S 6021 New York Senate · 2025 Regular Session

Establishes the white elephant housing historic rehabilitation projects tax credit program

Summary

Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant, as determined by local code enforcement or other reasonable means, for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit.

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2025

Committee Review

Floor Vote

Governor

Introduced Mar 4, 2025 Last action May 27, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

S6021A → S6021B · 6 edits

MODERATE

The bill was re-introduced with additional sponsors and has undergone significant procedural changes, being re-committed to the committee twice before discharge. Substantively, the text re-introduces the provision allowing a 100% state tax credit for 'white elephant' historic preservation projects, which was previously removed in the earlier version. The credit caps for these specific projects remain at $15 million, while standard historic structure credits remain at $100,000.

Scope change

The bill's scope regarding the specific tax credit provisions remains unchanged from the previous version, as the removed text was re-inserted in the new version.

PROCEDURAL

Added eight new sponsors to the bill (Comrie, Fahy, Gallivan, May, Rolison, Sutton, and Zellner), expanding the coalition of legislators supporting the measure.

Changed the legislative history to reflect that the bill was re-committed to the Committee on Budget and Revenue twice before being discharged, indicating a period of review and amendment.

Removed the specific legislative history line item for the previous version (S 6021--A), replacing it with the new version's history (S 6021--B).

TECHNICAL

Updated the internal document reference number from LBD10242-03-6 to LBD10242-06-6 to reflect the new version of the bill.

Re-inserted the substantive text regarding the 100% tax credit for 'white elephant' projects, which had been deleted in the previous version, restoring the ability to claim up to $15 million in credits for such projects.

Re-inserted the text defining the credit caps for standard historic structures ($100,000) and white elephant projects ($15 million), ensuring the financial thresholds are active in this version.

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 27, 2026

Upper · Passed

PRINT NUMBER 6021B

upper

May 27, 2026

Upper · Passed

AMEND AND RECOMMIT TO BUDGET AND REVENUE

upper

Feb 26, 2026

Upper · Passed

PRINT NUMBER 6021A

upper

Feb 26, 2026

Upper · Passed

AMEND AND RECOMMIT TO BUDGET AND REVENUE

upper

Jan 7, 2026

Committee

REFERRED TO BUDGET AND REVENUE

upper

Mar 4, 2025

Committee

REFERRED TO BUDGET AND REVENUE

upper

1 primary · 10 co-sponsors