Bill > S04057

This bill extends the historic homeownership rehabilitation tax credit, which provides financial incentives for homeowners who rehabilitate historic properties, and introduces new reporting requirements. Specifically, the bill removes the previous expiration date of January 1, 2025, effectively making the tax credit permanent, and maintains the maximum credit amount of $50,000 per residence for taxpayers. The bill clarifies that for married couples, the credit can be divided equally or as they mutually elect. Additionally, the bill introduces mandatory annual reporting by both the tax commissioner and the parks, recreation, and historic preservation commissioner, requiring detailed information about the tax credit projects. These reports must be submitted by November 1st each year and will include comprehensive data such as the number and value of tax credit projects by municipality and county, the total value of credits certified, the number of housing units rehabilitated, and other relevant metrics. The reports will be publicly accessible and distributed to key government officials. The bill will take effect immediately and apply to taxable years beginning on or after January 1, 2025.

Budget and Finance

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