Bill > A05588

This bill amends the New York State tax law to expand the definition of a "qualified historic home" for the purposes of the historic homeownership rehabilitation credit. Specifically, the bill adds a new qualifying criterion for properties located in cities with over one million residents (which would be New York City), where the property was owned by the applicant as of January 1, 2010, and is situated in a qualifying census tract as of January 1, 2017. Prior to this amendment, properties could qualify for the historic homeownership rehabilitation credit if they were located in targeted areas, census tracts with income at or below the state median, or in cities under one million people with a poverty rate over 15%. The new provision creates an additional pathway for historic home rehabilitation credits specifically for certain properties in New York City, potentially incentivizing preservation and restoration of historic homes in the city. The bill will take effect immediately and apply to taxable years beginning on or after January 1, 2026.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5588