The New York State Senate and Assembly recently passed, and Governor Cuomo signed into law, a state budget bill (Senate Bill 2609D) that extends the state historic rehabilitation tax credit program through 2020. In addition to an extension of the credit, SB 2609D provides a 20 percent state tax credit and a $5 million project cap for commercial rehabilitations completed by 2020 and makes the credit refundable beginning in year 2015. After 2020, the tax credit will revert to the pre-2010 6 percent and the per-project value would be reduced to $100,000. This bill takes effect immediately and applies to taxable years beginning on and after January 1, 2013.

Click here to read SB 2609D.