In early 2018, Governor Andrew Cuomo introduced a budget making significant cuts in an attempt to close a multi-billion budget deficit. Among these cuts was a deferral of the New York State Commercial historic tax credit, along with other business tax credits.  Upstate state senators and assemblypersons, having seen the transformative impact of historic tax credits on their communities, not only eliminated the deferral but extended the credit for five years and ensured it will be available in its entirety after the project is placed in service.

You can read our full writeup on the situation, published on this February.

Richard Rogers
Associate Attorney

Borrelli & Yots

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CIRCULAR 230 DISCLOSURE: Unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.