Bill > A07526

This bill modifies the definition of a "qualified historic home" for the purposes of the historic homeownership rehabilitation credit in New York state tax law. Currently, to qualify as a historic home, a property must be a certified historic structure located in New York that has been substantially rehabilitated, owned (in whole or part) by the taxpayer, and occupied by the taxpayer during the tax year. The bill removes three specific qualifying criteria related to the home's location and economic characteristics: (1) being in a targeted area residence, (2) being located in a census tract at or below the state median family income, and (3) being in a city with less than one million residents and a poverty rate over 15%. By deleting these provisions, the bill simplifies the requirements for claiming the historic homeownership rehabilitation credit, potentially making it easier for homeowners of historic properties to qualify for the tax credit, regardless of the specific economic conditions of their neighborhood or city.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7526