Bill > A04396

This bill alters the definition of a "qualified historic home" for the purposes of the historic homeownership rehabilitation credit. The key change is the removal of the previous requirement that the home must either be located in a targeted area, in a census tract at or below the state median family income, or in a city with a population under one million and a poverty rate over 15%. The bill simplifies the definition to only require that the home be a certified historic structure located in New York State, substantially rehabilitated, and owned and resided in by the taxpayer during the taxable year the credit is claimed.