Bill > A07507

This bill creates a new homeownership rehabilitation tax credit that allows taxpayers to claim a 15% credit for qualified rehabilitation expenses on specific types of residential properties. The credit applies to residences located in economically disadvantaged areas, such as low-income census tracts, rural areas, Native American reservations, or areas of chronic economic distress. Eligible properties include single-family homes (1-4 units), condominiums, and cooperative housing units that are at least 40 years old. To qualify, rehabilitation expenses must exceed $5,000 for both interior and exterior work, and the property must be the taxpayer's principal residence during the tax year. The bill includes provisions for recapturing the credit if the homeowner sells or stops using the property as their primary residence within five years. For taxpayers with adjusted gross income under $100,000, any excess credit can be refunded; for those above that threshold, excess credits can be carried forward to future tax years. The New York State tax commissioner is authorized to develop regulations for implementing the credit, including guidelines for verifying rehabilitation expenses and addressing situations where multiple taxpayers may use the same dwelling unit.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7507