Final New York FY 2019 Budget Extends State HTC, Rejects Limitation on Tax Credit Claims

Friday, April 6, 2018 - 9:45am

The final New York state fiscal year 2019 budget legislation includes a five-year extension for the state historic tax credit (HTC) and rejects Gov. Andrew Cuomo’s proposal to limit tax credit claims to $2 million per year and defer the ability of taxpayers to claim the balance until 2021. In addition to extending the state HTC through 2024, the legislation allows the state HTC to be taken fully in the first year, a break from the new requirement that the federal HTC be taken over five years; allows HTC projects in qualified census tracts to remain eligible to benefit from that standing for two years after census tract changes; and makes the state low-income housing tax credit (LIHTC) transferable.