Authorizes the pass-through or transfer of credits for historic property rehabilitation.

This bill amends the tax law to allow the pass-through or transfer of credits for the rehabilitation of historic properties. It specifies that the allocation of these credits can be made separately from any federal certified historic tax credit. The bill also mandates annual reporting on the aggregate amount of credits claimed and requires the commissioner to promulgate necessary rules and regulations. The provisions apply to taxable years beginning on and after a specified date.

Authorizes the pass-through or transfer of credits for historic property rehabilitation.

This bill amends the tax law to allow the pass-through or transfer of credits for the rehabilitation of historic properties. It specifies that the allocation of these credits can be made separately from any federal certified historic tax credit. The bill also mandates annual reporting on the aggregate amount of credits claimed and requires the commissioner to promulgate necessary rules and regulations. The provisions apply to taxable years beginning on and after a specified date.