New York Historic Rehabilitation Tax Credit for Commercial Properties

New York Historic Rehabilitation Tax Credit for Commercial Properties Summary

  • Applicable against corporate, bank, insurance premium, and individual income tax liability.
  • May offset 100% of taxpayer’s liability
  • Credits can be carried forward indefinitely for projects placed in service before 2015
  • Unused credits are refundable for projects placed in service on or after 2015
  • Follows the rules for federal credit recapture.
  • Credits capped at $5 million
  • Must meet all requirements of Federal Rehabilitation Tax Credit program.