Friday, January 12, 2007

NYS Legislation for State Tax Credit of Residential and Commercial Buildings

Date: Fri, 12 Jan 2007 06:58:44 EST
Subject: NYS Legislation for State Tax Credit of Residential and Commercial Buildings

Good morning everyone,Attached is the legislation. This is great news and perhaps a formal distribution and letter should be sent out by community boards. I don't know the right answer but this will help communities talk with property owners about building improvements, maintenance and preservation.


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Information on the NYS

Commercial and Residential Historic Preservation Tax Credit Programs

Chapter 547 of the Laws of 2006

As a result of the advocacy of the Preservation League, Colleague organizations, and municipalities across New York State, Governor George Pataki has signed New York State's first-ever tax incentives for rehabilitation of historic commercial and residential structures. The legislation was sponsored by Assemblymember Ron Canestrari and Senators Vincent Leibell, Frank Padavan, and Catherine Young, and received a near-unanimous vote of support in the New York State Assembly and Senate.

Upon the Governor's signature, the State Historic Preservation Office (SHPO) in the Office of Parks, Recreation and Historic Preservation (OPRHP) assumes responsibility for program implementation, which will take effect January 1, 2007. Until more specific program information and materials are available from OPRHP, refer to the legislative language (A.11987 / S. 8392) for basic details about the program.

The NYS tax incentive for historic commercial (income producing) properties will complement the existing Federal Historic Preservation Tax Incentive program (aka, the Investment Tax Credit or ITC). National Register-listed (or NR-eligible properties with a commitment to list) commercial properties that have been approved to receive the 20% federal rehabilitation credit now qualify for the additional New York State credit, covering 30% of the federal credit value, up to $100,000 per project. Further details and program materials will be forthcoming from SHPO.

The historic residential properties program authorized by this legislation is for State and National Register-listed, owner-occupied residential structures, limited to such structures located in distressed census tracts, defined as a "targeted areas" under section 143(j) of the Internal Revenue Code (IRC). The New York State Income Tax credit will cover 20% of qualified rehabilitation costs of residential structures, up to a credit value of $25,000. Use of the residential program will also require a municipal resolution identifying the area(s) where the tax credit is authorized for use, as well as adoption of a historic preservation and community renewal plan. The specifics of these requirements will be determined by OPRHP during program development.

A list of census tracts qualified for the distressed "targeted areas" of the residential program is available from the State of New York Mortgage Agency. This list is sorted by county and municipality. These census tracts can be located at a website maintained by the Department of Housing and Urban Development (HUD), and assessed at street level. No overlay of State or National Register districts or listings is available at this site.

Further information about State and/or National Register of Historic Places programs and listings in New York State, contact the appropriate State/National Register staff at the State Historic Preservation Office.

To receive information about program developments related to either the commercial or residential programs, please contact Daniel Mackay, Director of Public Policy at the Preservation League of New York State.

(See back of page for web links for the hypertext above.)

Hypertext Links:

1: State Historic Preservation Office: (518-237-8643)

2: Tax credit bill language:

3: Federal Historic Preservation Tax Incentive Program:

4: Section 143 (j), Internal Revenue Code:

5: NYS Census Tracts qualified as distressed:

6: HUDS website for census tract mapping:

7: State and National Register of Historic Places:

8: State and National Register and Technical Assistance Staff at SHPO: (518-237-8643)

9: Email for Daniel Mackay, Preservation League of NYS:

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