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New York Budget Includes Provision for ‘Small Project’ HTC Worth 150% of Federal Credit

Tuesday, April 20, 2021 - 5:45AM

Budget legislation signed today by Gov. Andrew Cuomo allows developers of small historic tax credit (HTC) projects to receive a state credit worth 150% of the federal credit. S. 2509 enacts legislation introduced separately earlier this year and defines “small project” as a property with qualified rehabilitation expenditures (QREs) of $2.5 million or less. The change applies to taxable years beginning Jan. 1, 2022, through Jan. 1, 2025.

For news about state and federal HTC properties, as well as expert analysis on a range of affordable housing and community development tax incentives, subscribe to the Novogradac Journal of Tax Credits.

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