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.
Summary
Bill A02711 establishes a Historic Preservation Tax Credit Transfer Program in New York State, aimed at incentivizing businesses to rehabilitate historic properties while also promoting the development of affordable housing. The bill amends the parks, recreation, and historic preservation law, as well as the tax law, to allow eligible taxpayers to transfer their rehabilitation tax credits to other eligible entities. This transferability is designed to enhance flexibility for businesses engaged in historic preservation projects and to stimulate investment in affordable housing initiatives.
Impact
The bill will significantly impact state laws by introducing a new framework for the transfer of historic preservation tax credits, which can be utilized by businesses involved in the rehabilitation of historic properties. This change is expected to encourage more investment in the preservation of historic sites, thereby contributing to the revitalization of communities and the creation of affordable housing. The program will also require the Department of Parks, Recreation, and Historic Preservation to implement new regulations and maintain records related to the transfer of these credits.
Sentiment
The general sentiment surrounding Bill A02711 appears to be positive, as it aligns with broader goals of historic preservation and affordable housing development. Stakeholders in the tourism and housing sectors have expressed support for the bill, viewing it as a necessary step to facilitate economic growth and community development. However, there may be concerns regarding the implementation and oversight of the program, particularly in ensuring that the credits are used effectively.
Contention
Notable points of contention may arise regarding the eligibility criteria for both transferors and transferees of the rehabilitation credits, as well as the potential for misuse of the program. Critics may argue that the bill could lead to complications in tax administration or that it may not adequately ensure that the rehabilitated properties serve the intended purpose of providing affordable housing. Stakeholders representing various interests, including housing advocates and historical preservationists, may have differing views on how the program should be structured and monitored.
Same As
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.
Individual income tax: credit; state historic preservation tax credit; eliminate. Amends secs. 266a & 676 of 1967 PA 281 (MCL 206.266a & 206.676). TIE BAR WITH: SB 0631'25