Bill > S03582

This bill amends the tax law to allow taxpayers who rehabilitate historic barns in New York State to claim a 25% tax credit on their qualified rehabilitation expenditures. If the amount of the credit exceeds the taxpayer's tax for the year and their New York adjusted gross income does not exceed $60,000, the excess credit will be treated as an overpayment that can be refunded. If the taxpayer's income exceeds $60,000, the excess credit can be carried over to the following year or years and deducted from the taxpayer's tax for those years.