Bill > S06872

This bill modifies the tax credit for rehabilitating historic barns in New York State by changing how excess credits are handled. Currently, property owners can receive a 25% tax credit for qualified rehabilitation expenditures on historic barns (defined as agricultural buildings) within the previous five years, with several important restrictions: the credit cannot be used for barns already used for residential purposes, cannot convert a non-residential barn to residential use, and cannot materially alter the barn's historic appearance. The key change is in how excess credits are treated based on the taxpayer's income. For taxpayers with a New York adjusted gross income of $60,000 or less, any excess credit will be treated as an overpayment and refunded without interest. For taxpayers with income exceeding $60,000, excess credits can be carried forward to offset taxes in subsequent years. This modification provides more flexible tax treatment for owners who rehabilitate historic agricultural buildings, potentially making such preservation efforts more financially attractive by allowing income-based credit carryover and potential refunds.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S6872