Advocacy Update: Expanding the NYS Rehabilitation Tax Credit programs IPED/Using Tax Credits in New York City New York, New York June 24, 2009 The Preservation.

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Presentation transcript:

Advocacy Update: Expanding the NYS Rehabilitation Tax Credit programs IPED/Using Tax Credits in New York City New York, New York June 24, 2009 The Preservation League of New York State

Expanded Rehabilitation Tax Credit: Fiscal and Economic Impact Analysis (Preliminary) Gross Credit Costs to NYS Net Credit Costs to NYS Direct Economic Activity Secondary Economic Activity Total Economic Output Total Employment $52 million$40 million$305 million$205 million$510 million2000 employees Total economic and fiscal impacts of five-year program. Direct costs offset by sales, personal income and business income taxes. Total benefit ratio of almost $13 – $1. Projected 80% total increase in rehabilitation activity

Expanded Rehabilitation Tax Credit: Commercial Property Program Chapter 547 (Existing program) Assembly/Senate Bill A.6471/S.2960 Assembly/Senate Bill A.9023/S.6056 AvailabilityStatewideDistressed census tracts at or below 100% State Median Family Income (SMFI) Same Qualified BuildingsNational Register Same Credit Rate:30% of federal credit value (6% credit rate) 100% of federal credit value (20% credit rate) Same Credit Cap:$100,000$5 millionSame Transferability:Credit allocation only to entity receiving the federal credit Specified unrestricted allocation of credit within business partnership (Subsection 3) Allows credit to any person, firm, partnership, limited liability company, corporation or other business entity Effective Date:Current programJanuary 1, 2010Same SunsetNoneDecember 31, 2014Same

Expanded Rehabilitation Tax Credit: Residential Property Program Senate/Assembly Bill A.6471/S.2960 Senate/Assembly Bill A.9023/S.6056 AvailabilityCensus tracts at or below 100% State Median Family Income (SMFI) Same Qualified BuildingsNational & State RegisterSame Credit Rate:20% of qualified rehabilitation costs Same Credit Cap:$50,000Same Rebate Provision:Credit can be taken as rebate for those earning <$60,000 Same Effective Date:January 1, 2010Same Sunset:December 31, 2014Same

A.9023/S % of Upstate Census Tracts are eligible for proposed program 19% of Downstate Census Tracts

City of New York Eligible census tracts, as proposed in A.9023/S.5065, vs. current program: Bronx: 140 > 270 census tracts Brooklyn: 120 > 540 census tracts New York: 59 > 137 census tracts Queens: 13 > 300 census tracts Staten Is.: 3 > 24 census tracts

Rehabilitation Stimulus Program: A.9023 (Hoyt)/S.6056 (Valesky) Advocacy Statewide, bi-partisan support at county, mayoral and legislative levels; established Re-Invest NY Partnership Economic and fiscal impact study of legislations impacts near completion (HR&A). A.9023 passed Assembly early Tuesday, June 23 rd – S.6056 introduced in Senate Tuesday afternoon Seeking Senate bill passage and signature by Governor – significant incremental improvements to program Convene meeting with Governors staff and Tax & Finance with developers and syndicators to resolve transferability language.

Rehabilitation Stimulus Program: A.9023 (Hoyt)/S.6056 (Valesky) Advocacy – Next Steps Call Senate Bill Sponsor David Valesky: We support Senate passage and signature by the Governor, and want to work with you going forward to address transferability issues Call Governor Paterson: Please support Senate passage of S.6506 and sign this legislation to catalyze economic stimulus and community revitalization throughout New York State

Jay A. DiLorenzo President Preservation League of New York State x15