Bill > A05453

This bill extends and modifies the historic homeownership rehabilitation tax credit, which provides tax incentives for homeowners who rehabilitate qualified historic homes. The bill removes the previous sunset date of January 1, 2025, effectively making the tax credit permanent, and maintains the maximum credit of $50,000 per residence. The credit can be used by homeowners who make qualified rehabilitation expenditures on historic homes, with specific conditions such as the expenditures being properly chargeable to a capital account and meeting certain criteria related to the property's rehabilitation. The bill introduces new mandatory reporting requirements for both the tax department and the parks, recreation and historic preservation office, requiring annual reports to be submitted to state leadership and made publicly available. These reports must include detailed information about tax credit projects, such as 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 changes will take effect for taxable years beginning on or after January 1, 2025, providing transparency and continued support for historic home rehabilitation efforts.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5453