Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit.

New York A10366 amends the tax law and parks, recreation and historic preservation law to establish the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program. This applies to qualified rehabilitation expenditures totaling fifty million dollars or more for a certified historic structure that has been vacant for at least ten of fifteen consecutive years. The bill defines "white elephant project" and "phase II housing project," sets credit limitations, and outlines the process for credit transfers.

Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit.

New York A10366 amends the tax law and parks, recreation and historic preservation law to establish the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program. This applies to qualified rehabilitation expenditures totaling fifty million dollars or more for a certified historic structure that has been vacant for at least ten of fifteen consecutive years. The bill defines "white elephant project" and "phase II housing project," sets credit limitations, and outlines the process for credit transfers.