Assembly Bill A2711B

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2711
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2025
                                ___________
 
 Introduced  by  M.  of  A.  WOERNER,  CLARK,  ROSENTHAL -- read once and
   referred to the Committee on Tourism, Parks, Arts and Sports  Develop-
   ment
 
 AN  ACT to amend the parks, recreation and historic preservation law and
   the tax law, in relation to establishing the historic preservation tax
   credit transfer program

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  parks,  recreation  and historic preservation law is
 amended by adding a new article 14-A to read as follows:
                               ARTICLE 14-A
             HISTORIC PRESERVATION TAX CREDIT TRANSFER PROGRAM
 SECTION 14.15 SHORT TITLE.
         14.16 STATEMENT OF LEGISLATIVE FINDINGS AND DECLARATION.
         14.17 DEFINITIONS.
         14.18 ELIGIBILITY CRITERIA.
         14.19 ALLOWANCE OF CREDIT, AMOUNT AND LIMITATIONS.
         14.20 HISTORIC PRESERVATION TAX CREDIT TRANSFER.
         14.21 POWERS AND DUTIES OF THE COMMISSIONER.
   § 14.15 SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE  CITED  AS
 THE "HISTORIC PRESERVATION TAX CREDIT TRANSFER PROGRAM".
   § 14.16 STATEMENT OF LEGISLATIVE FINDINGS AND DECLARATION. IT IS HERE-
 BY  FOUND  AND DECLARED THAT NEW YORK STATE NEEDS, AS A MATTER OF PUBLIC
 POLICY, TO PROVIDE FLEXIBILITY AND INCENTIVES FOR BUSINESSES WHICH REHA-
 BILITATE HISTORIC PROPERTIES  TO  FURTHER  PROMOTE  THE  DEVELOPMENT  OF
 AFFORDABLE HOUSING.
   § 14.17 DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE:
   1.  "CERTIFICATE  OF  HISTORIC PRESERVATION TAX CREDIT TRANSFER" MEANS
 THE DOCUMENT ISSUED BY THE DEPARTMENT  TO  AN  ELIGIBLE  TRANSFEREE  AND
 ELIGIBLE  TRANSFEROR,  AS APPROPRIATE. THE CERTIFICATE SHALL SPECIFY THE
 EXACT AMOUNT OF THE TAX CREDIT  UNDER  THIS  ARTICLE  THAT  AN  ELIGIBLE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05714-02-5
              

 A. 2711                             2
 
 TRANSFEREE  MAY  CLAIM  AND  THE  PERCENTAGE OF THE TOTAL CREDIT THAT AN
 ELIGIBLE TRANSFEROR HAS FORFEITED PURSUANT TO THIS ARTICLE.
   2.  "COMMISSIONER"  SHALL  MEAN  COMMISSIONER OF PARKS, RECREATION AND
 HISTORIC PRESERVATION.
   3. "DEPARTMENT" SHALL MEAN THE DEPARTMENT  OF  PARKS,  RECREATION  AND
 HISTORIC PRESERVATION.
   4.  "ELIGIBLE  PROJECT"  SHALL  MEAN  A PROJECT ALLOWED REHABILITATION
 CREDIT AND LOW-INCOME HOUSING TAX CREDIT, AS DETERMINED BY  THE  DEPART-
 MENT  AND  DIVISION  OF COMMUNITY HOUSING AND RENEWAL, RESPECTIVELY, AND
 FOR WHICH AN ELIGIBLE TRANSFEROR MAY TRANSFER A REHABILITATION CREDIT.
   5. "ELIGIBLE TRANSFEREE" SHALL MEAN A TAXPAYER WHICH MEETS THE  ELIGI-
 BILITY CRITERIA SET FORTH IN SECTION 14.18 OF THIS ARTICLE. A NON-PROFIT
 INTERMEDIARY  MAY  ALSO  BE  AN ELIGIBLE TRANSFEREE FOR PURPOSES OF THIS
 ARTICLE.
   6. "ELIGIBLE TRANSFEROR" SHALL MEAN THE TAXPAYER SUBJECT TO TAX  UNDER
 ARTICLE  NINE-A,  TWENTY-TWO,  OR  THIRTY-THREE  OF THE TAX LAW WHICH IS
 ALLOWED A REHABILITATION CREDIT IN  ACCORDANCE  WITH  THIS  CHAPTER  AND
 MEETS  THE ELIGIBILITY CRITERIA SET FORTH IN SECTION 14.18 OF THIS ARTI-
 CLE. A NON-PROFIT INTERMEDIARY MAY ALSO BE AN  ELIGIBLE  TRANSFEROR  FOR
 PURPOSES OF THIS ARTICLE.
   7.  "FEDERAL  REHABILITATION CREDIT" MEANS THE FEDERAL TAX CREDIT THAT
 MAY BE ALLOCATED WITH RESPECT TO A CERTIFIED  HISTORIC  STRUCTURE  UNDER
 SECTION FORTY-SEVEN OF THE INTERNAL REVENUE CODE.
   8.  "HISTORIC  PRESERVATION TAX CREDIT TRANSFER" SHALL MEAN A TRANSFER
 OF THE REHABILITATION CREDIT ALLOWED FOR A CERTIFIED HISTORIC  REHABILI-
 TATION PROJECT.
   9. "NON-PROFIT INTERMEDIARY" MEANS A NON-PROFIT ENTITY THAT RECEIVES A
 TRANSFER  OF  A  REHABILITATION  CREDIT  FROM  AN ELIGIBLE TRANSFEROR TO
 FACILITATE THE TRANSFER OF SUCH CREDIT TO AN ELIGIBLE TRANSFEREE.
   10. "QUALIFIED REHABILITATION EXPENDITURES" SHALL HAVE THE SAME  MEAN-
 ING AS IN SECTION FORTY-SEVEN OF THE INTERNAL REVENUE CODE.
   11.  "REHABILITATION  CREDIT"  OR  "HISTORIC  PRESERVATION TAX CREDIT"
 SHALL MEAN THE CREDIT  PROVIDED  FOR  UNDER  SUBDIVISION  TWENTY-SIX  OF
 SECTION TWO HUNDRED TEN-B, SUBSECTION (OO) OF SECTION SIX HUNDRED SIX OR
 SUBDIVISION (Y) OF SECTION FIFTEEN HUNDRED ELEVEN OF THE TAX LAW.
   12.  "TAXPAYER"  MEANS A PERSON OR ENTITY SUBJECT TO TAX IMPOSED UNDER
 ARTICLE NINE-A, TWENTY-TWO OR THIRTY-THREE OF THE TAX LAW, INCLUDING  AS
 A  PARTNER  IN  A  PARTNERSHIP, MEMBER OF A LIMITED LIABILITY COMPANY OR
 SHAREHOLDER IN A SUBCHAPTER S CORPORATION.
   13. REFERENCES IN THIS ARTICLE TO SECTION FORTY-SEVEN OF THE  INTERNAL
 REVENUE CODE SHALL MEAN SUCH SECTION AS AMENDED FROM TIME TO TIME.
   § 14.18 ELIGIBILITY  CRITERIA. 1. TO BE ELIGIBLE TO MAKE A TRANSFER OF
 A REHABILITATION CREDIT UNDER THIS SECTION, A TRANSFEROR SHALL:
   (A) (I) BE THE TAXPAYER TO WHICH THE REHABILITATION CREDIT IS ALLOWED;
   (II) HAVE RECEIVED CERTIFICATION OF SUCH AWARD FROM  THE  COMMISSIONER
 FOR AN ELIGIBLE PROJECT;
   (III)  IDENTIFY  THE  AMOUNT OF THE REHABILITATION CREDIT ALLOWED THAT
 MAY OTHERWISE BE CLAIMED FOR THE TAXABLE YEAR;
   (IV) NOT FILE OR HAVE FILED THE CERTIFICATED REHABILITATION CREDIT  AS
 PART  OF SUCH BUSINESS ENTITY'S OWN TAX RETURN OR INFORMATION RETURN FOR
 ANY TAX YEAR; AND
   (V) NOT TRANSFER A CERTIFICATED REHABILITATION CREDIT FOR AN  ELIGIBLE
 PROJECT  IF  SUCH CREDIT WAS RECEIVED THROUGH A TRANSFER CONTRACT FROM A
 TRANSFEROR OTHER THAN A NON-PROFIT INTERMEDIARY; OR
   (B) BE A NON-PROFIT INTERMEDIARY WHICH HAS RECEIVED THE REHABILITATION
 CREDIT PURSUANT TO A TRANSFER IN ACCORDANCE WITH THIS ARTICLE.
 A. 2711                             3
 
   2. TO BE ELIGIBLE TO ACCEPT A TRANSFER OF A REHABILITATION CREDIT  FOR
 AN ELIGIBLE PROJECT UNDER THIS SECTION, A TRANSFEREE MUST BE A TAXPAYER,
 PROVIDED  THAT  A  NON-PROFIT ENTITY ACTING AS A NON-PROFIT INTERMEDIARY
 MAY ALSO ACCEPT SUCH A TRANSFER. SUCH TAXPAYER  OR  NON-PROFIT  INTERME-
 DIARY  NEED  NOT OWN AN INTEREST IN THE ELIGIBLE PROJECT OR IN AN ENTITY
 WITH AN OWNERSHIP INTEREST IN THE ELIGIBLE PROJECT  TO  BE  ELIGIBLE  TO
 ACCEPT SUCH A TRANSFER.
   3.  (A) AN ELIGIBLE TRANSFEROR MAY TRANSFER THE REHABILITATION CREDIT,
 IN WHOLE OR IN PART, TO AN ELIGIBLE TRANSFEREE WITH THE SAME  EFFECT  AS
 IF  SUCH  ELIGIBLE  TRANSFEREE HAD INCURRED THE QUALIFIED REHABILITATION
 EXPENDITURES, PROVIDED THAT NO PARTIAL TRANSFER MAY  BE  FOR  LESS  THAN
 TWENTY-FIVE PERCENT OF THE FULL REHABILITATION CREDIT THAT MAY OTHERWISE
 BE CLAIMED BY THE TRANSFEROR.
   (B)  AN ELIGIBLE TRANSFEROR MAY (I) TRANSFER THE REHABILITATION CREDIT
 ALLOWED FOR AN ELIGIBLE PROJECT TO AN ELIGIBLE TRANSFEREE TOGETHER  WITH
 A  FEDERAL  REHABILITATION CREDIT ALLOWED FOR THE SAME ELIGIBLE PROJECT,
 (II) TRANSFER SUCH REHABILITATION CREDIT, IN WHOLE OR IN PART, TO ONE OR
 MORE ELIGIBLE TRANSFEREES AND THE FEDERAL REHABILITATION CREDIT FOR  THE
 SAME ELIGIBLE PROJECT TO A DIFFERENT ELIGIBLE TRANSFEREE OR TRANSFEREES,
 (III)  RETAIN  THE  REHABILITATION  CREDIT  EVEN  WHILE TRANSFERRING THE
 FEDERAL REHABILITATION CREDIT ALLOWED FOR THE SAME ELIGIBLE  PROJECT  TO
 AN ELIGIBLE TRANSFEREE OR (IV) RETAIN OR TRANSFER A REHABILITATION CRED-
 IT  FOR  AN  ELIGIBLE PROJECT FOR WHICH NO FEDERAL REHABILITATION CREDIT
 HAS BEEN ALLOWED.
   4. (A) AN ELIGIBLE TRANSFEREE WHICH HAS ACCEPTED  A  TRANSFER  OF  ANY
 REHABILITATION  CREDIT,  IN  WHOLE  OR IN PART, SHALL USE OR REPORT SUCH
 CREDIT IN THE TAXABLE YEAR FOR WHICH IT IS ALLOWED AND MAY NOT  TRANSFER
 ANY  CREDIT, OR PORTION THEREOF, ACQUIRED BY A TRANSFER PURSUANT TO THIS
 ARTICLE, PROVIDED THAT IF  SUCH  ELIGIBLE  TRANSFEREE  IS  A  NON-PROFIT
 INTERMEDIARY,  SUCH  INTERMEDIARY MAY TRANSFER THE CREDIT TO AN ELIGIBLE
 TRANSFEREE PURSUANT TO THIS ARTICLE.
   (B) AN ELIGIBLE TRANSFEREE NEED NOT AGREE TO ACCEPT A TRANSFER OF BOTH
 THE ELIGIBLE TRANSFEROR'S REHABILITATION CREDIT  AND  FEDERAL  REHABILI-
 TATION CREDIT FOR THE SAME ELIGIBLE PROJECT.
   § 14.19 ALLOWANCE  OF  CREDIT,  AMOUNT AND LIMITATIONS. 1. AN ELIGIBLE
 TRANSFEROR, OR AN ELIGIBLE TRANSFEREE WHICH HAS ENTERED INTO A  TRANSFER
 CONTRACT  WITH  SUCH ELIGIBLE TRANSFEROR AS DESCRIBED IN SUBDIVISION TWO
 OF THIS SECTION, SHALL BE ALLOWED A CREDIT AGAINST TAX FOR THE AMOUNT OF
 REHABILITATION CREDIT CERTIFIED BY  THE  COMMISSIONER  FOR  AN  ELIGIBLE
 PROJECT.
   2.(A) AN ELIGIBLE TRANSFEREE ALLOWED A CREDIT PURSUANT TO THIS ARTICLE
 MUST  ENTER  INTO A TRANSFER CONTRACT WITH THE ELIGIBLE TRANSFEROR.  THE
 TRANSFER CONTRACT MUST SPECIFY:
   (I) THE BUILDING IDENTIFICATION  NUMBERS  FOR  ALL  BUILDINGS  IN  THE
 ELIGIBLE 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  ELIGIBLE  TRANSFEROR
 FOR THE TRANSFER CREDIT; AND
   (VI) THE AMOUNT OF CREDIT BEING TRANSFERRED.
   (B)  THE  COMMISSIONER  SHALL ESTABLISH PROCEDURES AND A TIMEFRAME FOR
 THE SUBMISSION OF AN HISTORIC PRESERVATION TAX  CREDIT  TRANSFER  STATE-
 MENT. NO TRANSFER SHALL BE EFFECTIVE UNLESS THE TAXPAYER ALLOWED A CRED-
 IT  PURSUANT TO THIS ARTICLE AND SEEKING TO TRANSFER THE CREDIT FILES AN
 A. 2711                             4
 
 HISTORIC PRESERVATION TAX CREDIT TRANSFER STATEMENT WITH THE COMMISSION-
 ER PRIOR TO THE TRANSFER AND THE COMMISSIONER  APPROVES  SUCH  TRANSFER.
 THE  HISTORIC  PRESERVATION  TAX CREDIT TRANSFER STATEMENT SHALL PROVIDE
 THE  NAME  AND  FEDERAL  IDENTIFICATION  NUMBERS  OF THE FILING ELIGIBLE
 TRANSFEROR AND THE ELIGIBLE TRANSFEREE TO  WHOM  THE  FILING  TRANSFEROR
 TRANSFERRED  THE  CREDIT,  IN WHOLE OR IN PART, AND THE AMOUNT OF CREDIT
 TRANSFERRED TO SUCH ELIGIBLE TRANSFEREE. A COPY OF THE PROPOSED TRANSFER
 CONTRACT SHALL BE ATTACHED  TO  THE  HISTORIC  PRESERVATION  TAX  CREDIT
 TRANSFER STATEMENT. THE STATEMENT SHALL ALSO CONTAIN SUCH OTHER INFORMA-
 TION  AS  THE  COMMISSIONER  MAY  REQUIRE.  AFTER REVIEWING THE PROPOSED
 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  A
 CERTIFICATE  OF  HISTORIC PRESERVATION TAX CREDIT TRANSFER THAT PROVIDES
 THE NAME OF THE ELIGIBLE TRANSFEROR AND ELIGIBLE TRANSFEREE, THE  AMOUNT
 OF  CREDIT  BEING  TRANSFERRED AND SUCH OTHER INFORMATION AS THE COMMIS-
 SIONER AND THE COMMISSIONER OF TAXATION AND FINANCE  DEEM  NECESSARY.  A
 COPY  OF  THE  COMMISSIONER'S  CERTIFICATE  OF HISTORIC PRESERVATION TAX
 CREDIT TRANSFER MUST BE ATTACHED TO THE TRANSFEREE'S TAX RETURN FOR  THE
 TAXABLE  YEAR FOR WHICH THE CREDIT IS BEING CLAIMED. IF THE COMMISSIONER
 DENIES  THE  TRANSFER,  THE  COMMISSIONER  SHALL  PROVIDE  THE  ELIGIBLE
 TRANSFEROR A WRITTEN DETERMINATION FOR SUCH DENIAL. THE COMMISSIONER, IN
 CONSULTATION  WITH  THE COMMISSIONER OF TAXATION AND FINANCE, MAY ESTAB-
 LISH SUCH ADDITIONAL PROCEDURES AND STANDARDS AS  DEEMED  NECESSARY  FOR
 THE TRANSFERABILITY OF THE REHABILITATION CREDIT.
   (C)  THE  COMMISSIONER  SHALL  MAINTAIN  AN  AUDITABLE RECORD OF VALID
 CERTIFICATES OF HISTORIC PRESERVATION TAX CREDIT TRANSFER TO BE PROVIDED
 TO THE DEPARTMENT OF TAX AND FINANCE AT LEAST ANNUALLY OR  UPON  REQUEST
 MORE  FREQUENTLY  IF  DEEMED NECESSARY BY THE DEPARTMENT OF TAXATION AND
 FINANCE.
   § 14.20 HISTORIC PRESERVATION TAX  CREDIT  TRANSFER.  1.  AN  ELIGIBLE
 TRANSFEREE  SHALL BE ENTITLED TO APPLY TRANSFERRED REHABILITATION CREDIT
 TO A TAX IMPOSED UNDER ARTICLE NINE-A, TWENTY-TWO OR THIRTY-THREE OF THE
 TAX LAW, PROVIDED ALL REQUIREMENTS FOR CLAIMING SUCH CREDIT ARE MET.
   2. THE TRANSFER OF CREDIT SHALL BE  ALLOWED  AS  PROVIDED  IN  SECTION
 FIFTY OF THE TAX LAW.
   § 14.21 POWERS AND DUTIES OF THE COMMISSIONER. 1. THE COMMISSIONER, IN
 CONSULTATION  WITH THE DEPARTMENT OF TAXATION AND FINANCE, SHALL PROMUL-
 GATE REGULATIONS ESTABLISHING ELIGIBILITY CRITERIA  AND  A  PROCESS  FOR
 SUBMITTING AN HISTORIC PRESERVATION TAX CREDIT TRANSFER STATEMENT WHICH,
 NOTWITHSTANDING  ANY PROVISIONS TO THE CONTRARY IN THE STATE ADMINISTRA-
 TIVE PROCEDURE ACT, MAY BE ADOPTED ON AN EMERGENCY BASIS.
   2. THE COMMISSIONER SHALL, IN  CONSULTATION  WITH  THE  DEPARTMENT  OF
 TAXATION AND FINANCE, DEVELOP A CERTIFICATE OF HISTORIC PRESERVATION TAX
 CREDIT  TRANSFER  THAT  SHALL  BE ISSUED BY THE COMMISSIONER TO ELIGIBLE
 BUSINESS ENTITIES. SUCH CERTIFICATE SHALL CONTAIN  SUCH  INFORMATION  AS
 REQUIRED BY THE DEPARTMENT OF TAXATION AND FINANCE.
   §  2. Section 14.05 of the parks, recreation and historic preservation
 law is amended by adding a new subdivision 5 to read as follows:
   5. 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, CHAIRS OF THE SENATE COMMITTEES
 A. 2711                             5

 ON FINANCE AND ON HOUSING, CONSTRUCTION AND COMMUNITY  DEVELOPMENT,  AND
 CHAIRS  OF  THE  ASSEMBLY  COMMITTEES  ON WAYS AND MEANS AND ON HOUSING,
 SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPARTMENT'S WEBSITE  AND  SHALL
 INCLUDE THE FOLLOWING INFORMATION:
   (A) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
 STATE  FISCAL  YEAR,  ORGANIZED  BY MUNICIPALITY AND COUNTY, AND PROJECT
 SIZE;
   (B) 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;
   (C)  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;
   (D) THE TOTAL VALUE OF TAX CREDIT TRANSFER CERTIFICATES ISSUED ANNUAL-
 LY FOR EACH OF THE TAXABLE YEARS BEGINNING ON OR  AFTER  JANUARY  FIRST,
 TWO THOUSAND SEVEN TO THE PRESENT, BY MUNICIPALITY AND COUNTY;
   (E) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION;
   (F) THE NUMBER OF LOW-MODERATE HOUSING UNITS BEFORE AND AFTER REHABIL-
 ITATION; AND
   (G)  THE NUMBER OF PROJECTS CERTIFIED FOR BOTH FEDERAL AND STATE CRED-
 ITS, AND THE NUMBER OF PROJECTS CERTIFIED FOR FEDERAL CREDITS ONLY.
   § 3. The tax law is amended by adding a new  section  50  to  read  as
 follows:
   §  50.  HISTORIC  PRESERVATION  TAX  CREDIT TRANSFER. (A) ALLOWANCE OF
 CREDIT TRANSFER. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE  NINE-A,  TWEN-
 TY-TWO OR THIRTY-THREE OF THIS CHAPTER SHALL BE ALLOWED A CREDIT AGAINST
 SUCH  TAX,  PURSUANT  TO THE PROVISIONS REFERENCED IN SUBDIVISION (E) OF
 THIS SECTION. THE AMOUNT OF THE CREDIT IS EQUAL TO THE AMOUNT DETERMINED
 PURSUANT TO ARTICLE FOURTEEN-A OF THE  PARKS,  RECREATION  AND  HISTORIC
 PRESERVATION  LAW. A TAXPAYER THAT IS A PARTNER IN A PARTNERSHIP, MEMBER
 OF A LIMITED LIABILITY COMPANY OR SHAREHOLDER IN A SUBCHAPTER  S  CORPO-
 RATION SHALL BE ALLOWED ITS PRO-RATA SHARE OF THE CREDIT ALLOWED FOR THE
 PARTNERSHIP,  LIMITED  LIABILITY COMPANY OR SUBCHAPTER S CORPORATION. NO
 COST OR EXPENSE PAID OR INCURRED THAT IS INCLUDED AS PART OF THE  CALCU-
 LATION OF THIS CREDIT SHALL BE THE BASIS OF ANY OTHER TAX CREDIT ALLOWED
 UNDER THIS CHAPTER.
   (B) ELIGIBILITY. TO BE ELIGIBLE TO CLAIM THE HISTORIC PRESERVATION TAX
 CREDIT THROUGH A TRANSFER CONTRACT THE TAXPAYER SHALL HAVE BEEN ISSUED A
 CERTIFICATE  OF HISTORIC PRESERVATION TAX CREDIT TRANSFER BY THE DEPART-
 MENT OF PARKS, RECREATION AND HISTORIC PRESERVATION PURSUANT TO  ARTICLE
 FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC PRESERVATION LAW, WHICH
 CERTIFICATE SHALL SET FORTH THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED
 FOR  THE  TAXABLE  YEAR. THE TAXPAYER SHALL BE ALLOWED TO CLAIM ONLY THE
 AMOUNT LISTED ON THE CERTIFICATE OF TAX CREDIT TRANSFER FOR THAT TAXABLE
 YEAR.
   (C) TAX RETURN REQUIREMENT. THE TAXPAYER SHALL BE REQUIRED  TO  ATTACH
 TO  ITS TAX RETURN, IN THE FORM PRESCRIBED BY THE COMMISSIONER, PROOF OF
 RECEIPT OF ITS CERTIFICATE OF HISTORIC PRESERVATION TAX CREDIT  TRANSFER
 ISSUED  BY  THE  COMMISSIONER OF THE DEPARTMENT OF PARKS, RECREATION AND
 HISTORIC PRESERVATION.
   (D) CREDIT RECAPTURE. (1) IF A CERTIFICATE  OF  HISTORIC  PRESERVATION
 TAX  CREDIT  TRANSFER  ISSUED BY THE DEPARTMENT OF PARKS, RECREATION AND
 HISTORIC PRESERVATION UNDER ARTICLE FOURTEEN-A OF THE PARKS,  RECREATION
 AND  HISTORIC PRESERVATION LAW IS REVOKED BY SUCH DEPARTMENT, THE AMOUNT
 OF CREDIT DESCRIBED IN THIS SECTION AND CLAIMED BY THE TAXPAYER PRIOR TO
 A. 2711                             6

 THAT REVOCATION SHALL BE ADDED BACK TO THE TAX IN THE  TAXABLE  YEAR  IN
 WHICH ANY SUCH REVOCATION BECOMES FINAL.
   (2)  THE  TAXPAYER  THAT  ORIGINALLY  RECEIVED THE CREDIT SHALL REMAIN
 SOLELY LIABLE FOR ALL OBLIGATIONS AND LIABILITIES IMPOSED ON THE TAXPAY-
 ER WITH RESPECT TO THE CREDIT, NONE OF WHICH SHALL APPLY TO A  PARTY  TO
 WHOM THE CREDIT HAS BEEN SUBSEQUENTLY TRANSFERRED.
   (E)  CROSS  REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED IN THIS
 SECTION SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 26.
   (2) ARTICLE 22: SECTION 606, SUBSECTION (OO).
   (3) ARTICLE 33: SECTION 1511, SUBSECTION (Y).
   § 4. Paragraph (e) of subdivision 26 of section 210-B of the tax  law,
 as  amended by section 1 of part U of chapter 59 of the laws of 2019, is
 amended and two new paragraphs (g) and (h) are added to read as follows:
   (e) Except in the case of a qualified rehabilitation project undertak-
 en 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  IN  THE CASE OF A QUALIFIED LOW-INCOME
 HOUSING PROJECT UNDER ARTICLE TWO-A  OF  THE  PUBLIC  HOUSING  LAW  THAT
 OTHERWISE  QUALIFIES FOR A REHABILITATION CREDIT PURSUANT TO THIS SUBDI-
 VISION, 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.
   (G) (I) THE CREDIT ESTABLISHED BY THIS SUBDIVISION MAY BE  TRANSFERRED
 AS SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION  LAW  WITHOUT  REGARD  TO AND IN A SEPARATE MANNER FROM ANY
 FEDERAL REHABILITATION CREDIT THAT MAY BE TRANSFERRED WITH RESPECT TO  A
 CERTIFIED  HISTORIC  STRUCTURE UNDER SECTION FORTY-SEVEN OF THE INTERNAL
 REVENUE CODE.
   (II) WITH RESPECT TO AN ELIGIBLE PROJECT THAT IS SUBJECT  TO  A  LEASE
 ARRANGEMENT  WHEREBY A LANDLORD TAXPAYER AND TENANT TAXPAYER EACH OWN AN
 INTEREST IN THE ELIGIBLE PROJECT OR  IN  AN  ENTITY  WITH  AN  OWNERSHIP
 INTEREST  IN  THE  ELIGIBLE  PROJECT AND THE LANDLORD TAXPAYER ELECTS TO
 PASS THE FEDERAL REHABILITATION CREDIT THROUGH TO SUCH TENANT  TAXPAYER,
 THE LANDLORD TAXPAYER MAY OPT TO RETAIN THE REHABILITATION CREDIT OR MAY
 PASS DOWN THE REHABILITATION CREDIT TO THE TENANT TAXPAYER WHICH MAY, IN
 TURN,  TRANSFER  SUCH REHABILITATION CREDIT TO AN ELIGIBLE TRANSFEREE AS
 SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS,  RECREATION  AND  HISTORIC
 PRESERVATION LAW.
   (III)  THE REHABILITATION CREDIT MAY BE TRANSFERRED AS PROVIDED FOR IN
 ARTICLE FOURTEEN-A OF THE PARKS, RECREATION  AND  HISTORIC  PRESERVATION
 LAW.
   (H)  THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF PARKS,
 RECREATION AND HISTORIC  PRESERVATION,  SHALL  REPORT  ANNUALLY,  ON  OR
 BEFORE  THE  FIRST  DAY  OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS
 CLAIMED PURSUANT TO THIS SUBDIVISION ON RETURNS FILED DURING THE PRECED-
 ING CALENDAR YEAR.   SUCH REPORT SHALL  BE  PROVIDED  TO  THE  GOVERNOR,
 TEMPORARY  PRESIDENT  OF  THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIRS OF
 THE SENATE COMMITTEES ON FINANCE AND ON HOUSING, CONSTRUCTION AND COMMU-
 A. 2711                             7
 
 NITY DEVELOPMENT, AND CHAIRS OF THE  ASSEMBLY  COMMITTEES  ON  WAYS  AND
 MEANS AND ON HOUSING AND SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPART-
 MENT'S WEBSITE.
   §  5. Paragraph 5 of subsection (oo) of section 606 of the tax law, as
 amended by section 2 of part U of chapter 59 of the  laws  of  2019,  is
 amended and two new paragraphs 7 and 8 are added to read as follows:
   (5) Except in the case of a qualified rehabilitation project undertak-
 en  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 IN THE  CASE  OF  A  QUALIFIED  LOW-INCOME
 HOUSING  PROJECT  UNDER  ARTICLE  TWO-A  OF  THE PUBLIC HOUSING LAW THAT
 OTHERWISE  QUALIFIES  FOR  A  REHABILITATION  CREDIT  PURSUANT  TO  THIS
 SUBSECTION,   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 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
 information about the change was released will  remain  eligible  for  a
 credit under this subsection for an additional two calendar years.
   (7)  (A)  THE CREDIT ESTABLISHED BY THIS SUBSECTION MAY BE TRANSFERRED
 AS SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION LAW WITHOUT REGARD TO AND IN A  SEPARATE  MANNER  FROM  ANY
 FEDERAL  REHABILITATION CREDIT THAT MAY BE TRANSFERRED WITH RESPECT TO A
 CERTIFIED HISTORIC STRUCTURE UNDER SECTION FORTY-SEVEN OF  THE  INTERNAL
 REVENUE CODE.
   (B)  WITH  RESPECT  TO  A  ELIGIBLE PROJECT THAT IS SUBJECT TO A LEASE
 ARRANGEMENT WHEREBY A LANDLORD TAXPAYER AND TENANT TAXPAYER EACH OWN  AN
 INTEREST  IN  THE  ELIGIBLE  PROJECT  OR  IN AN ENTITY WITH AN OWNERSHIP
 INTEREST IN THE ELIGIBLE PROJECT AND THE  LANDLORD  TAXPAYER  ELECTS  TO
 PASS  THE FEDERAL REHABILITATION CREDIT THROUGH TO SUCH TENANT TAXPAYER,
 THE LANDLORD TAXPAYER MAY OPT TO RETAIN THE REHABILITATION CREDIT OR MAY
 PASS DOWN THE REHABILITATION CREDIT TO THE TENANT TAXPAYER WHICH MAY, IN
 TURN, TRANSFER SUCH REHABILITATION CREDIT TO AN ELIGIBLE  TRANSFEREE  AS
 SET  FORTH  IN  ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION LAW.
   (C) THE REHABILITATION CREDIT MAY BE TRANSFERRED AS  PROVIDED  FOR  IN
 ARTICLE  FOURTEEN-A  OF  THE PARKS, RECREATION AND HISTORIC PRESERVATION
 LAW.
   (8) THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF  PARKS,
 RECREATION  AND  HISTORIC  PRESERVATION,  SHALL  REPORT  ANNUALLY, ON OR
 BEFORE THE FIRST DAY OF NOVEMBER, ON THE  AGGREGATE  AMOUNT  OF  CREDITS
 CLAIMED PURSUANT TO THIS SUBDIVISION ON RETURNS FILED DURING THE PRECED-
 ING  CALENDAR  YEAR.    SUCH  REPORT  SHALL BE PROVIDED TO THE GOVERNOR,
 TEMPORARY PRESIDENT OF THE SENATE, SPEAKER OF THE  ASSEMBLY,  CHAIRS  OF
 THE SENATE COMMITTEES ON FINANCE AND ON HOUSING, CONSTRUCTION AND COMMU-
 NITY  DEVELOPMENT,  AND  CHAIRS  OF  THE ASSEMBLY COMMITTEES ON WAYS AND
 MEANS AND ON HOUSING AND SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPART-
 MENT'S WEBSITE.
   § 6. Paragraph 5 of subdivision (y) of section 1511 of the tax law, as
 amended by section 3 of part U of chapter 59 of the  laws  of  2019,  is
 amended and two new paragraphs 7 and 8 are added to read as follows:
   (5) Except in the case of a qualified rehabilitation project undertak-
 en  within a state park, state historic site, or other land owned by the
 A. 2711                             8
 
 state, that is under the jurisdiction of the office of parks, recreation
 and historic preservation, OR IN THE  CASE  OF  A  QUALIFIED  LOW-INCOME
 HOUSING  PROJECT  UNDER  ARTICLE  TWO-A  OF  THE PUBLIC HOUSING LAW THAT
 OTHERWISE  QUALIFIES FOR A REHABILITATION CREDIT PURSUANT TO THIS SUBDI-
 VISION, 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.
   (7) (A) THE CREDIT ESTABLISHED BY THIS SUBDIVISION MAY BE  TRANSFERRED
 AS SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION  LAW  WITHOUT  REGARD  TO AND IN A SEPARATE MANNER FROM ANY
 FEDERAL REHABILITATION CREDIT THAT MAY BE TRANSFERRED WITH RESPECT TO  A
 CERTIFIED  HISTORIC  STRUCTURE UNDER SECTION FORTY-SEVEN OF THE INTERNAL
 REVENUE CODE.
   (B) WITH RESPECT TO A ELIGIBLE PROJECT THAT  IS  SUBJECT  TO  A  LEASE
 ARRANGEMENT  WHEREBY A LANDLORD TAXPAYER AND TENANT TAXPAYER EACH OWN AN
 INTEREST IN THE ELIGIBLE PROJECT OR  IN  AN  ENTITY  WITH  AN  OWNERSHIP
 INTEREST  IN  THE  ELIGIBLE  PROJECT AND THE LANDLORD TAXPAYER ELECTS TO
 PASS THE FEDERAL REHABILITATION CREDIT THROUGH TO SUCH TENANT  TAXPAYER,
 THE LANDLORD TAXPAYER MAY OPT TO RETAIN THE REHABILITATION CREDIT OR MAY
 PASS DOWN THE REHABILITATION CREDIT TO THE TENANT TAXPAYER WHICH MAY, IN
 TURN,  TRANSFER  SUCH REHABILITATION CREDIT TO AN ELIGIBLE TRANSFEREE AS
 SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS,  RECREATION  AND  HISTORIC
 PRESERVATION LAW.
   (C)  THE  REHABILITATION  CREDIT MAY BE TRANSFERRED AS PROVIDED FOR IN
 ARTICLE FOURTEEN-A OF THE PARKS, RECREATION  AND  HISTORIC  PRESERVATION
 LAW.
   (8)  THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF PARKS,
 RECREATION AND HISTORIC  PRESERVATION,  SHALL  REPORT  ANNUALLY,  ON  OR
 BEFORE  THE  FIRST  DAY  OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS
 CLAIMED PURSUANT TO THIS SUBDIVISION ON RETURNS FILED DURING THE PRECED-
 ING CALENDAR YEAR.   SUCH REPORT SHALL  BE  PROVIDED  TO  THE  GOVERNOR,
 TEMPORARY  PRESIDENT  OF  THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIRS OF
 THE SENATE COMMITTEES ON FINANCE AND ON HOUSING, CONSTRUCTION AND COMMU-
 NITY DEVELOPMENT, AND CHAIRS OF THE  ASSEMBLY  COMMITTEES  ON  WAYS  AND
 MEANS AND ON HOUSING AND SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPART-
 MENT'S WEBSITE.
   § 7. This act shall take effect immediately and shall apply to taxable
 years commencing on and after January 1, 2026.

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2711--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2025
                                ___________
 
 Introduced  by  M. of A. WOERNER, CLARK, ROSENTHAL, McDONALD, KAY, SHIM-
   SKY, DeSTEFANO, ZACCARO -- read once and referred to the Committee  on
   Tourism,  Parks,  Arts and Sports Development -- committee discharged,
   bill amended, ordered reprinted as amended  and  recommitted  to  said
   committee

 AN  ACT to amend the parks, recreation and historic preservation law and
   the tax law, in relation to establishing the historic preservation tax
   credit transfer program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  parks,  recreation  and historic preservation law is
 amended by adding a new article 14-A to read as follows:
                               ARTICLE 14-A
             HISTORIC PRESERVATION TAX CREDIT TRANSFER PROGRAM
 SECTION 14.15 SHORT TITLE.
         14.16 STATEMENT OF LEGISLATIVE FINDINGS AND DECLARATION.
         14.17 DEFINITIONS.
         14.18 ELIGIBILITY CRITERIA.
         14.19 ALLOWANCE OF CREDIT, AMOUNT AND LIMITATIONS.
         14.20 HISTORIC PRESERVATION TAX CREDIT TRANSFER.
         14.21 POWERS AND DUTIES OF THE COMMISSIONER.
   § 14.15 SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE  CITED  AS
 THE "HISTORIC PRESERVATION TAX CREDIT TRANSFER PROGRAM".
   § 14.16 STATEMENT OF LEGISLATIVE FINDINGS AND DECLARATION. IT IS HERE-
 BY  FOUND  AND DECLARED THAT NEW YORK STATE NEEDS, AS A MATTER OF PUBLIC
 POLICY, TO PROVIDE FLEXIBILITY AND INCENTIVES FOR BUSINESSES WHICH REHA-
 BILITATE HISTORIC PROPERTIES  TO  FURTHER  PROMOTE  THE  DEVELOPMENT  OF
 AFFORDABLE HOUSING.
   § 14.17 DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE:
   1.  "TRANSFER  APPROVAL  CERTIFICATE" MEANS THE DOCUMENT ISSUED BY THE
 DEPARTMENT TO AN ELIGIBLE TRANSFEREE AND ELIGIBLE TRANSFEROR, AS  APPRO-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05714-03-5
              

 A. 2711--A                          2
 
 PRIATE. THE CERTIFICATE SHALL SPECIFY THE EXACT AMOUNT OF THE TAX CREDIT
 UNDER  THIS  ARTICLE  THAT  AN  ELIGIBLE  TRANSFEREE  MAY  CLAIM AND THE
 PERCENTAGE OF THE TOTAL CREDIT THAT AN ELIGIBLE TRANSFEROR HAS FORFEITED
 PURSUANT TO THIS ARTICLE.
   2.  "COMMISSIONER"  SHALL  MEAN  COMMISSIONER OF PARKS, RECREATION AND
 HISTORIC PRESERVATION.
   3. "DEPARTMENT" SHALL MEAN THE DEPARTMENT  OF  PARKS,  RECREATION  AND
 HISTORIC PRESERVATION.
   4.  "ELIGIBLE HOUSING REHABILITATION PROJECT" SHALL MEAN A BUILDING OR
 COLLECTION OF BUILDINGS ALLOWED  REHABILITATION  CREDIT  AND  LOW-INCOME
 HOUSING  TAX  CREDIT,  AS  DETERMINED  BY THE DEPARTMENT AND DIVISION OF
 COMMUNITY HOUSING AND RENEWAL, RESPECTIVELY, AND FOR WHICH  AN  ELIGIBLE
 TRANSFEROR MAY TRANSFER A REHABILITATION CREDIT.
   5.  "ELIGIBLE TRANSFEREE" SHALL MEAN A TAXPAYER WHICH MEETS THE ELIGI-
 BILITY CRITERIA SET FORTH IN SECTION 14.18 OF THIS ARTICLE.
   6. "ELIGIBLE TRANSFEROR" SHALL MEAN THE TAXPAYER SUBJECT TO TAX  UNDER
 ARTICLE NINE-A, TWENTY-TWO, OR THIRTY-THREE OF THE TAX LAW OR ANY ELECT-
 ING  PARTNERSHIP  OR  ELECTING S CORPORATION WHICH, FOR PURPOSES OF THIS
 ARTICLE, SHALL HAVE THE SAME MEANINGS AS USED IN  ARTICLE  TWENTY-FOUR-A
 OF  THE  TAX LAW, WHICH IS ALLOWED A REHABILITATION CREDIT IN ACCORDANCE
 WITH THIS CHAPTER AND  MEETS  THE  ELIGIBILITY  CRITERIA  SET  FORTH  IN
 SECTION 14.18 OF THIS ARTICLE.
   7.  "FEDERAL  REHABILITATION CREDIT" MEANS THE FEDERAL TAX CREDIT THAT
 MAY BE ALLOCATED WITH RESPECT TO A CERTIFIED  HISTORIC  STRUCTURE  UNDER
 SECTION FORTY-SEVEN OF THE INTERNAL REVENUE CODE.
   8.  "HISTORIC  PRESERVATION TAX CREDIT TRANSFER" SHALL MEAN A TRANSFER
 OF THE REHABILITATION CREDIT ALLOWED FOR A CERTIFIED HISTORIC  REHABILI-
 TATION PROJECT.
   9. "QUALIFIED REHABILITATION EXPENDITURES" SHALL HAVE THE SAME MEANING
 AS IN SECTION FORTY-SEVEN OF THE INTERNAL REVENUE CODE.
   10.  "REHABILITATION  CREDIT"  OR  "HISTORIC  PRESERVATION TAX CREDIT"
 SHALL MEAN THE CREDIT  PROVIDED  FOR  UNDER  SUBDIVISION  TWENTY-SIX  OF
 SECTION TWO HUNDRED TEN-B, SUBSECTION (OO) OF SECTION SIX HUNDRED SIX OR
 SUBDIVISION (Y) OF SECTION FIFTEEN HUNDRED ELEVEN OF THE TAX LAW.
   11.  "TAXPAYER"  MEANS A PERSON OR ENTITY SUBJECT TO TAX IMPOSED UNDER
 ARTICLE NINE-A, TWENTY-TWO, TWENTY-FOUR-A, OR THIRTY-THREE  OF  THE  TAX
 LAW.
   12.  REFERENCES IN THIS ARTICLE TO SECTION FORTY-SEVEN OF THE INTERNAL
 REVENUE CODE SHALL MEAN SUCH SECTION AS AMENDED FROM TIME TO TIME.
   § 14.18 ELIGIBILITY CRITERIA. 1. TO BE ELIGIBLE TO MAKE A TRANSFER  OF
 A REHABILITATION CREDIT UNDER THIS SECTION, A TRANSFEROR SHALL:
   (A) BE THE TAXPAYER TO WHICH THE REHABILITATION CREDIT IS ALLOWED;
   (B)  HAVE  RECEIVED  CERTIFICATION OF SUCH AWARD FROM THE COMMISSIONER
 FOR AN ELIGIBLE HOUSING REHABILITATION PROJECT;
   (C) IDENTIFY THE AMOUNT OF THE REHABILITATION CREDIT ALLOWED THAT  MAY
 OTHERWISE BE CLAIMED FOR THE TAXABLE YEAR;
   (D)  NOT  FILE OR HAVE FILED THE CERTIFICATED REHABILITATION CREDIT AS
 PART OF SUCH BUSINESS ENTITY'S OWN TAX RETURN OR INFORMATION RETURN  FOR
 ANY TAX YEAR; AND
   (E)  NOT TRANSFER A CERTIFICATED REHABILITATION CREDIT FOR AN ELIGIBLE
 PROJECT IF SUCH CREDIT WAS RECEIVED THROUGH A TRANSFER CONTRACT  FROM  A
 TRANSFEROR OTHER THAN A NON-PROFIT INTERMEDIARY.
   2.  TO BE ELIGIBLE TO ACCEPT A TRANSFER OF A REHABILITATION CREDIT FOR
 AN ELIGIBLE HOUSING REHABILITATION PROJECT UNDER THIS SECTION, A  TRANS-
 FEREE  MUST  BE  A TAXPAYER, PROVIDED THAT SUCH TAXPAYER NEED NOT OWN AN
 INTEREST IN THE ELIGIBLE HOUSING REHABILITATION PROJECT OR IN AN  ENTITY
 A. 2711--A                          3
 
 WITH  AN  OWNERSHIP  INTEREST  IN  THE  ELIGIBLE  HOUSING REHABILITATION
 PROJECT TO BE ELIGIBLE TO ACCEPT SUCH A TRANSFER.
   3.  (A) AN ELIGIBLE TRANSFEROR MAY TRANSFER THE REHABILITATION CREDIT,
 IN WHOLE OR IN PART, TO AN ELIGIBLE TRANSFEREE WITH THE SAME  EFFECT  AS
 IF  SUCH  ELIGIBLE  TRANSFEREE HAD INCURRED THE QUALIFIED REHABILITATION
 EXPENDITURES, PROVIDED THAT NO PARTIAL TRANSFER MAY  BE  FOR  LESS  THAN
 TWENTY-FIVE PERCENT OF THE FULL REHABILITATION CREDIT THAT MAY OTHERWISE
 BE CLAIMED BY THE TRANSFEROR.
   (B)  AN ELIGIBLE TRANSFEROR MAY (I) TRANSFER THE REHABILITATION CREDIT
 ALLOWED FOR AN ELIGIBLE HOUSING REHABILITATION PROJECT  TO  AN  ELIGIBLE
 TRANSFEREE TOGETHER WITH A FEDERAL REHABILITATION CREDIT ALLOWED FOR THE
 SAME  ELIGIBLE  HOUSING REHABILITATION PROJECT, (II) TRANSFER SUCH REHA-
 BILITATION CREDIT, IN WHOLE OR IN PART, TO ONE OR MORE  ELIGIBLE  TRANS-
 FEREES AND THE FEDERAL REHABILITATION CREDIT FOR THE SAME ELIGIBLE HOUS-
 ING  REHABILITATION  PROJECT  TO  A  DIFFERENT  ELIGIBLE  TRANSFEREE  OR
 TRANSFEREES, (III) RETAIN THE REHABILITATION CREDIT  EVEN  WHILE  TRANS-
 FERRING  THE FEDERAL REHABILITATION CREDIT ALLOCATED FOR THE SAME ELIGI-
 BLE HOUSING REHABILITATION PROJECT TO AN  ELIGIBLE  TRANSFEREE  OR  (IV)
 RETAIN OR TRANSFER A REHABILITATION CREDIT FOR AN ELIGIBLE HOUSING REHA-
 BILITATION  PROJECT  FOR WHICH NO FEDERAL REHABILITATION CREDIT HAS BEEN
 ALLOWED.
   4. (A) AN ELIGIBLE TRANSFEREE WHICH HAS ACCEPTED  A  TRANSFER  OF  ANY
 REHABILITATION  CREDIT,  IN  WHOLE  OR IN PART, SHALL USE OR REPORT SUCH
 CREDIT IN THE TAXABLE YEAR FOR WHICH IT IS ALLOWED AND MAY NOT  TRANSFER
 ANY  CREDIT, OR PORTION THEREOF, ACQUIRED BY A TRANSFER PURSUANT TO THIS
 ARTICLE.
   (B) AN ELIGIBLE TRANSFEREE NEED NOT AGREE TO ACCEPT A TRANSFER OF BOTH
 THE ELIGIBLE TRANSFEROR'S REHABILITATION CREDIT  AND  FEDERAL  REHABILI-
 TATION CREDIT FOR THE SAME ELIGIBLE HOUSING REHABILITATION PROJECT.
   § 14.19 ALLOWANCE  OF  CREDIT,  AMOUNT AND TRANSFER LIMITATIONS. 1. AN
 ELIGIBLE TRANSFEROR, OR AN ELIGIBLE TRANSFEREE WHICH HAS ENTERED INTO  A
 TRANSFER  CONTRACT  IN  ACCORDANCE WITH THIS SECTION, SHALL BE ALLOWED A
 CREDIT AGAINST TAX FOR THE AMOUNT OF REHABILITATION CREDIT CERTIFIED  BY
 THE COMMISSIONER FOR AN ELIGIBLE HOUSING REHABILITATION PROJECT.
   2.  (A)  NO  TRANSFER OF ALLOWED CREDIT SHALL BE EFFECTIVE PURSUANT TO
 THIS ARTICLE UNLESS THE  ELIGIBLE  TRANSFEROR  ENTERS  INTO  A  TRANSFER
 CONTRACT  WITH  AN  ELIGIBLE  TRANSFEREE, SUBMITS A TRANSFER APPLICATION
 INCLUDING SUCH TRANSFER CONTRACT TO THE COMMISSIONER  FOR  APPROVAL  AND
 THE  COMMISSIONER ISSUES A TRANSFER APPROVAL CERTIFICATE TO THE ELIGIBLE
 TRANSFEREE.
   (B) THE TRANSFER CONTRACT MUST SPECIFY:
   (I) THE BUILDING IDENTIFICATION NUMBER OR  NUMBERS  FOR  THE  ELIGIBLE
 HOUSING REHABILITATION 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  ELIGIBLE  TRANSFEROR
 FOR THE TRANSFER CREDIT; AND
   (VI) THE AMOUNT OF CREDIT BEING TRANSFERRED.
   (C)  THE  COMMISSIONER  SHALL ESTABLISH PROCEDURES AND A TIMEFRAME FOR
 THE SUBMISSION OF A TRANSFER  APPLICATION.    THE  TRANSFER  APPLICATION
 SHALL  PROVIDE THE NAME AND FEDERAL IDENTIFICATION NUMBERS OF THE FILING
 ELIGIBLE TRANSFEROR AND EACH PROPOSED ELIGIBLE TRANSFEREE AND THE AMOUNT
 OF CREDIT PROPOSED TO BE TRANSFERRED TO EACH PROPOSED ELIGIBLE TRANSFER-
 EE. A COPY OF THE PROPOSED TRANSFER CONTRACT SHALL BE  ATTACHED  TO  THE
 A. 2711--A                          4
 
 TRANSFER  APPLICATION.  THE  APPLICATION  SHALL  ALSO CONTAIN SUCH OTHER
 INFORMATION  AS  THE  COMMISSIONER  MAY  REQUIRE.  AFTER  REVIEWING  THE
 PROPOSED TRANSFER CONTRACT AND THE TRANSFER APPLICATION, THE COMMISSION-
 ER  SHALL  APPROVE OR DENY THE TRANSFER AS PROVIDED IN THIS SUBDIVISION.
 IF THE COMMISSIONER APPROVES THE TRANSFER, THE COMMISSIONER SHALL  ISSUE
 A  TRANSFER  APPROVAL CERTIFICATE THAT PROVIDES THE NAME OF THE ELIGIBLE
 TRANSFEROR AND ALL ELIGIBLE TRANSFEREES,  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  TRANSFER  APPROVAL  CERTIFICATE  MUST BE ATTACHED TO THE
 TRANSFEREE'S TAX RETURN. IF THE COMMISSIONER DENIES  THE  TRANSFER,  THE
 COMMISSIONER  SHALL  PROVIDE  THE ELIGIBLE TRANSFEROR A WRITTEN DETERMI-
 NATION FOR SUCH DENIAL.  THE  COMMISSIONER,  IN  CONSULTATION  WITH  THE
 COMMISSIONER  OF  TAXATION  AND  FINANCE,  MAY ESTABLISH SUCH ADDITIONAL
 PROCEDURES AND STANDARDS AS DEEMED NECESSARY FOR THE TRANSFERABILITY  OF
 THE REHABILITATION CREDIT ALLOWED PURSUANT TO THIS ARTICLE.
   (C)  THE  COMMISSIONER  SHALL  MAINTAIN  AN  AUDITABLE RECORD OF VALID
 TRANSFER APPROVAL CERTIFICATES AND SHALL PROVIDE COPIES OF ALL  TRANSFER
 APPLICATIONS  AND  ATTACHMENTS  THERETO AND APPROVAL CERTIFICATES TO THE
 COMMISSIONER OF TAXATION AND FINANCE WITHIN THIRTY DAYS AFTER THE TRANS-
 FER IS APPROVED.
   § 14.20 HISTORIC PRESERVATION TAX  CREDIT  TRANSFER.  1.  AN  ELIGIBLE
 TRANSFEREE  SHALL BE ENTITLED TO APPLY TRANSFERRED REHABILITATION CREDIT
 TO A TAX IMPOSED UNDER ARTICLE NINE-A, TWENTY-TWO OR THIRTY-THREE OF THE
 TAX LAW, AND IN ACCORDANCE WITH ARTICLE TWENTY-FOUR-A OF  THE  TAX  LAW,
 WHERE APPLICABLE, PROVIDED ALL REQUIREMENTS FOR CLAIMING SUCH CREDIT ARE
 MET.
   2.  THE  TRANSFER  OF  CREDIT  SHALL BE ALLOWED AS PROVIDED IN SECTION
 FIFTY OF THE TAX LAW.
   § 14.21 POWERS AND DUTIES OF THE COMMISSIONER. 1. THE COMMISSIONER, IN
 CONSULTATION WITH THE DEPARTMENT OF TAXATION AND FINANCE, SHALL  PROMUL-
 GATE  REGULATIONS  ESTABLISHING  ELIGIBILITY  CRITERIA AND A PROCESS FOR
 SUBMITTING A TRANSFER APPLICATION WHICH, NOTWITHSTANDING ANY  PROVISIONS
 TO  THE  CONTRARY  IN  THE  STATE  ADMINISTRATIVE  PROCEDURE ACT, MAY BE
 ADOPTED ON AN EMERGENCY BASIS.
   2. THE COMMISSIONER SHALL, IN  CONSULTATION  WITH  THE  DEPARTMENT  OF
 TAXATION AND FINANCE, DEVELOP A TRANSFER APPROVAL CERTIFICATE THAT SHALL
 BE  ISSUED  BY  THE  COMMISSIONER  TO  ELIGIBLE  BUSINESS ENTITIES. SUCH
 CERTIFICATE SHALL CONTAIN SUCH INFORMATION AS REQUIRED BY THE DEPARTMENT
 OF TAXATION AND FINANCE.
   § 2. Section 14.05 of the parks, recreation and historic  preservation
 law is amended by adding a new subdivision 5 to read as follows:
   5.  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, THE TEMPORARY PRES-
 IDENT OF THE SENATE, THE SPEAKER OF THE  ASSEMBLY,  THE  CHAIRS  OF  THE
 SENATE  COMMITTEES ON FINANCE AND ON HOUSING, CONSTRUCTION AND COMMUNITY
 DEVELOPMENT, AND THE CHAIRS OF THE ASSEMBLY COMMITTEES ON WAYS AND MEANS
 AND ON HOUSING, SHALL BE MADE PUBLICLY  AVAILABLE  ON  THE  DEPARTMENT'S
 WEBSITE AND SHALL INCLUDE THE FOLLOWING INFORMATION:
   (A) THE NUMBER AND VALUE OF TAX CREDIT PROJECTS APPLIED FOR DURING THE
 STATE  FISCAL  YEAR,  ORGANIZED  BY MUNICIPALITY AND COUNTY, AND PROJECT
 SIZE;
 A. 2711--A                          5

   (B) 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;
   (C)  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;
   (D) THE TOTAL VALUE  OF  TAX  CREDIT  TRANSFER  APPROVAL  CERTIFICATES
 ISSUED  ANNUALLY  FOR  EACH  OF  THE TAXABLE YEARS BEGINNING ON OR AFTER
 JANUARY FIRST, TWO THOUSAND SEVEN TO THE PRESENT,  BY  MUNICIPALITY  AND
 COUNTY;
   (E) THE NUMBER OF HOUSING UNITS BEFORE AND AFTER REHABILITATION;
   (F) THE NUMBER OF LOW-MODERATE HOUSING UNITS BEFORE AND AFTER REHABIL-
 ITATION; AND
   (G)  THE NUMBER OF PROJECTS CERTIFIED FOR BOTH FEDERAL AND STATE CRED-
 ITS, AND THE NUMBER OF PROJECTS CERTIFIED FOR FEDERAL CREDITS ONLY.
   § 3. The tax law is amended by adding a new  section  50  to  read  as
 follows:
   §  50.  HISTORIC  PRESERVATION  TAX  CREDIT TRANSFER. (A) ALLOWANCE OF
 CREDIT TRANSFER. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE  NINE-A,  TWEN-
 TY-TWO,  TWENTY-FOUR-A, OR THIRTY-THREE OF THIS CHAPTER SHALL BE ALLOWED
 A CREDIT AGAINST SUCH TAX, PURSUANT  TO  THE  PROVISIONS  REFERENCED  IN
 SUBDIVISION  (E)  OF  THIS SECTION. THE AMOUNT OF THE CREDIT IS EQUAL TO
 THE AMOUNT DETERMINED PURSUANT  TO  ARTICLE  FOURTEEN-A  OF  THE  PARKS,
 RECREATION  AND  HISTORIC PRESERVATION LAW.   NO COST OR EXPENSE PAID OR
 INCURRED THAT IS INCLUDED AS PART OF  THE  CALCULATION  OF  THIS  CREDIT
 SHALL BE THE BASIS OF ANY OTHER TAX CREDIT ALLOWED UNDER THIS CHAPTER.
   (B) ELIGIBILITY. TO BE ELIGIBLE TO CLAIM THE HISTORIC PRESERVATION TAX
 CREDIT THROUGH A TRANSFER CONTRACT THE TAXPAYER SHALL HAVE BEEN ISSUED A
 TRANSFER  APPROVAL  CERTIFICATE BY THE COMMISSIONER OF PARKS, RECREATION
 AND HISTORIC PRESERVATION PURSUANT TO ARTICLE FOURTEEN-A OF  THE  PARKS,
 RECREATION  AND  HISTORIC  PRESERVATION LAW, WHICH CERTIFICATE SHALL SET
 FORTH THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED FOR THE TAXABLE YEAR.
 THE TAXPAYER SHALL BE ALLOWED TO CLAIM ONLY THE  AMOUNT  LISTED  ON  THE
 TRANSFER APPROVAL CERTIFICATE FOR THAT TAXABLE YEAR.
   (C)  TAX  RETURN REQUIREMENT. THE TAXPAYER SHALL BE REQUIRED TO ATTACH
 TO ITS TAX RETURN, IN THE FORM PRESCRIBED BY THE COMMISSIONER, PROOF  OF
 RECEIPT  OF ITS TRANSFER APPROVAL CERTIFICATE ISSUED BY THE COMMISSIONER
 OF THE DEPARTMENT OF PARKS, RECREATION AND HISTORIC PRESERVATION.
   (D) CREDIT TO SUCCESSOR OWNER.  IF A CREDIT IS ALLOWED UNDER  SUBDIVI-
 SION  A  OF  THIS SECTION WITH RESPECT TO A CERTIFIED HISTORIC STRUCTURE
 UNDER SECTION FORTY-SEVEN OF THE INTERNAL REVENUE CODE AND SUCH  PROJECT
 (OR  AN  INTEREST  THEREIN) IS SOLD DURING THE CREDIT PERIOD, THE CREDIT
 FOR THE PERIOD AFTER THE SALE WHICH WOULD HAVE BEEN ALLOWABLE UNDER SUCH
 SUBDIVISION A TO THE PRIOR OWNER HAD THE  CERTIFIED  HISTORIC  STRUCTURE
 NOT  BEEN SOLD SHALL BE ALLOWABLE TO THE NEW OWNER.  CREDIT FOR THE YEAR
 OF SALE SHALL BE ALLOCATED BETWEEN THE  PARTIES  ON  THE  BASIS  OF  THE
 NUMBER OF DAYS DURING SUCH YEAR THAT THE CERTIFIED HISTORIC STRUCTURE OR
 INTEREST WAS HELD BY EACH.
   (E) CREDIT RECAPTURE. (1) IF A TRANSFER APPROVAL CERTIFICATE ISSUED BY
 THE  DEPARTMENT  OF  PARKS,  RECREATION  AND HISTORIC PRESERVATION UNDER
 ARTICLE FOURTEEN-A OF THE PARKS, RECREATION  AND  HISTORIC  PRESERVATION
 LAW IS REVOKED BY SUCH DEPARTMENT WITHIN THE FIVE YEAR RECAPTURE PERIOD,
 THE  AMOUNT  OF CREDIT DESCRIBED IN THIS SECTION THAT WAS TRANSFERRED BY
 THE ELIGIBLE TRANSFEROR AND CLAIMED BY THE ELIGIBLE TRANSFEREE  TAXPAYER
 PRIOR  TO THAT REVOCATION SHALL BE ADDED BACK TO THE TAX OF THE TRANSFE-
 ROR IN THE TAXABLE YEAR IN WHICH ANY SUCH REVOCATION BECOMES FINAL.
 A. 2711--A                          6
 
   (2) THE ELIGIBLE TRANSFEROR TAXPAYER THAT ORIGINALLY QUALIFIED FOR THE
 CREDIT AND TRANSFERRED THE CREDIT SHALL REMAIN  SOLELY  LIABLE  FOR  ALL
 OBLIGATIONS  AND LIABILITIES IMPOSED WITH RESPECT TO THE CREDIT, NONE OF
 WHICH SHALL APPLY TO A PARTY TO WHOM THE CREDIT  HAS  BEEN  SUBSEQUENTLY
 TRANSFERRED.
   (F)  CROSS  REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED IN THIS
 SECTION SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 26.
   (2) ARTICLE 22: SECTION 606, SUBSECTION (OO).
   (3) ARTICLE 24-A: SECTION 863.
   (4) ARTICLE 33: SECTION 1511, SUBSECTION (Y).
   § 4. 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, paragraphs (a)
 and (c) as amended by section 2 of part RR of chapter 59 of the laws  of
 2018, subparagraph (i) of paragraph (a) as amended by section 2, subpar-
 agraph (ii) of paragraph (a) as amended by section 4 and paragraph (a-1)
 as amended by section 3 of subpart B of part I of chapter 59 of the laws
 of  2023,  paragraph (e) as amended by section 1 of part U of chapter 59
 of the laws of 2019, and paragraph (f) as added by section 2 of part CCC
 of chapter 59 of the laws of 2021, is amended and two new paragraphs (g)
 and (h) are added 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, a
 taxpayer, OR AN ELIGIBLE TRANSFEREE AS DESCRIBED IN  ARTICLE  FOURTEEN-A
 OF THE PARKS, RECREATION AND HISTORIC PRESERVATION LAW, shall be allowed
 a  credit as hereinafter provided, against the tax imposed by this arti-
 cle, in an amount equal to one hundred percent of the amount  of  credit
 allowed  the taxpayer for the same taxable year with respect to a certi-
 fied historic structure, and one hundred fifty percent of the amount  of
 credit  allowed the taxpayer with respect to a certified historic struc-
 ture 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,  with  respect  to a certified historic structure located within the
 state. Provided, however, the  credit  shall  not  exceed  five  million
 dollars.
   (ii)  For taxable years beginning on or after January first, two thou-
 sand thirty, a taxpayer, OR AN ELIGIBLE TRANSFEREE AS DESCRIBED IN ARTI-
 CLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC  PRESERVATION  LAW,
 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 deter-
 mined 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.
   (a-1) If the taxpayer OR TRANSFEREE is a partner in a partnership or a
 shareholder in a New York S corporation, then the credit caps imposed in
 paragraph (a) of this subdivision 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.
 A. 2711--A                          7
 
   (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.
   (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
 ELIGIBLE TRANSFEROR DESCRIBED IN ARTICLE FOURTEEN-A OF THE PARKS, RECRE-
 ATION AND HISTORIC PRESERVATION LAW 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) [Except in the case of a qualified rehabilitation  project  under-
 taken  within  a state park, state historic site, or other land owned by
 the state, that is under the jurisdiction of the office of parks, recre-
 ation and historic preservation, to]  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 information about the change  was  released  will  remain
 eligible  for  a  credit  under  this  subdivision for an additional two
 calendar years.  THE ELIGIBILITY RESTRICTIONS SET FORTH  IN  THIS  PARA-
 GRAPH  SHALL  NOT BE APPLICABLE IF A QUALIFIED REHABILITATION PROJECT IS
 UNDERTAKEN:
   (I) WITHIN A STATE PARK, STATE HISTORIC SITE, OR OTHER LAND  OWNED  BY
 THE STATE, THAT IS UNDER THE JURISDICTION OF THE OFFICE OF PARKS, RECRE-
 ATION AND HISTORIC PRESERVATION, OR;
   (II)  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 OR QUASI-GOVERNMENT ENTITY, INCLUDING
 AN  INDUSTRIAL  DEVELOPMENT  AGENCY, 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
 AFFORDABILITY REQUIREMENTS APPLICABLE FOR A  PERIOD  OF  NOT  LESS  THAN
 THIRTY YEARS AND THAT IS BINDING ON ALL SUCCESSORS OF THE TAXPAYER.
   (f)  For  purposes of this subdivision "small project" means qualified
 rehabilitation expenditures totaling two million five  hundred  thousand
 dollars or less.
   (G)  (I) THE CREDIT ESTABLISHED BY THIS SUBDIVISION MAY BE TRANSFERRED
 AS SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 A. 2711--A                          8
 
 PRESERVATION LAW WITHOUT REGARD TO AND IN A  SEPARATE  MANNER  FROM  ANY
 FEDERAL  REHABILITATION  CREDIT  THAT MAY BE ALLOCATED WITH RESPECT TO A
 CERTIFIED HISTORIC STRUCTURE UNDER SECTION FORTY-SEVEN OF  THE  INTERNAL
 REVENUE CODE.
   (II)  WITH  RESPECT TO AN ELIGIBLE HOUSING REHABILITATION PROJECT THAT
 IS SUBJECT TO A LEASE ARRANGEMENT WHEREBY A LANDLORD TAXPAYER AND TENANT
 TAXPAYER EACH OWN AN INTEREST IN  THE  ELIGIBLE  HOUSING  REHABILITATION
 PROJECT OR IN AN ENTITY WITH AN OWNERSHIP INTEREST IN THE ELIGIBLE HOUS-
 ING  REHABILITATION PROJECT AND THE LANDLORD TAXPAYER ELECTS TO PASS THE
 FEDERAL REHABILITATION CREDIT THROUGH TO SUCH TENANT TAXPAYER, THE LAND-
 LORD TAXPAYER MAY OPT TO RETAIN THE REHABILITATION CREDIT  OR  MAY  PASS
 DOWN  THE  REHABILITATION  CREDIT  TO  THE TENANT TAXPAYER WHICH MAY, IN
 TURN, TRANSFER SUCH REHABILITATION CREDIT TO AN ELIGIBLE  TRANSFEREE  AS
 SET  FORTH  IN  ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION LAW.
   (III) THE REHABILITATION CREDIT MAY BE TRANSFERRED AS PROVIDED FOR  IN
 ARTICLE  FOURTEEN-A  OF  THE PARKS, RECREATION AND HISTORIC PRESERVATION
 LAW.
   (H) THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF  PARKS,
 RECREATION  AND  HISTORIC  PRESERVATION,  SHALL  REPORT  ANNUALLY, ON OR
 BEFORE THE FIRST DAY OF NOVEMBER, ON THE  AGGREGATE  AMOUNT  OF  CREDITS
 CLAIMED PURSUANT TO THIS SUBDIVISION ON RETURNS FILED DURING THE PRECED-
 ING  CALENDAR  YEAR.    SUCH  REPORT  SHALL BE PROVIDED TO THE GOVERNOR,
 TEMPORARY PRESIDENT OF THE SENATE, SPEAKER OF THE  ASSEMBLY,  CHAIRS  OF
 THE SENATE COMMITTEES ON FINANCE AND ON HOUSING, CONSTRUCTION AND COMMU-
 NITY  DEVELOPMENT,  AND  CHAIRS  OF  THE ASSEMBLY COMMITTEES ON WAYS AND
 MEANS AND ON HOUSING AND SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPART-
 MENT'S WEBSITE.
   § 5. Subsection (oo) of section 606 of the  tax  law,  as  amended  by
 chapter  239  of the laws of 2009, paragraph 1 as amended by chapter 472
 of the laws of 2010, subparagraph (A)  of  paragraph  1  as  amended  by
 section  1  of  subpart  B  of part I of chapter 59 of the laws of 2023,
 paragraph 3 as amended by section 1 of part RR of chapter 59 of the laws
 of 2018, paragraph 4 as amended by section 1 of part F of chapter 59  of
 the laws of 2013, paragraph 5 as amended by section 2 of part U of chap-
 ter  59  of  the  laws of 2019, and paragraph 6 as added by section 1 of
 part CCC of chapter 59 of the laws of 2021, is amended and two new para-
 graphs 7 and 8 are added to read as follows:
   (oo) 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, a taxpayer,  OR  AN  ELIGIBLE
 TRANSFEREE  AS  DESCRIBED IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION
 AND HISTORIC PRESERVATION LAW, 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, 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, with respect to a certified historic structure located with-
 in  the  state.  Provided,  however,  the  credit  shall not exceed five
 million dollars. For taxable years beginning on or after January  first,
 two  thousand thirty, a taxpayer, OR AN ELIGIBLE TRANSFEREE AS DESCRIBED
 IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC PRESERVATION
 LAW, shall be allowed a credit as hereinafter provided, against the  tax
 A. 2711--A                          9
 
 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 internal revenue code section 47(c)(3), deter-
 mined  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 certified historic  structure  located  within  the  state;  provided,
 however, the credit shall not exceed one hundred thousand dollars.
   (B)  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 (A) 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
 ELIGIBLE TRANSFEROR DESCRIBED IN ARTICLE FOURTEEN-A OF THE PARKS, RECRE-
 ATION AND HISTORIC PRESERVATION LAW 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) [Except in the case of a qualified rehabilitation  project  under-
 taken  within  a state park, state historic site, or other land owned by
 the state, that is under the jurisdiction of the office of parks, recre-
 ation and historic preservation, to]  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 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  information  about  the change was released will remain
 eligible for a credit under this subsection for an additional two calen-
 dar years.  THE ELIGIBILITY RESTRICTIONS SET  FORTH  IN  THIS  PARAGRAPH
 SHALL  NOT BE APPLICABLE IF A QUALIFIED REHABILITATION PROJECT IS UNDER-
 TAKEN:
   (A)  WITHIN A STATE PARK, STATE HISTORIC SITE, OR OTHER LAND OWNED  BY
 THE STATE, THAT IS UNDER THE JURISDICTION OF THE OFFICE OF PARKS, RECRE-
 ATION AND HISTORIC PRESERVATION, OR;
   (B)  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 OR QUASI-GOVERNMENT ENTITY, INCLUDING
 AN  INDUSTRIAL  DEVELOPMENT  AGENCY, 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
 A. 2711--A                         10
 
 AFFORDABILITY REQUIREMENTS APPLICABLE FOR A  PERIOD  OF  NOT  LESS  THAN
 THIRTY YEARS AND THAT IS BINDING ON ALL SUCCESSORS OF THE TAXPAYER.
   (6)  For  purposes  of  this subsection the term "small project" means
 qualified rehabilitation expenditures totaling two million five  hundred
 thousand dollars or less.
   (7)  (A)  THE CREDIT ESTABLISHED BY THIS SUBSECTION MAY BE TRANSFERRED
 AS SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION LAW WITHOUT REGARD TO AND IN A  SEPARATE  MANNER  FROM  ANY
 FEDERAL  REHABILITATION  CREDIT  THAT MAY BE ALLOCATED WITH RESPECT TO A
 CERTIFIED HISTORIC STRUCTURE UNDER SECTION FORTY-SEVEN OF  THE  INTERNAL
 REVENUE CODE.
   (B) WITH RESPECT TO AN ELIGIBLE HOUSING REHABILITATION PROJECT THAT IS
 SUBJECT  TO  A  LEASE ARRANGEMENT WHEREBY A LANDLORD TAXPAYER AND TENANT
 TAXPAYER EACH OWN AN INTEREST IN  THE  ELIGIBLE  HOUSING  REHABILITATION
 PROJECT OR IN AN ENTITY WITH AN OWNERSHIP INTEREST IN THE ELIGIBLE HOUS-
 ING  REHABILITATION PROJECT AND THE LANDLORD TAXPAYER ELECTS TO PASS THE
 FEDERAL REHABILITATION CREDIT THROUGH TO SUCH TENANT TAXPAYER, THE LAND-
 LORD TAXPAYER MAY OPT TO RETAIN THE REHABILITATION CREDIT  OR  MAY  PASS
 DOWN  THE  REHABILITATION  CREDIT  TO  THE TENANT TAXPAYER WHICH MAY, IN
 TURN, TRANSFER SUCH REHABILITATION CREDIT TO AN ELIGIBLE  TRANSFEREE  AS
 SET  FORTH  IN  ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION LAW.
   (C) THE REHABILITATION CREDIT MAY BE TRANSFERRED AS  PROVIDED  FOR  IN
 ARTICLE  FOURTEEN-A  OF  THE PARKS, RECREATION AND HISTORIC PRESERVATION
 LAW.
   (8) THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF  PARKS,
 RECREATION  AND  HISTORIC  PRESERVATION,  SHALL  REPORT  ANNUALLY, ON OR
 BEFORE THE FIRST DAY OF NOVEMBER, ON THE  AGGREGATE  AMOUNT  OF  CREDITS
 CLAIMED  PURSUANT TO THIS SUBSECTION ON RETURNS FILED DURING THE PRECED-
 ING CALENDAR YEAR.   SUCH REPORT SHALL  BE  PROVIDED  TO  THE  GOVERNOR,
 TEMPORARY  PRESIDENT  OF  THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIRS OF
 THE SENATE COMMITTEES ON FINANCE AND ON HOUSING, CONSTRUCTION AND COMMU-
 NITY DEVELOPMENT, AND CHAIRS OF THE  ASSEMBLY  COMMITTEES  ON  WAYS  AND
 MEANS AND ON HOUSING AND SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPART-
 MENT'S WEBSITE.
   § 6. Subdivision (y) of section 1511 of the tax law, as added by chap-
 ter  472 of the laws of 2010, subparagraph (A) of paragraph 1 as amended
 by section 5 of subpart B of part I of chapter 59 of the laws  of  2023,
 paragraph 3 as amended by section 3 of part RR of chapter 59 of the laws
 of  2018, paragraph 4 as amended by section 4 of part F of chapter 59 of
 the laws of 2013, paragraph 5 as amended by section 3 of part U of chap-
 ter 59 of the laws of 2019, and paragraph 6 as added  by  section  3  of
 part CCC of chapter 59 of the laws of 2021, is amended and two new para-
 graphs 7 and 8 are added 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, a taxpayer, OR AN ELIGIBLE
 TRANSFEREE AS DESCRIBED IN ARTICLE FOURTEEN-A OF THE  PARKS,  RECREATION
 AND  HISTORIC PRESERVATION LAW, 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, 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
 A. 2711--A                         11
 
 section 47, with respect to a certified historic structure located with-
 in the state. Provided,  however,  the  credit  shall  not  exceed  five
 million  dollars. For taxable years beginning on or after January first,
 two  thousand thirty, a taxpayer, OR AN ELIGIBLE TRANSFEREE AS DESCRIBED
 IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC PRESERVATION
 LAW, 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 internal revenue code section 47(c)(3), deter-
 mined 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 certified historic structure located  within  the  state.    Provided,
 however, the credit shall not exceed one hundred thousand dollars.
   (B)  If the taxpayer OR TRANSFEREE is a partner in a partnership, then
 the cap imposed in subparagraph (A) 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  ELIGIBLE  TRANSFEROR
 DESCRIBED  IN  ARTICLE  FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION LAW 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)  [Except  in the case of a qualified rehabilitation project under-
 taken within a state park, state historic site, or other land  owned  by
 the state, that is under the jurisdiction of the office of parks, recre-
 ation  and  historic  preservation,  to]  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  information  about  the change was released will remain
 eligible for a credit under  this  subdivision  for  an  additional  two
 A. 2711--A                         12
 
 calendar years. THE ELIGIBILITY RESTRICTIONS SET FORTH IN THIS PARAGRAPH
 SHALL  NOT BE APPLICABLE IF A QUALIFIED REHABILITATION PROJECT IS UNDER-
 TAKEN:
   (A)  WITHIN  A STATE PARK, STATE HISTORIC SITE, OR OTHER LAND OWNED BY
 THE STATE, THAT IS UNDER THE JURISDICTION OF THE OFFICE OF PARKS, RECRE-
 ATION AND HISTORIC PRESERVATION, OR;
   (B) 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 OR QUASI-GOVERNMENT ENTITY, INCLUDING
 AN INDUSTRIAL DEVELOPMENT AGENCY, 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
 AFFORDABILITY  REQUIREMENTS  APPLICABLE  FOR  A  PERIOD OF NOT LESS THAN
 THIRTY YEARS AND THAT IS BINDING ON ALL SUCCESSORS OF THE TAXPAYER.
   (6) For purposes of this subdivision "small project"  means  qualified
 rehabilitation  expenditures  totaling two million five hundred thousand
 dollars or less.
   (7) (A) THE CREDIT ESTABLISHED BY THIS SUBDIVISION MAY BE  TRANSFERRED
 AS SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS, RECREATION AND HISTORIC
 PRESERVATION  LAW  WITHOUT  REGARD  TO AND IN A SEPARATE MANNER FROM ANY
 FEDERAL REHABILITATION CREDIT THAT MAY BE ALLOCATED WITH  RESPECT  TO  A
 CERTIFIED  HISTORIC  STRUCTURE UNDER SECTION FORTY-SEVEN OF THE INTERNAL
 REVENUE CODE.
   (B) WITH RESPECT TO AN ELIGIBLE HOUSING REHABILITATION PROJECT THAT IS
 SUBJECT TO A LEASE ARRANGEMENT WHEREBY A LANDLORD  TAXPAYER  AND  TENANT
 TAXPAYER  EACH  OWN  AN  INTEREST IN THE ELIGIBLE HOUSING REHABILITATION
 PROJECT OR IN AN ENTITY WITH AN OWNERSHIP INTEREST IN THE ELIGIBLE HOUS-
 ING REHABILITATION PROJECT AND THE LANDLORD TAXPAYER ELECTS TO PASS  THE
 FEDERAL REHABILITATION CREDIT THROUGH TO SUCH TENANT TAXPAYER, THE LAND-
 LORD  TAXPAYER  MAY  OPT TO RETAIN THE REHABILITATION CREDIT OR MAY PASS
 DOWN THE REHABILITATION CREDIT TO THE  TENANT  TAXPAYER  WHICH  MAY,  IN
 TURN,  TRANSFER  SUCH REHABILITATION CREDIT TO AN ELIGIBLE TRANSFEREE AS
 SET FORTH IN ARTICLE FOURTEEN-A OF THE PARKS,  RECREATION  AND  HISTORIC
 PRESERVATION LAW.
   (C)  THE  REHABILITATION  CREDIT MAY BE TRANSFERRED AS PROVIDED FOR IN
 ARTICLE FOURTEEN-A OF THE PARKS, RECREATION  AND  HISTORIC  PRESERVATION
 LAW.
   (8)  THE COMMISSIONER, IN CONSULTATION WITH THE COMMISSIONER OF PARKS,
 RECREATION AND HISTORIC  PRESERVATION,  SHALL  REPORT  ANNUALLY,  ON  OR
 BEFORE  THE  FIRST  DAY  OF NOVEMBER, ON THE AGGREGATE AMOUNT OF CREDITS
 CLAIMED PURSUANT TO THIS SUBDIVISION ON RETURNS FILED DURING THE PRECED-
 ING CALENDAR YEAR.   SUCH REPORT SHALL  BE  PROVIDED  TO  THE  GOVERNOR,
 TEMPORARY  PRESIDENT  OF  THE SENATE, SPEAKER OF THE ASSEMBLY, CHAIRS OF
 THE SENATE COMMITTEES ON FINANCE AND ON HOUSING, CONSTRUCTION AND COMMU-
 NITY DEVELOPMENT, AND CHAIRS OF THE  ASSEMBLY  COMMITTEES  ON  WAYS  AND
 MEANS AND ON HOUSING AND SHALL BE MADE PUBLICLY AVAILABLE ON THE DEPART-
 MENT'S WEBSITE.
   § 7. This act shall take effect immediately and shall apply to taxable
 years commencing on and after January 1, 2026.