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Bill

A 2711

Establishes the historic preservation tax credit transfer program

2025 Regular Session Introduced by Sarah Clark and 8 co-sponsors

Creates a Historic Preservation Tax Credit Transfer Program to sell or assign state rehab credits, unlocking capital for projects by monetizing credits for owners and investors.

PRINT NUMBER 2711B
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Bill Summary · A 2711

Summary — A.2711 (Print 2711B) — “Historic Preservation Tax Credit Transfer Program”

Status and sponsors
- Bill number: A.2711 (Print 2711B). Introduced January 22, 2025. Referred to the Assembly Committee on Tourism, Parks, Arts and Sports Development; amended and recommitted (print numbers A2711A and A2711B) on 2025-02-20 and 2025-04-07.
- Primary sponsor: Assemblymember Carrie Woerner. Cosponsors include John T. McDonald III, MaryJane Shimsky, Linda Rosenthal, Joe DeStefano, Maritza Davila, John Zaccaro Jr., Paula Kay, and Sarah Clark.
- Companion bill: S.4267 (Senate companion).

Purpose / intent
- The bill would create a statutory program that allows historic preservation tax credits to be transferred (sold or assigned) to other taxpayers. The principal intent is to enable owners or developers of certified historic rehabilitation projects to monetize otherwise non‑refundable state historic rehabilitation tax credits by transferring them to third‑party taxpayers, thereby unlocking capital to support rehabilitation of historic properties.

Key provisions (overview)
Note: full text of the bill is not provided here. The following summarizes the program concepts indicated by the bill title and committee actions and describes the typical elements such a transfer program would include:

  • Establishes a “Historic Preservation Tax Credit Transfer Program” permitting credit holders to transfer some or all of eligible historic rehabilitation tax credits to other taxpayers.
  • Defines eligible projects and credits: credits would apply to qualifying rehabilitation expenditures on properties meeting the statute’s historic certification requirements (e.g., certified by the State Historic Preservation Office or equivalent).
  • Transfer mechanics: sets procedures for assignment or sale of credits, likely including (a) documentation and certification requirements, (b) approval/registration with the administering agency, and (c) limits on the portion of a credit that can be transferred.
  • Administration and oversight: assigns administration and rulemaking authority to a specified state agency or agencies (commonly the historic preservation office and the state department of taxation), including application forms, deadlines, and recordkeeping.
  • Anti‑abuse and recapture provisions: typical programs include safeguards (recapture or clawback if rehabilitation fails to meet standards, restrictions on transfers within certain time windows, and penalties for fraud).
  • Reporting and fiscal monitoring: requires reporting of transfers and may require authorization for annual program caps, if included.

Who would be affected
- Property owners and developers of historic rehabilitation projects who hold state historic rehabilitation tax credits — they could convert credits into cash by transferring them to other taxpayers.
- Investors and businesses with New York state tax liability — they would be potential buyers of credits and could reduce their tax liability by purchasing credits.
- State agencies — would be responsible for program administration, certification, monitoring and enforcement.
- State budget/finance — transferability increases the liquidity and attractiveness of credits to project owners, potentially accelerating rehabilitation activity; it also affects state revenue timing and administration (because tax revenue is reduced when credits are used).

Potential impacts
- Benefits: Improves financing options for historic rehabilitation projects by enabling monetization of credits, encourages adaptive reuse and preservation, and can stimulate private investment and local economic activity (construction jobs, property tax base improvements).
- Tradeoffs/risks: Transferability may reduce near‑term state tax receipts (depending on program design), requires administrative capacity to certify transfers and prevent abuse, and may include costs or fees to administer the transfer process.
- Practical effects will depend on program details (credit percentages, caps, allowable transfer amount, fees, recapture rules) which should be reviewed in the bill text.

Procedural / timeline notes
- The bill has proceeded through committee consideration and has been printed in amended form as A2711A and A2711B. Further committee action, floor consideration, and companion consideration in the Senate (S.4267) would be necessary for enactment. Specific effective dates and retroactivity (if any) would be specified in the bill text.

Where to read the bill
- For full statutory language, fiscal notes, and amendment text consult the New York State Assembly and Senate legislative websites (search A.2711 / Print 2711B and S.4267). The full bill text will contain definitive details on eligibility, percentages, caps, administrative duties, and anti‑abuse measures.

Compiled from official sources — confirm details with the bill’s official record.

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