Across New York State, some of our most iconic historic buildings still sit vacant—massive, architecturally significant structures that have shaped the identity of their communities for generations. These “White Elephant Buildings” are too important to lose, yet too large and complex to redevelop without meaningful support. A new piece of legislation, the White Elephant Historic Tax Credit Enhancement Act (S.6021A/A10366), offers a path forward.
For more than fifteen years, the New York State Historic Rehabilitation Tax Credit (NYSHTC) has been one of the state’s most effective revitalization tools. As the fact sheet notes, the program has “leveraged over $17 billion in total project costs from nearly 1,500 projects,” creating thousands of housing units, supporting small businesses, and fueling local economies. These successes demonstrate what’s possible when preservation and smart investment work hand in hand.
But the largest and most challenging buildings—places like the Richardson Olmsted Campus, Central Terminal, AM&A’s, the Hudson River State Hospital, and the Glenwood Power Station—require more. Their rehabilitation costs often exceed $50 million, and many have been vacant for a decade or longer. Without additional incentives, they remain stuck in limbo: too expensive to redevelop, too significant to demolish, and too deteriorated to leave untouched. The proposed legislation directly addresses this gap.
What the White Elephant Enhancement Act Would Do
The bill strengthens the NYSHTC in two key ways:
1. Increases the per‑project cap from $5 million to $15 million
This expanded cap applies specifically to White Elephant Buildings—very large, long‑vacant structures with exceptionally high rehabilitation costs. This change would finally make it feasible for developers, nonprofits, and communities to take on these transformative projects.
2. Extends the entire NYSHTC program from 2030 to 2037
Large‑scale rehabilitations require years of planning, financing, and construction. Extending the program ensures that these projects can be responsibly developed without racing against an expiration date.
Importantly, the fact sheet emphasizes that “no tax credits will be claimed until the projects are completed,” and that the state should expect no fiscal impact in the upcoming year due to the long timelines of these complex rehabilitations.
Why This Matters
Without improved incentives, these monumental buildings continue to generate no tax revenue and often require public dollars simply to stabilize or maintain them. With the right tools, they can become engines of economic development—creating jobs, housing, commercial space, and renewed community pride.
New York has already seen what historic tax credits can accomplish. Strengthening the program for the state’s most challenging buildings is the next logical step.
A Call to Action
The Preservation League of New York State and partners across the state are urging legislators to co‑sponsor the White Elephant Historic Tax Credit Enhancement Act (S.6021A Baskin / A10366 Hunter). Supporting this bill means supporting community revitalization, economic development, and the preservation of irreplaceable historic places.
These buildings have waited long enough. With the right investment, they can once again become anchors of vibrant, thriving communities.