Bill > A00364

This bill amends the New York tax law to modify the existing tax credit for rehabilitating historic barns by introducing new provisions for handling excess credits. Currently, taxpayers can receive a 25% tax credit for qualified rehabilitation expenditures on historic barns located in New York, with certain restrictions such as not allowing credits for barns previously used for residential purposes or rehabilitations that significantly alter the barn's historic appearance. The key change is how excess credits are handled: for taxpayers with a New York adjusted gross income of $60,000 or less, any excess credit will be treated as an overpayment and refunded without interest. For taxpayers with an income above $60,000, excess credits can be carried forward to offset taxes in subsequent years. This modification provides more flexibility for property owners who invest in rehabilitating historic agricultural buildings, making it potentially easier for them to benefit from the tax credit even if the full credit amount exceeds their current year's tax liability.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A364