State Tax Credit Investments
New York Low Income Housing Tax Credit Summary
- Modeled after the federal low income housing credit program.
- Provides a dollar-for-dollar reduction in state taxes to investors in qualified low-income housing.
- 15-year compliance period to avoid recapture.
- The tax credits may be used by the investor annually for the initial 10 years of the project.
- The property must remain in service for 15 years, after which the corporation formed may seek refinancing and/or transfer the project to the nonprofit partner/developer.
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.