The New York State Assembly and Senate have passed legislation (A. 9110/S. 6134) that increases the maximum amount of state historic tax credits that may be awarded to any one project from $5 million to $12 million, and encourages the revitalization of large historic properties across the state. The legislation maintains the state historic preservation tax credit rate at 20% credit while raising the maximum award to $12 million, a change likely to increase the number, size, and complexity of properties rehabilitated under the program. The bill, sponsored by Senator Mark Grisanti (R-North Buffalo) and Assemblyman Steve Englebright (D-Setauket), is expected to be signed by New York Governor Andrew Cuomo.
Click here to read the legislation.