NY Taxation Department: Historic Office Ruling on Census Tract is Binding

Tuesday, August 15, 2017 - 11:00am

The New York Department of Taxation and Finance issued an advisory opinion that a decision by the state Office of Parks, Recreation and Historic Preservation that a building is in an eligible census tract for the state commercial historic rehabilitation tax credit (HTC) program is controlling and will be followed by the department. The property in question was approved for renovation, but the investor in the tax credits noted that the median family income for the census tract was higher than the statewide median, which prompted questions about the taxpayer’s eligibility for the tax credit. The opinion confirmed the authority of the Office of Parks, Recreation and Historic Preservation to determine eligibility.