Bill > S04057

This bill extends and modifies the historic homeownership rehabilitation tax credit, increasing the income threshold for eligibility and adding new reporting requirements. Specifically, the bill raises the maximum individual tax credit from $50,000 to $50,000 for taxable years starting on or after January 1, 2025, and increases the income threshold for refundable credits from $60,000 to $75,000. The bill also introduces mandatory annual reporting by both the tax commissioner and the parks, recreation and historic preservation commissioner. These reports must be submitted by November 1st each year and will provide detailed information about tax credit projects, including the number and value of projects applied for and certified, organized by municipality and county, as well as information about housing units before and after rehabilitation. The reports will be distributed to key government officials and made publicly available online. The changes aim to provide more transparency about the use of the historic homeownership rehabilitation tax credit and make the credit more accessible to a broader range of homeowners by adjusting income thresholds.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S4057