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New York Bill Would Extend HTC Sunset Date, Create Options for ‘White Elephant’ Projects

Thursday, February 9, 2023 - 8:15AM

Legislation in the New York Senate would extend the state historic tax credit (HTC) by 10 years and add an exception to the maximum allocation amount for “white elephant” projects that have at least $50 million in qualified rehabilitation expenditures (QREs) and have been vacant for at least 10 of the past 15 years. Under S.B. 4174, the HTC sunset date would change the end of 2025 to the end of 2035. The bill would also allow an increase in the per-project cap for white elephant projects from $5 million to $15 million and add multiple ways that subsequent phases of such projects would be eligible for the HTC. The legislation would allow white elephant projects that are also qualified low-income housing projects to be eligible for the HTC whether or not they are located in an eligible census tract.

The Novogradac Introduction to Historic Tax Credits booklet provides the basics on federal and state HTCs.

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