New York Luxury Homes, NYC Condominiums, NYC Apartments For Sale By Owner Listings, New York Real Estate News, NYC Real Estate Articles, Opinion Polls. and more. Join NYC Luxury Homes Forum Today.

New York State Green Building Initiative, NYS Green Building Tax Credit (GBTC) Program Receives an Additional Funding of $25,000,000

The New York State has asked the NY State Department of Environmental Conservation (NYSDEC) to embrace new changes it has recently legislated to 6NYCRR Part 638 -the regulations that govern New York State's Green Building Tax Credit program. The new legislation now makes available an additional $25 million for (green building) tax credit certificates to be issued from the years 2005-2009, puts a cap of $2 million per building, allows for re-allocation of any unused funds, and makes a few other important changes to the program.

The Green Building Tax Credit (GBTC) program was signed into law on May 15, 2000, thereby launching Period One of this program. The legislature then enacted The Green Buildings Tax Credit program regulations (6NYCRR Part 638) in May 2002 thereby specifying the qualification requirements that must be met in order for one to qualify for the aforementioned GBTC during Period one of this program.

The entire initial allocation of $25 million was expended during the Period One of GBTC program. Seven buildings were issued Credit Component Certificates totaling the entire $25,000,000.00 of Green Building Tax Credits funding that was set aside for this program during Period one.

New legislation enacted thereafter during the in the year 2005 (Period Two of GBTC program) amends the Green Building Tax Credit Program, and provides an additional funding of $25 million to be allocated in the form of tax credits. New legislation further requires that the aggregate amount of credit components has to be no more than $2 million for any given qualifying building.

Highlights of the new changes to GBTC legislated in 2005 are as follows:

A total of $25 million are being set aside for the Period Two of GBTC program.
There is a cap of $2 million per credit component certificates per building.
Those given credits in Period one would not qualify to receive additional credits for the same building in Period two
Period two applicants have five years (2005 through 2009) to apply for a Credit Component Certificate
Taxpayers who are issued an Initial Credit Component Certificates for Period two will have nine taxable years (2006-2014) to claim the credits.
In the event any funds remains unallocated by the close of 2009, the program will be extended into 2010.
In the event a taxpayer is unable to claim all of the credits provided, the unclaimed amount of credit could be allocated to either a taxpayer who already has been issued an Initial Credit Component Certificate or to other taxpayers who could apply for and be issued an Initial Credit Component Certificate(s).

The New York State Department of Environmental Conservation (DEC) is being assisted by The New York State Energy Research and Development Authority (NYSERDA) in providing technical and financial assistance to those interested in going green.

More information available at New York State Green Building Initiative Administrator - NYSDEC website.