Bill > S03140

This bill establishes a tax credit for homeowners and property owners who rehabilitate and improve historic wood windows in New York State, providing a credit of up to 25% of qualified expenditures made within the five years preceding the tax credit application. The credit applies to wood windows that are 50 years or older and must be evaluated and approved by the state historic preservation office. Eligible expenses include repairs like reglazing, weatherstripping, and installing storm windows while maintaining the historic integrity of the windows. The total annual tax credit is capped at $200,000, with individual property owners (residential or commercial) limited to $50,000 in expenditures per fiscal year. Credits will be allocated on a first-come, first-served basis. For taxpayers with a New York adjusted gross income of $60,000 or less, any excess credit will be refunded, while those with higher incomes can carry forward unused credits to future tax years. The bill aims to encourage the preservation of historic windows while promoting energy efficiency through targeted rehabilitation efforts.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3140