New York Historic Preservation Tax Credit

[Jon Fletcher]

Am I the only one confused by New York State's Historic Tax Credit? According to the website for 'Parks, Recreation & Historic Preservation', the credit has been increased to 30% for buildings placed in service after January 31st, but New York State Tax Form IT-238 repeatedly states that the credit is worth 100% of the approved Federal Credit, which is only 20%. Thoughts on this contradiction from anyone familiar with the process?

https://parks.ny.gov/shpo/tax-...

New York State Historic Preservation Tax Credit Program for Income Producing Properties

• Owners of income producing properties that have been approved to receive the 20% federal rehabilitation tax credit can additionally claim a state tax credit if the property is located in a qualifying census tract.
• Owners can receive an additional state credit of 20% or 30% of the qualified rehabilitation expenditure up to $5,000,000.
• For the 30% credit, the placed-in-service date must be after January 1, 2021, and the total QREs cannot exceed $2.5 million.