Tax Programs

Biofuel Production Tax Credit

Offered By: U.S. Department of Energy

Biofuel producers in New York State are eligible for a state tax credit of up to $0.15 per gallon of biodiesel (B100) or ethanol produced after the production facility has produced and made available for sale 40,000 gallons of biofuel per year. The maximum credit available is $2.5 million per taxpayer per taxable year for no more than four consecutive taxable years per production facility.


The New Markets Tax Credit (NMTC) Program

Offered By: U.S. Treasury Department

The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. An organization wishing to receive awards under the NMTC Program must be certified as a CDE by the Fund. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year credit allowance period.


Federal Investment Tax Credit Program for Income Producing Properties

Offered By: New York State Office of Parks, Recreation & Historic Preservation

Owners of income producing real properties listed on the National Register of Historic Places may be eligible for a 20% federal income tax credit for the substantial rehabilitation of historic properties. The work performed (both interior and exterior) must meet the Secretary of the Interior’s Standards for Rehabilitation and be approved by the National Park Service. The final dollar amount is based on the cost of the rehabilitation; in effect, 20% of the rehab costs will be borne by the federal government.


New York State Historic Tax Credit Program for Income Producing Properties

Offered By: New York State Office of Parks, Recreation & Historic Preservation

This tax credit must be used with the Federal Investment Tax Credit Program for Income Producing Properties. Owners of income producing properties that have been approved to receive the 20% federal rehabilitation tax credit qualify for the additional state tax credit. Owners can receive 30% of the federal credit value up to $100,000.


New York State Green Building Tax Credit

Offered By: New York State Department of Environmental Conservation

The Green Building Tax Credit provides for tax credits to owners and tenants of eligible buildings and tenant spaces which meet certain “green” standards. These standards increase energy efficiency, improve indoor air quality, and reduce the environmental impacts of large commercial and residential buildings in New York State, among other benefits. There are six different credit components for which the taxpayer might be allowed a credit: Whole Building Credit Component (7% of allowable costs); Base Building Credit Component (5% of allowable costs); Tenant Space Credit Component (5% of allowable costs); Fuel Cell Credit Component (30% of capitalized cost of each fuel cell); Photovoltaic Module Credit Component (100% of incremental cost of Building integrated photovoltaic modules, 25% of incremental cost of non-Building integrated photovoltaic modules); Green Refrigerant Credit Component (10% of cost of new air conditioning equipment).