Program Overview

New York State Historic Commercial Properties Tax Credit (“NYSTC”) is available for income-producing buildings which are determined a “qualified historic structure” by the NYSHPO and which are substantially rehabilitated and determined a certified rehabilitation by the NYSHPO. Under the New York tax credit program, 20 percent of the QRE’s is returned to the owner in the form of a dollar-for-dollar credit on state income taxes up to a per project cap of $5,000,000. To qualify the project must be in a Federal Census Tract that is at 100% or below the State Family Median Income level or identified as a Qualified Census Tract (QCT) as defined in section I43(J) of the Internal Revenue Code or an area designated as an Area of Chronic Distress. Successful certification of the completed project by the NPS and securing subsequent tax benefits is dependent upon rehabilitation work that meets the Secretary of the Interior’s Standards for Rehabilitation.

The program sunsets in 2024.


Who can use the credit?

The credit is taken in the year the SHPO approves the completed work. If the credit is more than the income tax for that year, unused state tax credits will become refundable.


Other programs

New York State HIstoric Barns Tax Credit

The Historic Barns Tax Credit provides an income tax credit of 25 percent of eligible expenses for the substantial rehabilitation of any historic barn in the state. The credit was implemented to help preserve the historic barns of New York’s landscape. The barn must either be listed on the New York State or National Register of Historic Places or have been built or placed in agricultural service prior to 1936.


Featured projects

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Metropolitan Life Tower

New York, NY
Hotel

Client:
Built: 1906-1909
Project Costs: $211 million
HTC equity: $ million

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The Algonquin

Saratoga springs, NY
Housing

Client:
Built: 1892
Project Costs: $9 million
HTC equity: Over $ million


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