05/11/2026
New York State is considering an important new tool to help revive some of our largest and most challenging historic buildings. Senate Bill S6021‑A, sponsored by Senator April Baskin, would establish the White Elephant Housing Historic Rehabilitation Projects Tax Credit, expanding the existing NYS Historic Rehabilitation Tax Credit to support large‑scale, long‑vacant historic structures.
What the Bill Does
• Creates a new tax credit specifically for “white elephant” projects—historic buildings with $50 million or more in qualified rehabilitation costs that have been vacant for at least 10 of the past 15 years.
• Allows eligible projects to receive up to $15 million in state historic tax credits, allocated over five years.
• Permits a Phase II application for related follow‑up work submitted within five years.
• For white‑elephant projects that also qualify for low‑income housing tax credits, the bill:
• Lifts the census‑tract income requirement, and allows the credit to be transferred once, providing additional flexibility for financing.
• Requires annual public reporting on the amount of historic rehabilitation credits awarded.
Why It Matters
Across New York State, communities are burdened by massive, long‑vacant historic structures—too expensive to demolish and too costly to rehabilitate without additional support. Examples include the Richardson Olmsted Campus and the Central Terminal in Buffalo, as well as major sites in Albany, Batavia, Victory Mills, and Yonkers.
This bill would give developers and communities a powerful tool to bring these buildings back to life—supporting economic development, housing creation, and the preservation of irreplaceable historic resources.
Current Status
S6021‑A is currently in the Senate Budget and Revenue Committee. Let's support this effort!
This legislation, introduced by NYS Senator April Baskin (Buffalo) and Assemblymember Pamela Hunter (Syracuse), would enhance the NYS Rehabilitation Tax Credit to incentivize the redevelopment of “White Elephant” properties throughout New York State. Here are some of the details: White Elephant