Historic tax credits have wider place in future NYC development – Real Estate Weekly

There are a ton of different developments that are popping up in New York City. Every year there seems to be more and more living spaces that are being added to the worlds greatest city. With that being said, living in this city is one of the most expensive places to live in the entire world. It is just how it is and nothing is going to change for the near future. However, now there are some tax benefits.

Key Takeaways:

• The city that is mentioned is the most expensive city to live in in the entire world.
• It is difficult to afford living in NYC as the prices continue to go up and demand does as well.
• There are now ways in which you can have a couple write offs for yourself within the state.

“If the structure is located on an eli­gible census tract within New York State, an equivalent credit is allowed against New York State income tax liability, which credit can be fully claimed in the taxable year in which the re­habilitated struc­ture is placed in service.[1]”

Read more: https://rew-online.com/historic-tax-credits-have-wider-place-in-future-nyc-development/