The statutory cap of $5,000,000 in total credit in the NYS historic tax credit program applies separately for each certified historic structure contained within a multi-building property. For more details go to our website:

On June, 26 2024, the New York State Department of Taxation and Finance issued Technical Memorandum TSB-M-24(1)C, (1)I regarding the application of the statutory cap of $5,000,000 in total credit on its state historic tax credit program. The Technical Memorandum clarified that the statutory cap applies separately for each certified historic structure contained within a multi-building property. For purposes of this analysis, the term certified historic structure comports to the definition contained in IRC §47(c)(3).

This ruling sought to clarify confusion that existed when multiple structures were “aggregated on a single application and assigned a single project number.”  This was deemed to be “irrelevant” to the analysis of the number of certified historic structures that exist within a multi-building property.  New York will rely upon its Office of Parks, Recreation, and Historic Preservation’s determination of the number of buildings to be treated as separate certified historic structures.

While this ruling dealt specifically with the $5,000,000 maximum credit per structure, it would seem appropriate that the same rational for determining the number of certified historic structures would also be applicable for New York’s “small project” 30% historic credit allowed for structures with total qualified rehabilitation expenditures of $2,500,000 or less.

As always, please contact the Firm with any questions.