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New York Legislation Would Make Small HTC Projects Eligible for State Credit Worth 150% of Federal HTC

Tuesday, February 2, 2021 - 11:45AM

A bill in the New York Assembly would allow developers of small historic tax credit (HTC) projects to receive a state credit worth 150% of the federal credit. A.B. 3670 defines “small project” as a property with qualified rehabilitation expenditures (QREs) of $2.5 million or less. The change would apply to taxable years from Jan. 1, 2022, through Jan. 1, 2025. The New York HTC is worth 20% of QREs.

The 2020 Novogradac Historic Rehabilitation Handbook is a resource for developers, investors and other stakeholders in state and federal HTCs.

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