Bill > A08613

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 to taxpayers for the repair and energy efficiency upgrades of historic wood windows that are at least 50 years old, as approved by the state historic preservation office. The total amount of tax credits allocated for this purpose is capped at $200,000 per fiscal year, and individual taxpayers (owner-occupied residential or commercial property owners) cannot exceed $50,000 in expenditures per fiscal year. If the credit amount exceeds the taxpayer's tax liability and their New York adjusted gross income is less than $60,000, the excess can be treated as an overpayment and refunded; otherwise, the excess can be carried over to the following year(s).