Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
Summary
Bill A00286 proposes the establishment of a tax credit for the rehabilitation and energy retrofitting of historic wood windows in New York. The tax credit allows taxpayers to claim 25% of their qualified expenditures incurred within the five years prior to the application for the credit. The bill defines 'historic wood windows' as those that are at least fifty years old and emphasizes that any energy efficiency upgrades must maintain the historic integrity of the windows. The total amount of tax credits available each fiscal year is capped at $200,000, with individual property owners limited to $50,000 in expenditures per fiscal year.
Impact
If enacted, this bill would amend the New York tax law to introduce a new subsection specifically for the historic wood window rehabilitation and energy retrofit tax credit. This change would create a financial incentive for property owners to invest in the preservation of historic wood windows, potentially leading to increased energy efficiency in older buildings while also fostering the preservation of historical architecture. The bill may also increase the workload for the state historic preservation office, which will be responsible for evaluating and approving the historic status of the windows.
Sentiment
The sentiment surrounding Bill A00286 appears to be generally positive, with discussions highlighting the importance of preserving historic architecture and promoting energy efficiency. However, there may be concerns regarding the cap on available tax credits and the potential demand exceeding the allocated funds, which could lead to competition among applicants for the limited resources.
Contention
Notable points of contention may arise regarding the financial cap of $200,000 for the total tax credits available each fiscal year, as stakeholders may argue that this amount is insufficient to meet the demand for such credits. Additionally, there may be differing opinions on the eligibility criteria for the tax credit, particularly concerning the income threshold for taxpayers to receive refunds on excess credits, which is set at $60,000.
Same As
Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant, as determined by local code enforcement or other reasonable means, for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit.
Establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program for qualified rehabilitation expenditures totaling fifty million dollars or more with respect to a certified historic structure that has been vacant, as determined by local code enforcement or other reasonable means, for at least ten of fifteen consecutive years preceding the date of the taxpayer's application for the rehabilitation credit.
An act to amend Section 17053.91 of, and to add and repeal Sections 17053.92 and 23692 of, the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
Establishes a tax credit for eligible expenses incurred in the rehabilitation of historic structures included on the National Register of Historic Places (Item #19) (RE DECREASE GF RV See Note)