Tax News

CCH (cch.taxgroup.com) reports:

  Gov. David A. Paterson signed legislation amending the New York State historic preservation tax credit, available against the corporate and personal income tax. The rehabilitation tax credit program provides incentives to developers, municipalities, businesses and residents to make investments in distressed areas by rehabilitating historic properties that are listed on the State and National Registers of Historic Places. For qualified historic properties, the amended credit will

  -- gradually increase over five years the cap on the commercial credit value from $100,000 to $5 million and the residential credit value from $25,000 to $50,000;

  -- target the credit in "distressed areas" (those located within a Census tract identified at or below 100% of the median family income);

  -- increase the share of qualified rehabilitation costs that commercial property owners can claim for the credit from 6% to 20%; and

  -- offer the preservation tax credit as a rebate for lower income homeowners.

The program will apply to taxable years beginning on or after January 1, 2010, and will sunset in five years on December 31, 2014.

A.B. 9023, Laws 2009, effective July 29, 2009 and applicable as noted