Senator Velmanette Montgomery joins Senator David Valesky, Senator Marisol Alcantara, Senator Fred Akshar, Senator Tony Avella, Senator Patrick Gallivan, Senator Martin Golden, Senator Joseph Griffo, Senator Jesse Hamilton, Senator Terrence Murphy, Senator Robert Ortt, Senator Diane Savino and Senator James Seward to call on legislative leaders to include the extension and decoupling of the historic preservation tax credis in the Senate's 2018-2019 one-house budget proposal. Though the State Historic Tax Credits are set to expire in 2019, immediate action is needed to protect the tax credit from any tax changes at the federal level.
Since their inception, the Historic Commercial Properties Tax Credit and the Historic Homeownership Rehabilitation Tax Credit have been key tools in attracting investment to communities and driving economic development while preserving distinguishable architecture and historic buildings that are unique to New York.
The New York State Historic Homeowner Tax Credit Program will cover 20% of qualified rehabilitation costs of owner-occupied historic houses, up to a credit value of $50,000. The NYS Historic Commercial Properties Tax Credit will cover up to 20% of qualified rehabilitation costs up to a credit value of $5 million. The 20% Federal Historic Preservation Commercial Tax Credit can be combined with the NYS Historic Commercial Tax Credit to cover 40% of qualified rehabilitation expenditures.
This program requires that the building be individually listed in the State or National Register of Historic Places, or in a listed historic district. For the NYS historic tax credits, the building must be located in a qualifying census tract, and must meet the spending thresholds for each program, $5,000 for the NYS Historic Homeowner and $100,000 or 100% of the property’s adjusted basis for the NYS and Federal Commercial credit.
The joint letter notes:
As part of the extension of the State Historic Tax Credits, there is an urgent need to decouple them from the Federal Historic Tax Credit and protect the value of the State Historic Tax Credits to maintain the important revitalization of communities all over the State.
To read a copy of the full letter, download the PDF.
To learn more about the Historic Commercial Properties Tax Credit and the Historic Homeownership Rehabilitation Tax Credit, visit: