New York S 4267: Establishes the historic preservation tax credit transfer program

Bill Text

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S04267 Summary:

BILL NOS04267 

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SAME ASNo Same As

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SPONSORKAVANAGH

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COSPNSRMAY, SERRANO

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MLTSPNSR

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Add Art 14-A §§14.15 - 14.21, amd §14.05, Pks & Rec L; add §50, amd §§210-B, 606 & 1511, Tax L

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Establishes the historic preservation tax credit transfer program to provide flexibility and incentives for businesses which rehabilitate historic properties to further promote the development of affordable housing.

Go to top S04267 Actions:

BILL NOS04267 

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02/03/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

04/27/2026RECOMMIT, ENACTING CLAUSE STRICKEN

Go to topS04267 Committee&nbspVotes:

Go to topS04267 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04267 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4267

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sens. KAVANAGH, MAY, SERRANO -- read twice and ordered
 printed, and when printed to be committed to the Committee on Budget
 and Revenue

 AN ACT to amend the parks, recreation and historic preservation law and
 the tax law, in relation to establishing the historic preservation tax
 credit transfer program

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The parks, recreation and historic preservation law is
 2 amended by adding a new article 14-A to read as follows:
 3 ARTICLE 14-A
 4 HISTORIC PRESERVATION TAX CREDIT TRANSFER PROGRAM
 5 Section 14.15 Short title.
 6 14.16 Statement of legislative findings and declaration.
 7 14.17 Definitions.
 8 14.18 Eligibility criteria.
 9 14.19 Allowance of credit, amount and limitations.
 10 14.20 Historic preservation tax credit transfer.
 11 14.21 Powers and duties of the commissioner.
 12 § 14.15 Short title. This article shall be known and may be cited as
 13 the "historic preservation tax credit transfer program".
 14 § 14.16 Statement of legislative findings and declaration. It is here-
 15 by found and declared that New York state needs, as a matter of public
 16 policy, to provide flexibility and incentives for businesses which reha-
 17 bilitate historic properties to further promote the development of
 18 affordable housing.
 19 § 14.17 Definitions. For the purposes of this article:
 20 1. "Certificate of historic preservation tax credit transfer" means
 21 the document issued by the department to an eligible transferee and
 22 eligible transferor, as appropriate. The certificate shall specify the
 23 exact amount of the tax credit under this article that an eligible

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05714-02-5

 S. 4267 2

 1 transferee may claim and the percentage of the total credit that an
 2 eligible transferor has forfeited pursuant to this article.
 3 2. "Commissioner" shall mean commissioner of parks, recreation and
 4 historic preservation.
 5 3. "Department" shall mean the department of parks, recreation and
 6 historic preservation.
 7 4. "Eligible project" shall mean a project allowed rehabilitation
 8 credit and low-income housing tax credit, as determined by the depart-
 9 ment and division of community housing and renewal, respectively, and
 10 for which an eligible transferor may transfer a rehabilitation credit.
 11 5. "Eligible transferee" shall mean a taxpayer which meets the eligi-
 12 bility criteria set forth in section 14.18 of this article. A non-profit
 13 intermediary may also be an eligible transferee for purposes of this
 14 article.
 15 6. "Eligible transferor" shall mean the taxpayer subject to tax under
 16 article nine-A, twenty-two, or thirty-three of the tax law which is
 17 allowed a rehabilitation credit in accordance with this chapter and
 18 meets the eligibility criteria set forth in section 14.18 of this arti-
 19 cle. A non-profit intermediary may also be an eligible transferor for
 20 purposes of this article.
 21 7. "Federal rehabilitation credit" means the federal tax credit that
 22 may be allocated with respect to a certified historic structure under
 23 section forty-seven of the internal revenue code.
 24 8. "Historic preservation ta