Bill to Increase New York Annual HTC Cap Goes to Committee
Legislation in New York to increase the annual cap for the state historic tax credit (HTC) beginning this year was referred this week to the Assembly Ways and Means Committee. A.B. 7298 would increase the annual state cap from $5 million to $7 million this year and to $9 million in 2023 and 2024. New York’s HTC for commercial properties is for 20% of qualified rehabilitation expenditures (QREs). Small projects with QREs of $2.5 million or less can receive a credit worth 150% of the federal credit.
The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.