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News February 2018

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New York state historic tax credit not included in executive budget

February 20, 2018

New York has two historic tax credit programs, one for income-producing properties and one for owners of historic homes. Thirty-four states currently use Historic Tax Credits (HTCs). Alongside the Federal HTC (which was also recently at risk), they are powerful catalysts for historic preservation and economic revitalization. In 2016, New York led the nation in the number of completed projects using rehabilitation tax credit programs and $748 million in investments was generated by the state and federal credit. Unfortunately, both of the state’s HTCs are now at risk. Neither were included in Governor Cuomo’s 2018 Executive Budget released on January 16. Advocacy groups including the Preservation League of New York State and the Landmark Society of Western New York are encouraging individuals to contact their state senators and assembly representatives with two requests: an extension of the NYS Historic Commercial Properties Tax Credit and the NYS Historic Homeownership Rehabilitation Tax Credit through December 2024, and the decoupling of the state tax credit from the federal so that the state credit may be taken in one year instead of spread over five. The state budget is due by April 1. The Landmark Society’s website has a sample letter.

Lever House, photo: Beyond My Ken via Wikimedia Commons