Establishes the white elephant housing historic rehabilitation projects tax credit program

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

• Democratic21
• Republican2

This bill has cosponsors from more than one party.

Shown in neutral colors by design; Agora is non-partisan.

◆ The sponsor's argument

Why April Baskin says this is needed

ACROSS THE STATE THE LANDSCAPE IS DOTTED WITH BEHEMOTH "WHITE ELEPHANT" PROJECTS, LIKE THE CENTRAL WAREHOUSE IN ALBANY, THE MILL IN VICTORY MILLS, THE RICHARDSON COMPLEX AND THE CENTRAL TERMINAL IN BUFFALO, THE MASSEY-FERGUSON COMPLEX IN BATAVIA, AND THE NY CENTRAL POWER PLANT IN YONKERS. THESE BUILDINGS HAVE LONG SAT VACANT AS THEY SLOWLY DETERIORATE FROM NEGLECT. TOO EXPENSIVE TO DEMOLISH AND TOO EXPENSIVE TO REHAB. THIS BILL SEEKS TO PROVIDE A TOOL TO BREATHE NEW LIFE INTO THESE BUILDINGS WHOSE PRESENCE IS PART OF THE HISTORY OF NEW YORK AND OF THEIR COMMUNI- TIES, AND FURTHER TO ENCOURAGE THEIR REHABILITATION AS NEW AND AFFORDA- BLE HOUSING. THIS EXTENSION OF THE EXISTING HISTORIC PRESERVATION TAX CREDIT IS A 20% CREDIT FOR PROJECTS WITH A MINIMUM OF $50 MILLION IN QUALIFIED REHABILI- TATION EXPENDITURES, CAPPED AT FIFTEEN MILLION DOLLARS. ACCORDING TO THE STATE HISTORIC PRESERVATION OFFICE, THERE ARE 35 BUILDINGS THAT WOULD BE OF SUFFICIENT SIZE TO MAKE USE OF THIS NEW EXTENDED CREDIT. DUE TO ITS SIZE, THIS CREDIT WOULD NEED TO BE CLAIMED OVER A FIVE-YEAR PERI- OD AT 20% PER YEAR, RESULTING IN A MAXIMUM FISCAL IMPACT OF $3M MILLION PER PROJECT PER YEAR FOR EACH OF FIVE YEARS. IF THE "WHITE ELEPHANT" PROJECT IS ALSO A HOUSING PROJECT THAT QUALIFIES FOR LOW-INCOME HOUSING TAX CREDITS, THEN THE HISTORIC REHABILITATION CREDITS WILL PROVIDE ADDITIONAL FLEXIBILITIES TO FURTHER AID IN THE FINANCING OF THE PROJECT: CREDITS WOULD BE TRANSFERABLE (ONE-TIME) TO TAXPAYERS NOT ASSOCIATED WITH THE PROJECT AND THE REQUIREMENT THAT THE PROJECT BE IN A QUALIFYING CENSUS TRACT WOULD BE LIFTED.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.