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.
Other states offering historic rehabilitation tax credits
- Alabama
- Arkansas
- Colorado
- Connecticut
- Delaware
- Georgia
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Mexico
- New Jersey
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Pennsylvania
- Rhode Island
- South Carolina
- Texas
- Utah
- Vermont
- Virginia
- West Virginia
- Wisconsin
