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New York Historic Rehabilitation Tax Credit Expanded

New York Governor David A. Paterson signed into law on July 29, 2009 a measure increasing the value of rehabilitation tax credits available to developers and investors for residential and commercial properties, and allowing the state to target reinvestment to distressed communities. The legislation increases the cap on commercial credit value from $100,000 to $5 million; and increases the residential credit value from $25,000 to $50,000. Availability of the credit is limited to “distressed” areas, which are defined as being located within a Census tract identified at or below 100% of the median family income. The percentage of qualified rehabilitation costs that can be claimed for the credit is increased from 6% to 20%. The credit is made assignable, transferable, and conveyable within business partnerships. In addition, the credit is made available as a rebate. The legislation is applicable to taxable years beginning on or after January 1, 2010, and expires December 31, 2014. However, the credit will be applied to any rehabilitation project commenced on or before December 31, 2014.

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