Bill > S09194

This bill amends the tax law to expand the definition of a "qualified historic home" for the historic homeownership rehabilitation credit, which is a tax credit designed to encourage the restoration of historic properties. Specifically, it adds a new category of properties that can qualify: those located in a city with a population greater than one million, situated in a qualifying census tract as of January 1, 2017, and that were owned by the applicant on January 1, 2010. This change aims to make more properties in large cities eligible for this rehabilitation credit, with the act taking effect immediately and applying to taxable years beginning on or after January 1, 2027.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S9194