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New York Clarifies Application of HTC on Per-Structure Basis

Monday, July 1, 2024 - 12:05PM

The New York State Department of Taxation and Finance ruled last month that the $5 million cap on the federal historic rehabilitation tax credit (HTC) applies on a per-structure basis. The state issued a technical memorandum noting that requiring multiple structures be submitted on one application is "irrelevant." The department relies on the New York State Office of Parks, Recreation and Historic Preservation (OPRHP) to determine separate historic structures eligible for the credit.

Learn more about the HTC at the Novogradac 2024 Historic Tax Credit Conference Oct. 10-11 at the InterContinental Kansas City at the Plaza in Kansas City, Missouri.

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