ANY FEDERAL REHA-
BILITATION CREDIT THAT MAY BE ALLOCATED WITH RESPECT TO AN ELIGIBLE
WHITE ELEPHANT HOUSING PROJECT.
§ 14.19 CONSTRUCTION WAGE STANDARDS. 1. ANY PROJECT DEFINED IN SECTION
14.15 OF THIS ARTICLE SHALL BE SUBJECT TO PREVAILING WAGE REQUIREMENTS
IN ACCORDANCE WITH SECTIONS TWO HUNDRED TWENTY, TWO HUNDRED TWENTY-A,
TWO HUNDRED TWENTY-B, TWO HUNDRED TWENTY-I, TWO HUNDRED TWENTY-J, TWO
HUNDRED TWENTY-THREE, AND TWO HUNDRED TWENTY-FOUR-B OF THE LABOR LAW.
2. PREVAILING WAGE REQUIREMENTS IN SUBDIVISION ONE OF THIS SECTION
SHALL NOT APPLY WHERE THE CONSTRUCTION WORK IS SUBJECT TO A PROJECT
LABOR AGREEMENT, SUCH THAT IT IS PERFORMED UNDER A PRE-HIRE COLLECTIVE
BARGAINING AGREEMENT BETWEEN AN OWNER OR DEVELOPER AND A BONA FIDE
BUILDING AND CONSTRUCTION TRADES LABOR ORGANIZATION WHICH HAS ESTAB-
LISHED ITSELF, AND/OR ITS AFFILIATES, AS THE COLLECTIVE BARGAINING
REPRESENTATIVE FOR ALL PERSONS WHO WILL PERFORM WORK ON SUCH A PROJECT,
AND WHICH PROVIDES THAT ONLY CONTRACTORS AND SUBCONTRACTORS WHO SIGN A
PRE-NEGOTIATED AGREEMENT WITH THE LABOR ORGANIZATION CAN PERFORM WORK ON
SUCH A PROJECT.
§ 5. Paragraph 2 of subsection (pp) of section 606 of the tax law, as
amended by section 4 of part RR of chapter 59 of the laws of 2018, is
amended and a new paragraph 13 is added to read as follows:
(2) (A) With respect to any particular residence of a taxpayer, the
credit allowed under paragraph one of this subsection shall not exceed
fifty thousand dollars for taxable years beginning on or after January
first, two thousand ten and before January first, two thousand [twenty-
five] THIRTY-SEVEN and twenty-five thousand dollars for taxable years
beginning on or after January first, two thousand [twenty-five] THIRTY-
SEVEN. In the case of a [husband and wife] MARRIED COUPLE, the amount of
the credit shall be divided between them equally or in such other manner
as they may both elect. If a taxpayer incurs qualified rehabilitation
expenditures in relation to more than one residence in the same year,
the total amount of credit allowed under paragraph one of this
subsection for all such expenditures shall not exceed fifty thousand
dollars for taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand [twenty-five] THIRTY-
SEVEN and twenty-five thousand dollars for taxable years beginning on or
after January first, two thousand [twenty-five] THIRTY-SEVEN.
(B) For taxable years beginning on or after January first, two thou-
sand ten and before January first, two thousand [twenty-five] THIRTY-
SEVEN, if the amount of credit allowable under this subsection shall
exceed the taxpayer's tax for such year, and the taxpayer's New York
adjusted gross income for such year does not exceed sixty thousand
dollars, the excess shall be treated as an overpayment of tax to be
credited or refunded in accordance with the provisions of section six
hundred eighty-six of this article, provided, however, that no interest
shall be paid thereon. If the taxpayer's New York adjusted gross income
for such year exceeds sixty thousand dollars, the excess credit that may
be carried over to the following year or years and may be deducted from
A. 10366--A 15
the taxpayer's tax for such year or years. For taxable years beginning
on or after January first, two thousand [twenty-five] THIRTY-SEVEN, if
the amount of credit allowable under this subsection shall exceed the
taxpayer's tax for such year, the excess may be carried over to the
following year or years and may be deducted from the taxpayer's tax for
such year or years.
(13) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST
DAY OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS CLAIMED AND AWARDED
PURSUANT TO THIS SUBDIVISION ON RETURNS FILED DURING THE PRECEDING
CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY
PRESIDENT OF THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE,
AND SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE.
§ 6. Section 14.05 of the parks, recreation and historic preservation
law is amended by adding a new subdivision 5 to read as follows:
5. (A) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST
DAY OF NOVEMBER, ON THE TAX CREDIT PROJECTS APPLIED FOR IN ACCORDANCE
WITH SUBDIVISION TWENTY-SIX OF SECTION TWO HUNDRED TEN-B, SUBSECTION
(OO) OF SECTION SIX HUNDRED SIX, AND SUBDIVISION (Y) OF SECTION FIFTEEN
HUNDRED ELEVEN OF THE TAX LAW ON RETURNS FILED DURING THE PRECEDING
CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED TO THE GOVERNOR, TEMPORARY
PRESIDENT OF THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIR OF THE SENATE
FINANCE COMMITTEE AND CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE,
SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE AND SHALL
INCLUDE THE FOLLOWING INFORMATION:
(I) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
STATE FISCAL YEAR, ORGANIZED BY MUNICIPALITY AND COUNTY, AND PROJECT
SIZE;
(II) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS CERTIFIED BY THE
NATIONAL PARK SERVICE DURING THE STATE FISCAL YEAR, ORGANIZED BY MUNICI-
PALITY AND COUNTY, AND PROJECT SIZE;
(III) THE TOTAL VALUE OF CREDITS CERTIFIED ANNUALLY FOR EACH OF THE
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVEN TO
THE PRESENT, BY MUNICIPALITY AND COUNTY;
(IV) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION;
(V) THE NUMBER OF LOW-MODERATE HOUSING UNITS BEFORE AND AFTER REHABIL-
ITATION; AND
(VI) THE NUMBER OF PROJECTS CERTIFIED FOR BOTH FEDERAL AND STATE CRED-
ITS, AND THE NUMBER OF PROJECTS CERTIFIED FOR FEDERAL CREDITS ONLY.
(B) THE COMMISSIONER SHALL REPORT ANNUALLY, ON OR BEFORE THE FIRST DAY
OF NOVEMBER, ON THE TAX CREDIT PROJECTS APPLIED FOR PURSUANT TO
SUBSECTION (PP) OF SECTION SIX HUNDRED SIX OF THE TAX LAW ON RETURNS
FILED DURING THE PRECEDING CALENDAR YEAR. SUCH REPORT SHALL BE PROVIDED
TO THE GOVERNOR, TEMPORARY PRESIDENT OF THE SENATE, SPEAKER OF THE
ASSEMBLY, CHAIR OF THE SENATE FINANCE COMMITTEE AND CHAIR OF THE ASSEM-
BLY WAYS AND MEANS COMMITTEE, SHALL BE MADE PUBLICLY AVAILABLE ON THE
OFFICE'S WEBSITE AND SHALL INCLUDE THE FOLLOWING INFORMATION:
(I) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
STATE FISCAL YEAR, ORGANIZED BY MUNICIPALITY AND COUNTY, AND PROJECT
SIZE;
(II) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS CERTIFIED BY THE
OFFICE DURING THE STATE FISCAL YEAR, ORGANIZED BY MUNICIPALITY AND COUN-
TY, AND PROJECT SIZE;
(III) THE TOTAL VALUE OF CREDITS CERTIFIED ANNUALLY FOR EACH OF THE
TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND SEVEN TO
THE PRESENT, BY MUNICIPALITY AND COUNTY;
A. 10366--A 16
(IV) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION; AND
(V) THE NUMBER OF PROJECTS CERTIFIED FOR STATE CREDITS BY THE OFFICE.
§ 7. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2026.