Bill > S00405

This bill amends the New York State tax law to expand the definition of a "qualified historic home" for the historic homeownership rehabilitation credit. Specifically, the bill adds a fourth qualifying criterion to the existing conditions for claiming the credit: properties located in a city with a population over one million (which means New York City), situated in a qualifying census tract as of January 1, 2017, and owned by the applicant as of January 1, 2010. The existing criteria for qualifying already included properties in targeted area residences, properties in census tracts at or below the state median family income, and properties in cities with less than one million residents and a poverty rate over 15%. The bill aims to provide additional opportunities for historic home rehabilitation tax credits in New York City by creating this new specific qualification pathway. The amendment will take effect immediately and apply to taxable years beginning on or after January 1, 2026, allowing property owners in New York City who meet these specific conditions to potentially benefit from the historic homeownership rehabilitation credit.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S405