Bill > S08205

This bill establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied. The credit is available for repairs and upgrades to deteriorated historic wood windows, such as reglazing, weatherstripping, and installing storm windows, to improve energy efficiency while maintaining the historic integrity of the windows. The total amount of tax credits allocated for this purpose each fiscal year is capped at $200,000, and individual taxpayers are limited to $50,000 in expenditures per fiscal year. The credit can be claimed as an overpayment of tax and refunded if the taxpayer's New York adjusted gross income does not exceed $60,000, or carried over to the following year if their income exceeds that threshold.