Creates an office to residential conversion tax credit and a historic preservation rehabilitation office to residential conversion tax credit

Summary

The bill establishes two refundable tax credits—one for non‑historic office‑to‑residential conversions and another for historic office‑to‑residential conversions—each equal to 10% of qualified rehabilitation expenditures, capped at $5 million per project and $25 million in total. It applies to buildings of at least 25,000 sq ft that are at least 50% vacant as of Jan. 1 2026, located in municipalities with populations under one million, and that meet specific size, vacancy, and spending thresholds. The Empire State Development Corporation and the State Historic Preservation Office will administer the credits, which are available for ten years after enactment.

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