New York State Historic Tax Credit extended through 2024
April 20, 2018
Earlier this year, New York Governor Andrew Cuomo proposed a budget that not did not extend the NY State Historic Tax Credit and also proposed delaying payments on certain projects for up to three years. Thanks to the advocacy efforts of preservation organizations and strong public support, the tax credit was reintroduced in the Assembly and the Senate budgets and was included in the final version of the budget. The state tax credit has been extended through December 31, 2024 and decoupled from the Federal Historic Tax Credit so that credits may be taken in one tax year as opposed to over five years (a change that was made in the 2017 federal budget negotiations). The final state budget also excluded the Governor’s proposed deferral of tax credits over $2 million. Tax credits are a powerful tool for incentivizing historic preservation projects, especially when state credits are coupled with the federal credit.
“Historic Tax Credit Program Extended in State Budget,” Spectrum Buffalo News, April 2, 2018.
Preservation League of New York State Advocacy Updates